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Economy - How To Position Yourself In A Recession

With the management of household or private affairs and especially expenses with thrifty and efficient use of material resources, frugality in expenditures with an instance of economizing, efficient and concise use of nonmaterial resources, the mode of operation of something, it is recommended that all of us need to position ourselves in this economy in order to survive the economic recession.

Author: Eldon Montgomery
Date: Dec 9, 2009 - 11:55:29 PM

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What is being shared with you here is a system especially of interaction and exchange that will help you to structure a workable plan with the conditions of economic life in our country as we know it today. If you make the decision to follow this recommended plan, it will carry you through during our Economic times successfully.

Step One - Analyze Your Situation

This is the first thing that you need to do before you do anything else. This is the most important step of this plan and I cannot stress it enough. What needs to happen here is for you to study or determine the nature and relationship of the parts of your financial situation. When you do this, you want to look at your financial picture for what it is without any judgments or emotions; you want to deal with reality. By doing this, you are positioning yourself to sail through this Economic time that we are in.

Step Two - Create A Budget

After you have taken a realistic look at your finances, it is time for you to create a statement of the financial position that you are in for a definite period of time based on the estimates of your expenditures during the calendar month and the exact amount of income that you have coming in. It is important for you to have a plan for the coordination of your resources and expenditures in order to position yourself accordingly so that you will be able to weather the Economic recession.

Step Three - Create A Savings Plan

It is also important for you to take the excess of income over the consumption of your expenditures per month to create a detailed formulation of a program of action that you will adhere to each month on an ongoing basis. This step is also highly recommended as well due to unforeseen house repairs or another type of emergency situation. This way, you will have the money you need without taking out a loan in order to take care of the situation and once the situation is resolved, you can then resume saving the specified amount that you choose to save on a monthly basis. If you have direct deposit, you can tell your employer to deposit 90% of your check into your checking account and the remaining 10% of your check into your savings account. This way the money is automatically there and you do not have to touch it unless you need it.

Step Four - Create A Support System

It is also important for you to promote your interests or cause to uphold your decision that has been made to keep it going with an organized or established procedure that has been set. One way is to sit down and explain to your spouse or significant other the realistic financial picture and the objective plan that has been created in order to be well prepared for any unforeseen expenses and to be able to weather the Economic recession. Another good tip is to seek out the council of a Life Coach or a Financial Advisor for your situation. By doing this, it will help you tremendously.


Wrapping It All Up...

Once you analyze, create a budget, create a savings plan, and create a solid support system, this will most definitely point you in the right direction in order to ride this Economic recession wave until it improves. Again, it is highly recommended that you seek the council of a Life Coach and/or a Financial Advisior in order to support you in the best manner possible.

Eldon Montgomery is a Motivational Speaker and a Life Coach. To invite him to speak at your event, college or to obtain a Life Coach, please feel free to visit http://www.eldonmontgomery.com or http://www.montgomerylifecoaching.com

View all articles by Eldon Montgomery

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