Five Foolproof Financial Strategies That Will Ensure You a Better 2010

2009 saw its fair share of economic hardships.  With bank closings, bad mortgages, and unemployment rates at an all-time high, people found themselves cutting back and doing without items that they once purchased and enjoyed.

Family vacations became shorter while the average workday got longer.  Items like eggs, milk, and gasoline gradually increased in cost and ate away at even the most liberal budgets.  People scaled back, Freecycled, and bought secondhand but could not help feeling the throngs of financial uncertainty.

With the promise of change serving as a backdrop for the previous year’s Presidential Election in the United States, not everyone was convinced that the nation was headed in the right direction.  Topics like health care reform and government bailouts were heavily debated on Capitol Hill.

In the worst of times, select cities triumphed.  Communities came together and people from around the world shared stories and advice concerning budgeting and other money related matters.  Towns printed their own money as a way of stimulating local economies and people learned the power of bartering goods and services through websites and swap meets.

Self-sufficiency became a hot topic as people started growing vegetable gardens, making their own clothes, and repairing items by hand with more fervor than years before.  In a sense, many people were more efficient in stretching their dollars.

Although I cannot predict this year’s financial forecast, I can offer you a few thoughtful tips that will help you achieve prosperity in 2010.  In no particular order they are:

  1. Spend less. Find ways to live below your means.  Lower the interest rates on your credit cards.  Bundle service packages.  Skip all the extras offered with your cell phone.  Ask for discounts.
  2. Make more. Create multiple streams of income.  Make the internet work for you.  List items that you no longer need on Craigslist, eBay, or Amazon.com.  Start a small business on the side.  Join the ranks of Stay-At-Home Moms and Dads and telecommute.  There are a number of ways to make extra money without sacrificing large amounts of your time.
  3. Get creative. Learn to think outside the box.  Rather than use your hard earned cash to buy things, see if you can get them for free or through yard sales, auctions, and thrift stores.  Wear things out and repair them yourself.  Bake your own birthday cakes.  Make your own holiday gifts.  Sew and mend your own clothes.  Not only will you get the satisfaction of doing-it-yourself, you will also save yourself a mint.
  4. Connect with others. Join an online community and share your wealth of knowledge about couponing, contesting, and parenting.  Having a group of like-minded individuals support you throughout your quest for frugality will make it that much easier. You may also want to update or even create a profile on LinkedIn where you can network with others in your industry.
  5. Keep your options open. Do not remain committed to one location or employer.  If opportunities arise, seize them.  If securing a better future requires you to relocate or change jobs, so be it.  Bite the bullet and take the plunge.  You’ll be thanking yourself in the long run for being so brave.

The key to survival in tough economic times is a positive attitude and the willingness to go the extra mile no matter how difficult or frightening it may be.  Being resilient takes persistence.  Every challenge produces a number of solutions.

Start the New Year out right.  Take an active stance in securing you and your family’s financial future.  You’ll thank yourself later on.

Charissa Arsaoui is a freelance writer for ChickSpeak, Buzzine, DisFUNKshion Magazine, Student Stuff, and a guest contributor for Wisebread.  She loves thrift related topics and can spot a bargain a mile away.

Author: Charissa

Charissa is into frugal living and saving money.

12 comments
graphic art
graphic art

I hate to say this–I really don’t have my plan in place for next year.
But this post has given me the necessary kick in the pants.

PennyStocks
PennyStocks

Spend less, spend less, lets get the chant going, so simple yet so hard for people to abide by. Putting this list on the fridge, old school

TheMoneyMan-Leo
TheMoneyMan-Leo

An few ideas for making extra income online are www.elance.com and www.rentacoder.com.

www.Mturk.com is an option too although the money you can make there is pretty low but you can find jobs to do immediately. The other two are a bidding process.

I've hired people from all three sites.

dave
dave

Nicely put. Paying off debt is so critical now.

Ron
Ron

By paying off debt over the past few years, we're able to spend less each month (and save more without really trying). When you add in the modest raises I've gotten, it's made a real difference.

Goran Web | Net Age
Goran Web | Net Age

Thankfully the days of our society being a throw-away one seem to be numbered. Re-use, Reduce & Recycle is a mantra we all should adopt, and why waste money on buying a new item when a second hand one will cost half the price and work as well as a new one?

Daddy Paul
Daddy Paul

"The key to survival in tough economic times is a positive attitude and the willingness to go the extra mile no matter how difficult or frightening it may be."
Very well said.

TheMoneyMan-Leo
TheMoneyMan-Leo

Great advice and so important to take advantage of ESPECIALLY if things are going well for you financially right now.

Develop a little secondary stream of income or two when times are good and they might come in very handy if things take a turn.

The start of a new year is a great time to review all your finances and see where you could save some money.

Christina
Christina

This is really informative, could help me get out of credit and give me financial freedom. Thanks for the advice...

Credit Girl
Credit Girl

Great points made in this article and I totally agree with Ken. Sometimes people are afraid of change which is why it seems risky to switch jobs at a time when a lot of people do not even have jobs but you're right- if the opportunity comes up, seize it!

Oludare
Oludare

I think financial libration and total independence starts from the love of it. When the human mind is defeated, everything including financial wealth is defeated too!

Ken
Ken

I especially like the one about keeping your options open. We can do so much by just keeping an open mind to opportunities out there. Good post!