When times are hard people worry about losing their jobs, investments going down the drain, retirement accounts, and more. Finances are a tough thing when the economy turns town, so what can you to do maintain good financial health, and feel good about life when times are hard?
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Here are ten financial tips for hard time economically:
Tip 1. Pay off debts.
Too many people think that if times are tough they should hunker down, and just pay the minimum payment on debt so they have more money left over. However, this is simply not the case, if you do not pay down debt you end up owing far more, plus the toll debt takes on your life, sanity, and financial health is huge. So, instead of paying as little as you can on debt, pay your debts down as aggressively as possible. Start with your highest interest debts, and pay them off first. Then move on toward other debts. As you pay off one debt, continue paying that amount out each month, but either put it toward another debt, or into savings. In addition to paying off the debts you have, do not get into any more debt. This is especially stupid when the economic times are uncertain. You can’t know you won’t lose your job, etc. So, get out of debt, and stay out of it. Start with your highest interest debts, and go from there.