We are in the middle of the year, and with the same expectation of the beginning. We are tired of hearing that things need to improve, that the economy needs to react. There is no good news and the situation is very difficult for millions of people.
And what you are doing for yourself? The financial life needs constant adaptations, and according to this economic moment, the medicine may not be as sweet as we would like. In heated economic times it is obvious that people spends more, and sometimes more than they should, but these spends are typical of the time. Now in times of difficulties no, it is the reverse, we saves more, and it requires control of spending to not explode the family budget. In times of difficulties we need to avoid debt at all costs, since money is scarcer, and in return the bank rates tend to increase.
And why many spend money in a bad way in times of difficulties?
I can say that the great difficulty is to "reduce consumption". Reduce seems personal loss, so maybe is for it that is so hard to accept consume less for a period. Conventional wisdom teaches that it is prudent to take a step back today to further take two forward.
Tips for better spend of money:
Reduce spending on grossery , searching for better prices, switch or replace the product brands. Significantly reduce the pleasure that much demand of the household budget.
Avoid unplanned spending with reforms, furniture exchange or car.
Do not travel, because it traditionally generates spending always higher than expected.
Cancel the credit card (if possible). It is arguably the means of payment champion indebtedness of thousands of daring consumers.
And the main, be determined to save a buck for the eventualities that are so common in day-to-day. I do not mean great values, but a reserve of 5% of the budget, enough to help in time of struggle, and always has a hard time right? It's time to habit change, because there is no expectation of improvement so soon.
Spend well your money then.
Economist
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