Financially secure in good times and bad times

Stanny’s Law of a Lousy Economy says: "no matter how tough times are, there’ll always be people who are prospering."

The question is, "why not you?"

I believe that each one of us is on earth to be spiritual, wealthy and prosperous. Money is not the root of all evil as some people like to say. People through their greed and love for money become the root of evil. Money is simply a medium that symbolizes an exchange of goods and services.

Yeah sure, the economy is a bit unstable and the rising prices of all commodities can take a toll on the wallet. Just as you can't control whether it's going to rain tomorrow, you can't control the economy. So instead of stressing over the things you can't control, focus on what you can control. There are some simple things you can do to shore up your finances, safeguard your future and ride out whatever the economy throws at you.

So rather than buy into bad news, concentrate on your value. Don't use bad times as an excuse not to stretch. Here is what you need to get out of the rut:

1. When you are going through hell, it’s easy to get down on yourself and/or your situation. Stay positive. I know this can be difficult when nothing seems to be going right, but the alternative is to fall into the trap of negativity. Negative thinking increases stress, which increases the risk for getting sick, which may lead to unpaid days off work and costly doctor visits. One way to get started with positive thinking is to focus on what you do have (good health, a supportive family or something else that is working for you) and view the tough times you’re facing not as a threat, but as a challenge and an opportunity.

2. Get support. Seek out people to be cheerleaders, sounding boards and role models. We women need support when things are scary. Don’t share your situation with just anybody.  Some people are happy to wallow around in negativity with you. Seek out wise counsel and learn from those people that are willing to bring positivity to your situation.

3. Be financially organised. This will go a long way during tough times. Make use of online tools to keep your finances on track and running smoothly when you don't have time or energy to think about them.

4. Unwind with cheap or free entertainment. Movies are so expensive and honestly I can't it every weekend. If I did I'm going to be broke. So what I do is invite a few friends over, make some incredible dessert and snacks and we play games or watch dvds. We always have a blast.

5. Cook and if you can grow your own food. During this tough times, I've gone back to everything I was taught. I've planted a small garden to cut back on the cost of tomatoes, onions and herbs. Cooking my own food has made a huge change in my finances.

6. Minimise debt and establish budget. Even the affluent often does a poor job of minimising debt and budgeting. You might get away with this in good times, but excessive debt and poor use of your money becomes a serious burden when financial times toughen.

7. Actively manage your money. Taking charge of your finances, planning and saving for tomorrow, and following through on the advice of your financial advisor or your own planning usually make the difference between suffering through hard times or riding through them with confidence.

Have you been through any financial tough times lately?  What are the things you did to overcome those difficult circumstances?

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