Tough times require tough people, pure and simple. No whining, finger-pointing or looking for handouts. Americans must look to themselves when the going gets rough.
Drastic Times Call for Drastic Changes
When markets recede and news of recession or depression dominate the evening news, it’s time to take action, if one hasn’t done so already. What’s done is done, and there’s no point in worrying needlessly over things one cannot control or influence. It’s like fretting over the weather: no matter how much one may wring one’s hands over bad weather, it will change when it will change. So, perhaps it is best not to worry about things over which one has no control, but to look for appropriate action to take instead.
When it’s time to take action, most people find that any positive steps taken immediately make the future seem less gloomy. Financial strains can wreak havoc, and this may be the wake up call for some that will cause them to make permanent saving or spending changes. Adversity is a fine instructor if one does not forget the painful lessons learned when better times eventually roll around again.
For starters, one needs to sit down and make a list of all the expenses one has, or the money one spends. Now take a red pen and slash every item that is nonessential:
- Do you really need cable or satellite television? There’s a savings of $50 or more dollars each month.
- Ditch the XM Radio. Why pay for radio reception when it’s free?
- Don’t renew all those magazine subscriptions. Do you need a daily paper?
- Do you need a daily latte? That daily $2.50 expenditure adds up to over $50.00 a month – and that’s just five days a week!
- Do you need a land line and a cell phone? Do the children really need a cell phone?
- Do you really need those season tickets?
- Spa treatments can be slashed. Manicures and pedicures can all be done at home
- Maybe the cat/dog will need to eat the generic brand of animal food
- Lower the thermostat and get out the sweaters. Hundreds of dollars can be saved if homes are kept at 65 to 68 degrees in the winter. If one lives in Arizona, set the air conditioner at 82 or 85.
More Drastic Cuts
Many Americans have been financially suffering for a long time, so for them some of the luxuries listed above have long ago been done away with, or were never realities to begin with. So, what other options are there that are within a person’s direct control?
Is public transportation, or bicycling to work, an option? Do you really need a car at all? Many city dwellers find they get along just fine with public transportation and a bicycle. This saves enormous amounts of money on insurance, maintenance, gas, parking, etc.
How much excessive insurance do you have? Americans are insurance poor. Are there any policies that can be eliminated? Health insurance is not one that should be eliminated by any means, but perhaps a higher deductible would save a lot of money. If one is healthy, this may be a viable option.
Higher deductibles are also available for car insurance and for home owners’ policies. Do you need dental insurance? Vision insurance? Cancer insurance? Long term care insurance?
In essence, it may be necessary to make painful cuts, and everyone in the household may need to share the pain. Piano lessons may need to go; ballet lessons, karate, yoga and memberships in health clubs may all need to be eliminated.
Perhaps Christmas and birthdays will need to be celebrated differently. Maybe a Christmas Day hike or outing and then a day of family games will have to suffice. Family members can make gifts for each other.
Eating Habits Need to Change
Many people can well stand to change their eating habits considering the obesity in the country.
- Eliminate all convenience foods, including t.v. dinners, boxed meals, desserts, soft drinks, chips, beer etc.
- Cut back meat to one meal per week maximum
- Learn to cook with legumes which are healthful and an excellent source of protein and fiber
- Pack lunches for work and school
- Oatmeal is an excellent breakfast and is far less expensive than sugary, boxed cereals
- Shop sales and use coupons
- Grow a garden. Even a small plot or container gardening can be helpful
Just adopting a few of these ideas can save one hundreds of dollars a month. This may be the difference in being able to make the mortgage payment, the car payment, or college tuition for a term.
Extreme Measures
For some, even these suggestions will not suffice. Perhaps it will be necessary to rent out a room in your home, or convert the garage to a small apartment to rent. It may even become necessary to take in family, or move in with family. Whatever happens, however, do not expect anyone to "bail” you out. It is time Americans took back control of their own lives and depended on themselves again.
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