I intend to share you now about some thoughts on how we can cope up with the global economic financial crisis or any other personal financial crisis that we might encounter in our way.
1. Determine exactly on how much you're earning and spending every month.
Jot down all earnings you get, including salary, bonuses, interest, rental income, and other sources of income you have, so that you can exactly determine how much you're getting every month. This is you total revenue. And if you like to survive you have to live within this income. But if you found your spending too much over your monthly income then consider increasing it by opening another source of income like a home business. There are various online opportunities you can tap to have an additional income from your home and could win whatever economic financial crisis will come on your way.
After knowing your total revenue you're earning in a period of time, you may start jotting down all the things you spend during the month period. Also determine expenses you pay quarterly like electricity and gas. You should divided it by 3 and include it in your monthly expenses. Don't miss out your insurance of your car, home, and your life. You should do all these because you can't have a total control in coping with economic financial crisis until you determine exactly where you're spending your money and in what means.
2. Make a personal financial goal.
Create yourself a financial goal. Having clear goals will help you to determine what's really important and matters to you. Just like for example you set a goal to assure that each single month you will spend less than the total salary, so that any other sources of income will come as a financial buffer.
3. Create a budget.
Others say, this task is too difficult to put into practice, but how bad you want positive change. It's essential that you have control of your finances, become financially free, and win over the economic financial crisis. How much you need for your basic living expenses? How much you set aside for savings? How much you are willing to put for your long term investment plan? You must jot all these down and put in place wherein it's too accessible for you to be reminded always.
4. Make an emergency fund.
Setting aside good money for your emergency fund is a wise decision. It would protect your finances from any other unforeseen expenses. Save as much as about three months salary. If you find it difficult to start immediately, then open up a savings account and deposit a certain amount of money for over six months period. Never use this money for any other reason. You can have a good sleep in difficult times knowing you have a financial buffer fund you can rely on during emergencies or serious economic financial crisis.
1. Determine exactly on how much you're earning and spending every month.
Jot down all earnings you get, including salary, bonuses, interest, rental income, and other sources of income you have, so that you can exactly determine how much you're getting every month. This is you total revenue. And if you like to survive you have to live within this income. But if you found your spending too much over your monthly income then consider increasing it by opening another source of income like a home business. There are various online opportunities you can tap to have an additional income from your home and could win whatever economic financial crisis will come on your way.
After knowing your total revenue you're earning in a period of time, you may start jotting down all the things you spend during the month period. Also determine expenses you pay quarterly like electricity and gas. You should divided it by 3 and include it in your monthly expenses. Don't miss out your insurance of your car, home, and your life. You should do all these because you can't have a total control in coping with economic financial crisis until you determine exactly where you're spending your money and in what means.
2. Make a personal financial goal.
Create yourself a financial goal. Having clear goals will help you to determine what's really important and matters to you. Just like for example you set a goal to assure that each single month you will spend less than the total salary, so that any other sources of income will come as a financial buffer.
3. Create a budget.
Others say, this task is too difficult to put into practice, but how bad you want positive change. It's essential that you have control of your finances, become financially free, and win over the economic financial crisis. How much you need for your basic living expenses? How much you set aside for savings? How much you are willing to put for your long term investment plan? You must jot all these down and put in place wherein it's too accessible for you to be reminded always.
4. Make an emergency fund.
Setting aside good money for your emergency fund is a wise decision. It would protect your finances from any other unforeseen expenses. Save as much as about three months salary. If you find it difficult to start immediately, then open up a savings account and deposit a certain amount of money for over six months period. Never use this money for any other reason. You can have a good sleep in difficult times knowing you have a financial buffer fund you can rely on during emergencies or serious economic financial crisis.