Preparing for Tough Economic Times

by Miriam Caldwell | More from this Blogger

20 Feb 2009 08:15 PM

My sister and I were talking today about the importance of being prepared. She is worried about losing her job, and about how she would provide for herself if that were to happen. She also talked about the possibility of not losing a position, but everyone losing hours in order to save people's jobs.

As members of the church we have been counseled repeatedly to live within our means and to stick to a budget, and in these economic times it is even more important to begin doing these things. You can start by taking steps now to reduce the amount that you spend or owe to other so if you were to take a cut in hours it would not affect you as much.

This is also an excellent time to begin teaching your children these principles. You do not want to scare your children or have them become overly concerned about the economy, but you can teach them about the importance of thrift. It is also an excellent time to illustrate the consequences of poor financial decisions. This can be tailored for any age group with a much more in depth discussion with your high school student. It is a great time to teach basic budgeting, and bargain shopping as well.

This is also a time for family to draw together and support each other through the difficult times. For example you can hand your baby clothes down to your sister's children or share the excess from your garden with your family. If you live far away from family, it may be more difficult to visit. You can find ways through video conferencing, and letters to stay close even without the visits. Families may move in together for a short while to share expenses and to help each other get on their feet. How have you prepared for these difficult times?

Related Articles:

The Economy and Preparedness

Family Preparedness and Finances

Reasons to Store Food

Learn more about Miriam Caldwell

Miriam is a SAHM mom of three children. She has a daughter who is seven, and two sons, four and two. She loves being a parent and spending time with her children.

View Full Profile | More from this Blogger

mrmnmom82 (3365) 21 Feb 2009 11:53 AM

We use the envelope system for our expenses, including an envelope for each child for diapers, undies, socks, tooth brushes..... so my son can see how much he has, and when it's gone, it's gone. We will also be cloth diapering soon, my Dad has offered to help launder them twice a week.

Miriam Caldwell (8030) 23 Feb 2009 08:52 AM

Thanks for your comments. That's nice of your dad to wash the diapers. It's a good idea to have an envelope system for your kids as well!