how to survive tough economic timesNeedless to say, we live in tough economic times. There are many people struggling financially, also there are many of those having debt problems and investigate debt consolidation to deal with them. Availability of various kinds of loans makes consumers borrow money but later some of them don’t know how to get out of a debt burden. PersonalMoneyService.com suggests figuring out how to survive tough economic times and provides these simple tips.

Bonus: Find out how young entrepreneurs can finance their businesses!

Make a Budget

Making a budget is a number one rule for personal finance. One of the worst financial mistakes consumers make is not having a budget. When situation in your family changes (for example, someone loses a job), you should cut expenses and divide your money differently. Analyze your expenses to figure out which ones you can cut. Review your essential purchases and see where you can change items for cheaper ones. We recommend to check 6 great budgeting mobile apps, check one of them of those you like (most of them are free!) and it will be easier to take control over your money.

Don’t Feel Guilty if You Can’t Help Financially

Many people feel guilty when they can’t help their relatives or friends financially. It’s very difficult for those who used to help their friends and relatives and can’t do it anymore because times have changed. You shouldn’t feel guilty for that. Read what to do when relatives or friends want to borrow money from you and explain that you’re also experiencing financial crisis. Don’t forget that still there are ways to help. You can help to create a budget or do something that doesn’t require spending.

Don’t Rush to Become a Homeowner

tips to get through financial crisisAre you sure that it’s a perfect time to buy a house? If you don’t have the money to buy a house, better don’t do it and don’t get in debt. You can read our tips to buy a house but consider all the pros and cons carefully. If you have the money for the down payment it doesn’t mean that you can afford a house! Many people think that happiness is impossible without a house, but homeownership is a choice, not a standard. There are many of those who choose renting because it suits them better.

Save on Groceries

When food prices go up, it’s highly important to know how to save on groceries. Fortunately, there are many ways. First of all, try best mobile apps to cut food expenses. Plan ahead, freeze vegetables when it’s possible or buy frozen, replace big brands and cheaper ones, check out frugal recipe ideas. Use coupons and plan your food expenses, buy in a bulk when it makes sense and you really can save a good amount of money. However, don’t rely too much on sales and discounts because it often ends up with buying unnecessary things.

Don’t Hope for the Lottery

Don’t hope for easy money! Some people don’t even realize how much money they’re paying hoping to win a lottery one day. Instead of that, think how you can boost your income. Try mobile apps for making extra money, check jobs on the Internet, try to take advantage of your hobbies. Did you know that you can even make money using Facebook? That’s why instead of hoping for the miracle, take action and think what you can do to improve your financial situation. Remember that every dollar is important for your budget, so stay frugal and manage money wisely. Try to stick your budget and don’t rely on credit products too much!