Surviving the Credit Crunch, What are you going to do about it?
In the past year we have seen some of the biggest company’s and banks in the world collapse.
Some would say it is a bad time to be in business, but I would put it to you, that this is a great time to get started in business, especially an online business. Lets face it – starting an online business doesn’t have to cost much at all, in fact it can cost as low as $20 a year to put your website online.
Tips for Surviving the Credit Crunch:
– Don’t quit your day job! (well, not yet)
Yes, I know… I did once tell you to quit working the 9 – 5 and to join me down the beach but unless you have a serious money making plan or a business that is already making you a lot of money, now may be the time to keep your backup day job working for “The Man”. Of course start your new business – but get it up and running on lowest costs possible before taking that leap of faith that is required when you tell the Boss you will not be coming to work on Monday.
– Live Frugally, don’t spend what you don’t have.
The reason some bank’s have collapsed is because they were spending money they didn’t have. (and lending to people who could not repay them) If you can’t afford some of the things you have been buying, cut them out or switch for cheaper alternatives. In fact now is a great time to save some money and be in the CASH. There are many bargains to be had and real estate has not been as cheap in years. Suddenly property that seemed unaffordable may be affordable after all.
– Don’t get too comfortable.
People who are comfortable don’t usually work as hard or as smart as they could and if you are not working smart / hard then you are leaving money on the table.
– Create some alternative income streams.
There is no reason why everyone reading this post can’t have another income steam by the end of the week. Create a blog or website today and start writing about the things you love. Some of the biggest website’s have come from people who were at rock bottom. Once you have one stream on income working, look out for a create additional related streams of income.
– Stay healthy
As a nation we take millions of sick days through winter and when your ill your not earning money!
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The concept about not spending what one doesn’t have is quite a large one, although it would not seem to be a necessary point to make. Once one allows themselves to go over their set limit, problems can arise and multiply.
Good advice, but isn’t it already too late? People should, in general (my opinion) live like this any day of the week, not just because of a “credit crunch”.
Good simple advice. The credit crunch definitely means I will be keeping my 9 to 5 job and my extra job. Time to just keep plugging away for now.
This is a question that has been thrown at me several times now. My take on the credit crunch is simple- spend less,don’t use your credit card, pay off any debt owed depending how much especially credit card debts.
Use only cash and don’t waste food.lol
I apply this to my everyday life now.
You are so right. I have found myself doing more things to make money to get more income while at the same time spending less and I can see a big difference.
For the last few months I started carrying a book around with me and every time I spend money I write it down to the last cent and then look at what I spend and start cutting out what I dont need. I would highly recommend it.