Wednesday, October 8, 2008

Financial Survival Checklist

Remember the last time you were unemployed and how hard you struggled to find another job that could support you and your family? Do you still think about the times when you wondered if you would be able to feed your family and put clothes on their backs? As one who has been there and done that, the feeling of being between a rock and a hard place is not a very comfortable place to be at any time in your life. Here is a Financial Survival Checklist.

FINANCIAL SURVIVAL CHECKLIST

1. Be mentally prepared to handle the tough decisions that you will need to make because these will make your financial survival possible.

2. Put aside at a minimum three months income in the form of cash because funds to support daily needs may not be available if the banks are suddenly closed due to a crisis.

3. Be ready to work a second job, a side job, or any job for that matter, because you will need to keep some kind of income flowing into your household. Remember, any income is better than none, and an extra source of income is even better!

4. Have a substantial supply of food, medical supplies (including prescription meds), and hygiene items because you may not have the funds available to purchase more at a later date.

5. Check your current expenditures and eliminate unnecessary items because the majority of people have a tendency to let cash slip through their fingers, myself included. Little expenditures add up to big $$$ faster than you can snap your fingers.

6. Be prepared to sacrifice some of the extras you’ve been spending your money on by starting to cut back now.

7. Eliminate anything that is not an absolute necessity because you may find yourself forced to do so at a time when you may be the least prepared for it.

8. Stop using credit and credit cards to support a lifestyle you probably cannot afford because eventually you will have to pay it back. Pay cash for it instead!

9. Know what you owe! Have a budget and stick to it! As the old saying goes, keep track of your pennies and the dollars will take care of themselves!

10. Make sure you have the means to provide adequate protection for you and your family because desperate times require extreme measures. There is a definite possibility of an upswing in criminal activity in hard times and this is going to make many people vulnerable to criminals if they are not prepared to protect themselves.


The secret of surviving financially difficult times is to change your current lifestyle by getting rid of bad financial habits now. Stop spending money you don’t have on things you don’t need! Look for cheaper ways of accomplishing the important goals in your life because it will allow you to ultimately survive any financial crisis. Prepare now before a financial crisis strikes and you can be confident that you and your family will survive.


Get a Family Budget Planner here:


http://docs.google.com/previewtemplate?docId=pyU3xkckhpI0P6KI3fnmVEg&type=spreadsheets

Staying above the water line!
Riverwalker

3 comments:

theotherryan said...

I think the biggest two limiting factors in on hand (physically in possession/ home) cash are the amount you can comfortably store at home (and be able to loose in a break in) and how much you can have not working for you. I think a couple weeks worth is an absolute minimum, a month is reasonable and two is probably better.

riverwalker said...

My homeowner's policy will cover me up to a $1,000...I leave a small amount $100 or so in an easily found place - gives a burglar or thief easy pickin's. This way they don't tear up the place looking for cash and hopefully won't find my other stash. Right now still a better bet than risking a bank holiday and no cash to Get Out Of Dodge!

RW

riverwalker said...

To: theotherryan

Been reading a lot of your recent posts...being lazy and not leaving more comments! My apologies for that! Good posts deserve a comment and I will try to remeber to comment on yours more often.
Thanks.

RW

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