Life and Career Skills

The recession is over…No, not yet…wait another year. It does not matter whether the recession is over or not. What matters is that you begin to prepare yourself for the economic recovery. Life is always uncertain but it is not necessary to wait for whenever it happens.

Even if you have a great life and a wonderful career, bad things can happen. We must prepare ourselves and not wait for the government to take care of all the financial woes. After all its we that makes this country. It is in our hands to make the difference. It's not that you have to start rationing everything. It's about smart spending and smart saving.

Where can you start? How about going back to basics.Here sre some of my thoughts:

1. Know where your money is going. Do you know what and where you are spending your money. Track your money for one week and you will surprised to see the results.

2. Prioritize your spending. Once you track your spending, you will have identified your bad habits. Now create a budget and allocate your money to what is important..

3. Make Saving a habit. You will be surprised how far a small amount of savings will go. Start by saving 10% of your pay check…every pay check. A recession is a good time to keep adding to your retirement fund. Investments are on sale right now, and adding to your retirement account can mean bigger gains later.

4. Minimize your debt. Reduce your debt aggressively. Do not add to your debt. Payoff your highest interest debt first. By reducing your debt you are getting the best and highest return on your investment.

you may find some financial calculators on this website which might help you plan out your budget.

Please share your recession lessons on this blog. What are you doing differently?

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