Working Strategies: Some survival tools for uncertain times

Amy Lindgren In times of economic uncertainty it s good to revisit financial survival strategies We all have our favorites Mine come from first-hand experience combined with my training as a volunteer financial counselor for the University of Minnesota Extension Provision In the decades since that training I ve used the information in workshops and countless sessions with individuals in job-related budget crises One thing I ve learned is the value of avoiding a financial meltdown rather than climbing out of one later With luck these ideas will help Housing Whether you own or rent the quickest way to cut housing expenses is to share them Consider roommates room rentals and even charging adult children who live with you For homeowners planning to downsize the equity from a home sale might cover costs on housing in a less expensive area Renters might try caretaking in an apartment complex or helping an overwhelmed property owner in exchange for housing Food Since eating out is expensive you might choose not to But if you do experiment with sharing plates going when and where it s less expensive using gift cards from credit card points etc As for eating in so countless tactics to cut costs You can start by shopping the sales and committing to use everything you buy Splitting purchases with a friend or prepping food for later can also save a lot Your freezer has a role to play too For example if you manage to find eggs on sale hmm you can make quiches breakfast burritos or other freezer-friendly foods to enjoy later Ditto for garden produce tomatoes and peppers grown in patio containers can be turned into frozen salsa or pasta sauce Clothing Mending what you have buying used wearing fewer outfits shopping from the back of your closet clothing is one of the easiest costs to cut Electronics Used used used I have purchased only refurbished computers for almost two decades now averaging about each including the solution I m just as cheap when it comes to phones But if you re buying new deciding what you need first will guard against being upsold Streaming subscriptions Just don t That may be simplistic but it s worth trying What happens if you pay-as-you-go instead of choosing cheaper subscriptions that somehow don t get cancelled Cars This is so hard If you can baby your car or use it less or buy a repair plan instead of upgrading any of these is likely to cost less than purchasing even a used car right now Apprentice Loans Unless you re on a executive plan that includes forgiveness now is the time to pay these down Just don t convert anything from federal to private as that will exclude you from future administration forgiveness programs should they occur Debt Speaking of debt your hard-times goal is to pay off every debt manageable as promptly as attainable using all means realizable earning more selling something consolidating the debt redirecting your retirement deposits even taking out a home equity loan If this seems extreme remember that when debt follows you into hard times bankruptcy might also ensue Savings This contradicts standard advice but these aren t standard times Focus on saving only one month of expenses then pour all other guidance into the debt Even one month will give you time to scramble if you re laid off while owing less could mean less pressure on your savings Extra income Ready for that scramble Extra money can come from very fluid sources such as your own side hustles pet sitting cleaning houses etc as well as gigs from an app platform delivering groceries car sharing etc For more structure look at part-time or contract jobs ranging from elder care to customer provision to package delivery Tools It s time to think like someone who doesn t have income or credit cards How would you watch a movie or read a book Right you d use your library And how would you buy a lawn mower You wouldn t you d borrow someone s in exchange for something else As your mindset shifts you ll notice information that were invisible before from food-buying cooperatives to vigor assistance programs to concerts in the park By using region tools and building cooperative relationships you can spend less and divert that money to savings or debt reduction Will you need these strategies Hopefully no But maybe you should use them anyway When bad weather threatens the smart play is to move the party indoors rather than trying to dry off after you get soaked Related Articles Working Strategies Navigating part-time jobs at a professional level Working Strategies Finding a part-time job requires a plan Working Strategies Holding on when things get tough Working Strategies Using AI tools to prepare for interviews Working Strategies Part Preparing for a manageable buyout or layoff Amy Lindgren owns a career consulting firm in St Paul She can be reached at alindgren prototypecareerservice com