Maintaining Your Lifestyle in the Recession


The news from 7 others that we all need entertainment because the recession has effected millions of Americans across the country. Some people have had their hours cut down, others have lost their job completely. For those that did lose their job, some found work at other establishments that they are over qualified for, and others could not find work at all. If you happen to be someone that has been effected by the recession, you need to realize that you can maintain the lifestyle that you have been accustomed to by simply managing your money along with utilizing the skills you already have to your own advantage to gain extra income.

Recession

First things first. If you are currently completely out of a job, then you need to find something (ANYTHING) to supplement partially for the income you lost with your job. Even if the job you find doesn’t pay the same amount as the job you previously held, you need some sort of income coming in to not only pay your bills, but to also help you to make small and long term investments to gain more income. Try and first find a job related to the field you have the most experience in or a college degree in. Search in your own city and cities that are close enough you could commute to. If you can find a job where you have experience you hold the greatest chance of good pay. If no jobs in your field are available, begin searching in related fields or other fields you may have experience in. Don’t ever give up though, even if you settle for a job you have NO experience in, you need some sort of income coming in at all times.

Once your established with a job, you must manage your money wisely from the first pay check. Check every single service that you pay for monthly first and find a way to reduce costs. Monthly charges are the things you need constant money to maintain which is a direct correlation to the constant income you receive from your job. If you’re not making the same amount as you were before the recession, then you obviously cannot afford to maintain the services you did before the recession. There’s always room to cut costs, and the more you save every month is the more money you will have to invest into other ventures on the side to supplement for the income you may have lost from the recession. Subscribe to less channels from your TV provider, pay close attention and use less water, search for cheaper car and health insurance, lower cell phone plan minutes or features, use air conditioning and other heavy power consumption devices less to lower electricity bill, cut back the internet speed.. there’s so many things you can do to lower the money that comes straight out of your pay check right when you receive it. You have to save money each and every chance you get!

If you’re managing your money to it’s full extent, you should still have some left over after you pay all your bills and take care of everything you need to for the month. Rather than spend this money on unnecessary things, you need to think of ways to invest this money to bring you back much more on return. Just like when you’re looking for a job, think of things you have experience in when you plan on investing money. If you were a plumber working for a large company and lost your job in the recession and are now working in a fast-food chain, you should be saving the money you earn from the fast food job and invest it into plumbing business ventures. Start off by buying a business license to legally own your own business and go from there! Let everyone you know that outside of your other jobs hours, you’ll be working independently. Again using the plumber for an example, the plumber could work at his fast food job and let all his friends and family know that if they have plumbing needs, he can help them outside of his fast food job hours and do it at a rate cheaper than the average plumber would cost. People would rather call their friends for their plumbing needs, and now the plumber has more money to invest into his plumbing venture!

That’s just one example of how someone could invest their money though. Not everyone held a job that they could do on the side like the plumber example. If this happens to be the case for you, then you need to find other ways to invest money. Long term investments, such as a CD from the bank, are always profitable if you have enough money to put up for that long period of time. Most people aren’t able to put up any large amount of money like that for 5 years or however long the CD agreements are. If that’s your case, then don’t give up. Just get creative. In your spare time you could cut lawns around your neighborhood or around the town. You could find another low paying job to work a couple days a week with different hours from your full time job. Hold a yard sale to get rid of anything you don’t use anymore! Put the items that don’t sell on eBay. You have to realize that every thing is an investment, and the more money you have to put in that investment the larger return on investment.

Once you’ve saved up for a little while and accumulated every penny you can, then start thinking of long term investments. If you don’t have a college education, save up for one. You don’t need to go to an expensive university or get a masters degree, but you can greatly increase your income with any degree. If your low on cash, take a few classes at a community college or a technical school each semester. You can even find a college online if you don’t have much time, just make sure it is accredited. Do research before you go to college as well. First figure out what sort of degree you’re looking for – 2 year? 4 year? Once you figure that out, find all the colleges close to you or the online colleges that offer those types of degrees. Make a list of all the degrees that peek your interest. Then, take that list and do further research to the current job availability with that position in your area, the average pay for the job with that degree, the future outlook for that job and its availability.. you have to take everything into consideration!

After you have a degree in a field that needs people and that pays better than you were making before, you can do anything from there. Use all the extra cash and continue to invest. You can buy and sell cars or property, you could invest into stocks, you could venture into your own business ideas.. the options are limitless. Making wise investments is the key to success. Always manage your money and always invest wisely!