How can I survive the credit crunch ?
Credit crunch has been experienced by most people, even if most of them try to deny it. While some people claim that they are not affected by the economic crisis, large number of individuals and families are now feeling the impact of credit crunch, especially those who have mortgages, credit card balances and personal loans. Many businesses are also going through hardships, which leads to fear over the security of their jobs.
If you are one of the people suffering the hardships and struggling to keep up with the monthly loan and mortgage repayments, or you see that your credit card balance is increasing fast, you may be thinking of a way on how to absorb the damage lightly. The first thing to do to battle this incident is to make some budget management. You should organize and balance income and expenditures.
List down the total income you get from your job and other source like state benefits that you are eligible as well as overtimes and bonuses. Next is to list down all your regular expenses like non-essential items luxuries besides your bills. Remember to be honest with the list of expenditures or the exercise will fail. It is vital to list them down in details to determine where your income is going.
The next thing you should do is to cut down all unnecessary expenses. This will be more obvious once you have already listed down all the money coming in and how they are being spent. With this, you will also determine the amount that you can save every month.
Of course, the luxuries are the first one on the list when it comes to budgeting. Other savings can be done by looking a new and cheaper place to shop as well as buying only the things you need most. With all these you will be able to survive credit crunch.
April 14th, 2012 at 11:53 pm
The following time I read a blog, I hope that it doesnt disappoint me as much as this one. I imply, I do know it was my choice to learn, but I actually thought youd have something attention-grabbing to say. All I hear is a bunch of whining about one thing that you can fix in the event you werent too busy in search of attention.