So the chips are down... Someone once said...

“It’s a recession when your neighbour loses his job; it’s a depression when you lose yours." ...but when you get to the end of your rope, tie a knot and keep hanging on!

Money management takes on an urgent priority during a recession. Here are a few ways you can take charge of your finances and weather hard times:

- Prepare a bare-bones budget. Stop all unnecessary expenses and reduce essential costs. Ensure that all family members stay within their allocated costs. Keep aside an amount for once in a year expenses, which should be chalked out besides monthly costs.

- The first priority is almost always to pay off and cut up ALL Credit Cards. There is no bigger drain on your finances than Credit cards, apart from Payday loans. Think of them as an open veins pumping your money straight down the drain! Avoid both and if you have them and you can’t pay them off, come and see SJ Consultants or go to your bank and get us to sort out a consolidated loan to reduce the fiscal burden.

- If you are unable to pay your mortgage, your utilities or loans, don’t delay - go to the individual provider and see if they can help stretch the repayments or defer them. Then go to Citizens Advice Bureau as soon as possible. They may be able to find other ways to help you!

- Think of innovative and enjoyable ways to save money. Cut out and use coupons and vouchers, buy in discounted bulk, check out car boot sales and auctions to reduce your cash outlay. Cut out premium cable TV package - you can get a 101 channels on Freeview! - Combine your electric and gas services to get a discounted utility bill.

- Earn from your hobbies. A recession is a good time to explore your creative side and to earn from it. Take up a part time job teaching or imparting a work skill to others.

- Volunteer. You may gain some useful leads for a new job or even discover a new vocation in your life.

- ‘Insource’ some of the tasks you would normally pay for. Mow your own lawn and learn how to carry out maintenance of your own plumbing and heating systems.

Always bear in mind that every pound you save is a pound earned, so following the above steps will amount to earning a tidy little sum in itself! Tighten your bootstraps and manage your money well, but BE POSITIVE - don’t forget to have fun doing it!

The first step is to think positive...
I know it sounds like a cliché but once you have done all you can to plug the holes in your finances, you need to plan to turn it around. ...And that will depend on your personal beliefs about money and success.

Most individuals have unconsciously set themselves up for success or failure according to their own belief of what they "deserve." Attempting to get beyond that becomes a intimately inconceivable challenge. You may find that everything you do to attain your goals is a enormous battle. If you go on to make progress, something often undermines your path to success. You might even discover that your life decays into bedlam. Obviously fate plays its hand, but after that its about how you play the cards you’re dealt. Millionaires go bankrupt, they make bad decisions or have some bad luck, but many, many of them will pick themselves up and do it all over again, because they believe in themselves and their ability to turn things around.

To accomplish wealthiness, you must desire wealth and shape your mind to attract riches. You see, everybody holds notions about money, riches and achievement. And what you think dictates the type of relationship you have with success—and the riches that your success brings about.

Among individuals who bump up against invisible ceilings when they go after wealth and success, we often expose beliefs that don't support their chase and attainment of riches, like these:

"You have to work hard to attain income"
"Income is hard to manage" "I feel guilty about having money"
"Income is a very personal or individual matter" "Wealth is really hard to get"
“Only the rich get richer” "I don't deserve to be rich"
"Income is the root of all evil" "Money doesn’t buy happiness"

For instance, if you subconsciously believe that you don't deserve to have money, you'll unconsciously determine ways to ensure that you don't wind up with a lot of money. You may start missing deadlines or forgetting to return calls to a key customer whose business constitutes a significant portion of your yearly revenue. As a result, the customer bolts, your business loses a lot of money—and you wind up with a lot less hard currency—precisely where you unconsciously believe you should be - your very own self-fulfilling prophecy.

The same type of belief systems come into play regardless what your goal—whether it's becoming a better parent, getting in top physical shape, or learning to play the piano. When you learn how to discover your belief systems, you'll be able to employ this system to bring out the unconscious beliefs you hold about anything—and everything—in your life.

Your most crucial asset in accomplishing wealth is your mind. You need to learn how to control the attitudes, behaviour and the way you think. Master your mind and you will turn it around. You will improve the overall
caliber of your life. It maybe baby steps at first, but build on those and acknowledge that you are on the right road and it will grow.

You deserve to succeed. Truely believe that and you will succeed.

SJ Consultants
T: 0208 295 3858
[email protected]