No one plans to be short on the finances. Sometimes, it just happens. Our biggest recession since The Great Depression caused millions of Americans to be out of work and unable to pay their mortgage. They were forced to drain their bank accounts and life savings – anything to keep the family fed and under a roof. As their money depleted, so did their health.
This unfortunate time in American history caused many people to show signs of mental illness that sometimes led to suicide. Many more suffered from “Recession Depression”. They lived in fear of losing everything they had ever worked for. And for some, those fears turned into reality, which caused them to go into deeper depression.
Finally, after a long 5 years, this country is showing signs of recovery. We are emerging out from the rubble and starting to put our feet back on stable ground. Some of us are able to put some money back into our bank accounts. Some of us are able to go on vacation. Some of us are able to buy a home we can afford again.
There is a lot to be learned from the last five years. One of those hard-learned lessons is money management. We learned to do without some luxuries. We can take those basic principles to create long term and healthy budgeting practices.
Here are some practices that can be done. You can incorporate these into your lifestyle fully or even partially.
Opt for generic brands.
Reconcile your bank statements.
Put a percentage of your earnings aside for emergencies and other unplanned events.
Pay your credit card in full every month.
Determine to increase your credit score by paying your bills on time.
Spend less than you earn.
When you can, walk to the store instead of always driving there.
Invest in higher yielding certificate of deposits, if you don’t need to touch that money for 3 or 5 years.
Prepare your meals at home; eat out less.
If you have to shop for luxury items, see if you can find deals Online.
Invest in your self development or career development, so you can get a chance at any upcoming promotions or possible new job opportunities.
Money and health issues certainly go hand in hand. Start creating good financial habits, and you will be happier person. It’s guaranteed!