Manage Your Life
Tuesday, February 9, 2010
9 ways to stop financial anxiety
user
<img alt=""
src="http://a323.yahoofs.com/phugc/7MCtCXF.jgrl/photos/cdb5e1cf524f0e2238ecf98c5297646b/ori_ecefc2b23d5331.jpg?ug_____DJR2oMEdQ"
align="left" width="295" height="295">Okay, so the Dow dropped
another 400+ points on Thursday. Unemployment's heading to
25-year highs, and rumblings about recession are turning into talk
of depression. It's hard not to enter a financial
freak-out. But you can stave off monetary panic with <a
rel="nofollow" title="quickandsimple.com"
href="http://www.quickandsimple.com?link=emb&dom=yah_life&src=syn&con=blog_qas&mag=qas">quickandsimple.com's</a>
keep-calm tips:<br><br><strong>1. Get a
grip!</strong> <br> List your concerns on paper and
then ask yourself, "How realistic is this fear?"
Not sure? Ask trusted loved ones whether your worries about the
poor performance of your 401(k) or your terror of becoming a bag
lady are justified. <br> <br> <strong>2. Attack
saving money as a family</strong><br>Establish weekly
money meetings to discuss the family's finances and to
identify strategies on how to cut costs. Give the kids a vote in
decisions on what can be sacrificed. Also, solicit their ideas on
how to have fun together inexpensively. If the older kids grouse
about cutbacks, ask them how they might be able to afford the
things they want. (Hint: j-o-b!)
<br><br><strong>3. Establish an emergency
fund</strong><br> "One really good way to
allay fears is to have a reserve," says Jonathan Rich,
Ph.D., author of <em>The Couple's Guide to Love
& Money.</em> Assembling a six-month cushion of
living expenses can seem as daunting as resolving to lose 150 lbs.,
so start by setting a small, achievable goal, such as banking an
extra $15 a week. <a rel="nofollow" title="save money"
target="_blank"
href="http://www.quickandsimple.com/saving-money/debt-budget/build-savings?link=emb&dom=yah_life&src=syn&con=blog_qas&mag=qas">Find
out how to trick yourself into saving $1,000 this
year</a><br> <br> <strong>4. Stay
financially conscious</strong><br> Every day, write
down three successes you've had in capital conservation,
such as bringing your lunch to work, declining to buy that adorable
blouse and promptly paying the electric bill. (Yay, you!) Next,
write down three money-related goals you will work on more
aggressively, such as quitting smoking, checking out books and
magazines on investments from the library and exploring retirement
account options. <br> <strong><br><a
rel="nofollow"
href="http://www.quickandsimple.com/saving-money/debt-budget/financial-anxiety?link=emb&dom=yah_life&src=syn&con=blog_qas&mag=qas">To
get 5 more ways to give your cash concerns the heave-ho, head over
to quickandsimple.com</a></strong>
<br><br><br><strong>More stuff
you'll like from
Quickandsimple.com</strong><br><a rel="nofollow"
target="_blank"
href="http://www.quickandsimple.com/saving-money/christmas-gifts-holiday-presents?link=rel&dom=yah_life&src=syn&con=blog_qas&mag=qas">
100+ Christmas Gifts You Can Actually Afford!</a>: Your
shopping's done with our recession-friendly
picks<br><a rel="nofollow" title="clutter" target="_blank"
href="http://www.quickandsimple.com/saving-money/debt-budget/paper-clutter-save-money?link=emb&dom=yah_life&src=syn&con=blog_qas&mag=qas">Is
$2,500 Buried in Your Clutter?</a>: There's a whole
pile of free cash hidden in the mounds of paperwork you've
got messing up your house <br> <a rel="nofollow"
target="_blank"
href="http://www.quickandsimple.com/saving-money/debt-budget/christmas-savings-plan?link=rel&dom=yah_life&src=syn&con=blog_qas&mag=qas">
You CAN Afford Christmas!</a>: Pain-free ways to save for a
very happy holiday<br> <a rel="nofollow" target="_blank"
href="http://www.quickandsimple.com/saving-money/debt-budget/grocery-savings?link=rel&dom=yah_life&src=syn&con=blog_qas&mag=qas">
Secrets for Saving Money at the Grocery Store</a>: Stop
wasting money on food -- here's how!<br> <a
rel="nofollow" target="_blank"
href="http://www.quickandsimple.com/saving-money/debt-budget/money-saving-websites?link=rel&dom=yah_life&src=syn&con=blog_qas&mag=qas">
Money-Saving Websites You Don't Want to Miss</a>: Our
top online stops for serious buck-stretching
Related: unemployment, saving money, recession, financial planning
-
Posted by anuushu Fri Nov 7, 2008 8:12am PST
People also have to remember that this recession is going to be a good thing in the end... I don't like the fact that our 401K has been decimated. I am thankful however that we are young enough to make the money back and then some.
However, I also feel that this recession is actually going to be a benefit in the end. There will be a "weeding out" of sorts of commerce - for too long there has been too much consumption and greed. Too many restaurants, too many stores, too many malls, too many auto makers and too many choices, too many homes for sale etc.
The housing market will correct itself and prices will once again be affordable. There will be less product to choose from and hopefully more jobs and better manufacturing will begin to come back to this country.
The tips above in this article are good - as long as you have an ER fund to fall back on you are financially realistic you will survive. This is not "Depression 2.0". When you compare the Great Depression to what's happening today??? You cannot even begin to make that type of comparison.
We will bounce back as a Nation. Things will be righted once again and hopefully we will stay on track this time!
Report Abuse