Page 24 - FAMILY TIMES MAGAZINE JAN 23

FAMILY TIMES -The Family Edutainment Magazine - January 2023 Edition ©

2. Live below your means
In normal economic times, the standard recommendation from financial
advisers is to live within your means. However, in today's economy,
It is much better if you actually live below your means,

Take a good look around your household and see what you can do to cut
down on expenses. You can usually find many ways to save money—

Change the air conditioner for ceiling fan to save on utilities. By reducing
expenses, you will have more money to put in emergency savings or to
pay down outstanding bills. You can even get your children involved
with this. Depending on their age, explain to them some of the serious
issues in the economy and why it is especially important not to be
wasteful right now. See if they can come up with their own ideas for
saving money.

3. Avoid buying on credit
This is not the time to purchase depreciable, non-essential items
(such as new cars, clothing, furniture, appliances, boats, jewelry and
other luxury items) on credit, or to borrow additional money.

Taking on a lot of debt is not wise—even when the economy is in good
shape. If you become burdened down with a heavy load of debt, it is as
though you become a slave to your creditors. You cannot spend your
paycheck on what you want because you owe huge amounts.

4. Pay off existing debts
If you're already in debt, do whatever you can to pay off existing debts
and other high-interest loans. Perhaps you've been able to reduce
household expenses . Use that extra cash toward debt reduction