Last week we explored some of the financial challenges being faced by many consumers in this tough economy. It seems that everyone, regardless of financial status, is reeling from the effects of the spiraling cost of living and the shrinking value of money.

There are really only two things to do when there isn’t enough money to meet your needs – cut back on spending or earn more money. Let’s take a look at some practical things you can do right now to ease the pressure of these challenging financial times:

Reduce non-essential spending

With this global financial crisis, it’s definitely not the right time to get involved in extravagant spending sprees. It’s smart to be prudent with your money at this time, so don’t spend too much money on non-essential expenses such as entertainment or clothing.

Become more price-conscious

In the past, shoppers could just pick up their favourite brand name items without concern for price; now you must scrutinize prices to ensure you’re getting the best deals. Recently, I noticed that my regular brand of corned beef cost nearly J$70 more than a perfectly good alternative. What’s worse, the cheaper brand found in this supermarket was over J$20 less at another location! Continue reading Steps to surviving a tough economy →