In the mist of the recession we are experiencing, I actually find myself more in tune with my spending habit, or finally realize how the hard earn cash was wasted thru the years.
It is not easy to live in an expensive city during the worst recession in recent memories. I feel the punch hitting a lot harder than the one I experienced earlier. Perhaps I had a lot more baggage on my back this time around. I took on the largest mortgage debt while most of my friends are free from the burden. I am beginning to wonder what will happen if I loose my job tomorrow. How long can I hang on without going into bankruptcy if I insisted on living in one of the most expensive city in the world.
After doing some research, I am convenience that one does not require much to live happily on a reduced income. All one need is a sound budget. For example do we really need expensive Cable TV or high-speed Internet connections, and new wardrobes every season? Must we go out once a week to blow away hundreds of dollars in a single evening? That is just foolish.
If we cannot afford to go to an expensive concerts there are always alternatives like many free events happen all over the city on any given evening and weekend. Those were support thru our taxes; why not take advantages of it. The other way I often look for is discount offers thru corporation I work for, or free night at the museums.
I recently adopted a simple method of control spending by taking out cash once per month. Keep all credit and debt cards at home. If I am running out of allowance on a certain weeks, I simply stay home and read a book. With this method in place, I am amaze not only I can afford everything needed, on occasion, I can even treat a friend to a dinner out.
I also found myself getting rid of the bad habits of impulse buy. I investigate more before I made any necessary purchase. It is good for the closet space and the wallet as well.
What do you think of my approach to beat the recession? Care to share yours with others. The bottom line I think is budget, that is if we still have a job.
Chance Encounter NYC
