Are You Cash Strapped Just Before the Holidays?

Christmas is slowly approaching and the economy is in horrible shape, what does this meam? You are potentially earning less and now forced to spend more which in most cases will equal to you being cash strapped. The whole point of this article is to present you with 5 key concepts to apply when you are experiencing an economic bust:

1. Eliminate Cable.  The reason this idea has not been mentioned before is quite evident, nobody wants to get rid of their cable. However, drastic times call for drastic measures. Cable is obviously not as drastic as other purchases but it is the main source of entertainment for many people. You can also be optimistic and look at the many benefits associated with having no cable; more time for exercise, more time to read, and more time to be outside.

2. Avoid Stores. Do not go inside of a store unless you absolutely need to, in which case grocery stores tend to be the only essential stores. Avoid going into electronic stores or stores that sell items that strongly interest you.

3. Go a weekend without spending any money. Weekends are usually the most common time for people to spend money, whether it is on going out to the movies, a day at the mall, or a night at the bar. Plan a weekend where you do not spend any money at all, I mean any. The best part about that is that it will bring out your creativity and you will find yourself thinking of how to spend the weekend without spending money while still having fun. What you plan on doing all weekend with no money is up to you to figure out, and I can’t figure everything out for you. If you have any suggestions you would like to share then please post them. This is obviously not realistic to try every weekend, so at least try to do it once a month, a no spending cash weekend.

4. Instead of paying an expert, find a way to do it yourself. There are many do-it yourself stores (Home Depot) that are designed to help you perform tasks around the house by yourself without having to pay someone. It doesn’t matter if it’s something outside of the house or inside of the house, always try to do it yourself first before paying an expert to come perform the task. DO NOT attempt to fix a furnace during a cold winter night unless you are 100% sure of yourself. There is nothing wrong with spending a weekend learning how to paint or install windows (hint: #3)

5. Diversify your income. Yes, unfortunately this means you might have to get a second job, taking away time from reading personal finance blogs online. On the bright side, you do not have to get a typical second job that will make your life miserable. You can find alternative sources of income that you may have never thought of before. Some popular ideas are, you could start a small business in a field you really enjoy, sell old stuff you are not using, or simply just work longer hours at your current company.