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4 Ways to Not Feel Cash-Strapped in a Declining Economy

4 Ways to Not Feel Cash-Strapped in a Declining Economy
 

You turn on the news, like you always do. Sipping on your coffee before heading to work, you are once again bombarded with news so depressing it makes stepping on a piece of Lego feel less painful.

The global economy is at risk of deflation, real wage growth is stagnant, and multiple industries such as Oil & Gas have abysmal outlooks. The only thing worse that could happen is if we found out we’re all in the Matrix and that piece of Lego you stepped on is nothing more than a bunch of pixels that doesn’t exist.

It’s not the end of the world, however. As depressing as it may be, there ARE ways to overcome the global slowdown, and actually emerge victorious from it. In this article, we cover 4 simple ways for you to stem the tide of pessimism and turn it into a celebration!

Spending

Yes, we hear this all the time.

“Spend less to save more!”

Is this really true though? Not really. The issue most people have is that they trap themselves into a mindset where they want to spend as little as possible, but when the shopper in them bursts out of the lamp like a Black Friday genie, they end up spending much, much more than normal.

The trick here is to spend smart in order to spend less. See that pair of Jimmy Choo shoes you? Last season’s offerings are much cheaper, and frankly, it’s not how new it is, it’s how you carry it like the champion you are. And do you really need that new computer when with a bit of effort you could assemble one yourself for a fraction of the price?

Spend smart. Don’t deny yourself of pleasures, but there’s more than one way go about it. Most importantly, do not get yourself into debt just to feed a spending habit, which brings us to our next point…

Credit Cards (And how to use them right)

Credit cards have long been the bane of most peoples’ existences. We’ve heard numerous horror stories of credit card debt and bankruptcy, but did you know that you could save money with them? Here are 2 ways how:

a) Pick the card that suits you best. Most cards are tied to promotions or discounts with grocery shopping, petroleum, travel, etc. Picking a card that confers these benefits allows you to save money, as well as reap the benefits of reward points or travel miles, which basically means free stuff.

b) Pay your bills on time. Seriously, we cannot emphasize this enough. Credit card interest is enough to reduce a grown man to tears, but as long as you pay on time, you keep your financial charges low, or better yet, non-existent.

Income

We know what you’re thinking. You have a full time job that demands all of your time and then some, and the likelihood of you taking up work on the side feels like going for 1 more round at a buffet when you’re filled to the brim.

Honestly, part-time or freelance work is just one of the many options available to help you grow and expand your income. What if you don’t have the time for part-time work, or you feel you don’t have skills that qualify you to be a freelancer?

Simple. Follow your passion. You like fashion? Read up on design or photography, or write about your favorite pieces that speak out to you the most. You play video games? Take up a free and easy course on coding from Coursera or Udemy.

You don’t have to make money at the start, but as you start to get better at your passion, you’ll find that your skills will improve to the point that people will willingly pay you for it on platforms such as Fiverr, which has weathered the declining economy fairly well.

For everything else, there’s the Internet. There’s no excuse to not improve yourself, AND create a separate income stream that you enjoy doing at the same time.

“Why?”

We realize this is a lot to take in, and it will be tough making adjustments while dealing with depressing news and the emotional part of you struggling to fit into this new mentality. It’s tough, but not impossible.

Simply ask yourself this, “Why?”

Why do you do the things that you do? Why do you want to give your 5-year-old daughter with dyslexia a comfortable life? Why do you want to come home to your aging parents smiling every single day? Perhaps you even want to change the world, and make it as best as you can as an individual.

There’s no right or wrong, but your “Why” forms the foundation for your purpose, and gives you the reason to do what you need to do. And when you truly know what your “Why” is, your emotions and actions will fall into place.

Feeling cash-strapped, and surviving from paycheck to paycheck sucks. We know. As mentioned in this article, it’s not impossible to overcome this, but remember that it has to start from you.

As long as we aren’t in the Matrix.

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