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7 Actions That Can Help Your Wallet in a Troubled Economy

7 Actions That Can Help Your Wallet in a Troubled Economy

    While the economic sky is falling, it’s still possible to make sure that your financial status is steady. In the past couple of weeks, I’ve been even more focused on the steps I’m taking to improve my personal finances. I’ve found a few actions that probably won’t make you a millionaire — but they will ensure that a rocky economy doesn’t have too much of an effect on your wallet.

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    1. Pay Down Debt

    When in doubt on your finances, paying down debt is always a good option. The simple fact of the matter is that it’s easier to get more credit down the road if you pay off debt now. I realize that many financial gurus say that an emergency fund is the best place to start. Well, from my own experiences in a rough economy when interest rates can do all sorts of crazy things, paying down debt can be a better plan. If an emergency comes up, you may need to take on more debt to cover it — but you’ll be better equipped to handle it.

    2. Polish Your Resume

    Even if you aren’t in a field that’s currently experiencing a high rate of turnover, you should pull out your resume and polish it. If you’ve already got a good-looking resume in place, you’ve got a head start on all sorts of things: job-hunting, applying for a second job, freelancing and more. It may not be worth hiring a resume coach or other professional, but it’s definitely worthwhile to find a few examples of good resumes and compare yours.

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    3. Take a Close Look at Your Retirement Plan

    401(k)s remain the popular retirement plan and, if you have one, it’s time to take a close look. The same goes for IRAs and any other assets you’ve purchased on your own. The market is very volatile now — it may be possible to pick up some impressive stocks on the cheap and it may be possible to watch the prices of the stocks in your 401(k) tumble downwards. As long as you aren’t retiring in the next few years, you can probably afford to ride this economic down turn out. The only stock-picking advice I can offer — and this applies to other assets as well — is that diversity is your friend. If your money is spread out, at least over a variety of stocks if not a variety of investment instruments, then a problem in a particular company or industry won’t wipe you out.

    4. Buy Stuff Now

    If you’ve got a big purchase coming up that you really do need to make, it’s better to make the purchase now rather than later. The U.S. dollar has already experienced significant inflation; it’s only going to get worse. That basically means your money is worth more now that it will be in a few months. You’ll get more bang for your buck if you can buy now. It’s a little counter-intuitive, I admit, and there are plenty of exceptions to this step. Shopping, however, can be good for your wallet in the long run. You get the added bonus of knowing that you’re improving the economy with every cent you spend.

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    5. Educate Yourself

    I think we’ve all gotten a crash course in terms like ‘MBS’ lately, although we may not know exactly what they mean. It’s time to start seriously studying your personal finance vocab though, up to and including economic terms. The U.S. government offers plenty of free resources that are perfect for teaching yourself more about personal finance. You’ll have to custom fit your educational plan to your own finances: a really great starting point, I think, is reading through my latest bank statement and checking up on all the things I don’t understand, down to calling up and asking a teller about specific fees.

    6. Invest in Your Future

    If you’re having some trouble in the working world, now might be the perfect time to head back to school and get that degree you always wanted. You can get bigger loans with better terms to live on for a few years — hopefully getting you through the worst parts of our current economic problems before going back on the job market. Brushing up on your skills (and learning new ones) can also be the difference between making enough money to make it through economic problems comfortably and having to take a job for which you are overqualified. You don’t have to go all out and enlist back in school. In some cases, reading a book is more than enough effort to improve your career situation.

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    7. Ignore the News

    The news media seems pretty much obsessed with each economic crisis, but you really can’t do much about the Dow Jones slipping or a bank failing. I recommend skipping the nightly news entirely, but muting just the business news might be enough. Some specialized news is, of course, worth paying attention to — if you’re invested in the stock market, it’s probably a good idea to read the stock reports. That’s really about it, though. Most of us have effectively no affect on any economic or business news: I know that even if I send a letter to my Congressman about the bailout package, I’m probably not going to affect his final decision. It’s just not worth paying attention to all that depressing news.

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    Last Updated on November 19, 2020

    The Gentle Art of Saying No for a Less Stressful Life

    The Gentle Art of Saying No for a Less Stressful Life

    It’s a simple fact that you can never be productive if you take on too many commitments—you simply spread yourself too thin and will not be able to get anything done, at least not well or on time. That’s why the art of saying no can be a game changer for productivity.

    Requests for your time are coming in all the time—from family members, friends, children, coworkers, etc. To stay productive, minimize stress, and avoid wasting time, you have to learn the gentle art of saying no—an art that many people have problems with.

    What’s so hard about saying no? Well, to start with, it can hurt, anger, or disappoint the person you’re saying “no” to, and that’s not usually a fun task. Second, if you hope to work with that person in the future, you’ll want to continue to have a good relationship with that person, and saying “no” in the wrong way can jeopardize that.

    However, it doesn’t have to be difficult or hard on your relationship. Here’s how to stop people pleasing and master the gentle art of saying no.

    1. Value Your Time

    Know your commitments and how valuable your precious time is. Then, when someone asks you to dedicate some of your time to a new commitment, you’ll know that you simply cannot do it.

    Be honest when you tell them that: “I just can’t right now. My plate is overloaded as it is.” They’ll sympathize as they likely have a lot going on as well, and they’ll respect your openness, honesty, and attention to self-care.

    2. Know Your Priorities

    Even if you do have some extra time (which, for many of us, is rare), is this new commitment really the way you want to spend that time?

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    For example, if my wife asks me to pick up the kids from school a couple of extra days a week, I’ll likely try to make time for it as my family is my highest priority. However, if a coworker asks for help on some extra projects, I know that will mean less time with my wife and kids, so I will be more likely to say no. 

    However, for others, work is their priority, and helping on extra projects could mean the chance for a promotion or raise. It’s all about knowing your long-term goals and what you’ll need to say yes and no to in order to get there. 

    You can learn more about how to set your priorities here.

    3. Practice Saying No

    Practice makes perfect. Saying “no” as often as you can is a great way to get better at it and more comfortable with saying the word[1].

    Sometimes, repeating the word is the only way to get a message through to extremely persistent people. When they keep insisting, just keep saying no. Eventually, they’ll get the message.

    4. Don’t Apologize

    A common way to start out is “I’m sorry, but…” as people think that it sounds more polite. While politeness is important when you learn to say no, apologizing just makes it sound weaker. You need to be firm and unapologetic about guarding your time.

    When you say no, realize that you have nothing to feel bad about. You have every right to ensure you have time for the things that are important to you. 

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    5. Stop Being Nice

    Again, it’s important to be polite, but being nice by saying yes all the time only hurts you. When you make it easy for people to grab your time (or money), they will continue to do it. However, if you erect a wall or set boundaries, they will look for easier targets.

    Show them that your time is well guarded by being firm and turning down as many requests (that are not on your top priority list) as possible.

    6. Say No to Your Boss

    Sometimes we feel that we have to say yes to our boss—they’re our boss, right? And if we start saying no, then we look like we can’t handle the work—at least, that’s the common reasoning[2].

    In fact, it’s the opposite—explain to your boss that by taking on too many commitments, you are weakening your productivity and jeopardizing your existing commitments. If your boss insists that you take on the project, go over your project or task list and ask him/her to re-prioritize, explaining that there’s only so much you can take on at one time.

    7. Pre-Empting

    It’s often much easier to pre-empt requests than to say “no” to them after the request has been made. If you know that requests are likely to be made, perhaps in a meeting, just say to everyone as soon as you come into the meeting,

    “Look, everyone, just to let you know, my week is booked full with some urgent projects, and I won’t be able to take on any new requests.”

    This, of course, takes a great deal of awareness that you’ll likely only have after having worked in one place or been friends with someone for a while. However, once you get the hang of it, it can be incredibly useful.

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    8. Get Back to You

    Instead of providing an answer then and there, it’s often better to tell the person you’ll give their request some thought and get back to them. This will allow you to give it some consideration, and check your commitments and priorities. Then, if you can’t take on the request, try saying no this way:

    “After giving this some thought, and checking my commitments, I won’t be able to accommodate the request at this time.”

    At least you gave it some consideration.

    9. Maybe Later

    If this is an option that you’d like to keep open, instead of just shutting the door on the person, it’s often better to just say,

    “This sounds like an interesting opportunity, but I just don’t have the time at the moment. Perhaps you could check back with me in [give a time frame].”

    Next time, when they check back with you, you might have some free time on your hands. If you need to continue saying no, here are some other ways to do so[3]:

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    Saying no the healthy way

      10. It’s Not You, It’s Me

      This classic dating rejection can work in other situations. Don’t be insincere about it, though. Often, the person or project is a good one, but it’s just not right for you, at least not at this time.

      Simply say so—you can compliment the idea, the project, the person, the organization—but say that it’s not the right fit, or it’s not what you’re looking for at this time. Only say this if it’s true, as people can sense insincerity.

      The Bottom Line

      Saying no isn’t an easy thing to do, but once you master it, you’ll find that you’re less stressed and more focused on the things that really matter to you. There’s no need to feel guilty about organizing your personal life and mental health in a way that feels good to you.

      Remember that when you learn to say no, isn’t about being mean. It’s about taking care of your time, energy, and sanity. Once you learn how to say no in a good way, people will respect your willingness to practice self-care and prioritization. 

      More Tips for a Less Stressful Life

      Featured photo credit: Kyle Glenn via unsplash.com

      Reference

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