Meltdown Mayhem-Nine Designs To Turn Adversity Into Opportunity

As the worldwide economic crisis looms large, how is it possible to see an upside to this tumultuous financial situation? While not to minimize the impact of the elimination of jobs, dwindling savings, and the loss of value in stocks and real estate, an opportunity is presented to creatively prepare, brainstorm, and have viable plans in place to counter unsettling events, and incorporate changes that have been “on the back burner”.

“X out” the idea of deserving a particular life style and start restructuring aspects of your life that you can control and those that are most important to you (more time for relationships, unfinished projects, re-defining and reassessing goals, etc.):

1. Re-frame the idea of being “cheap”- substitute frugal, prudent or economical to describe clever cost-cutting ideas and plans.

2. Eliminate extravagant gift giving-those who care about you will appreciate presents reflective of your creativity and budget.

3. Add “ecologically aware” to lifestyle re-designing- the less you buy and the more you re-cycle (not just trash), the smaller your environmental carbon footprint.

4. The “latte factor” (so named by financial columnist, David Bach)- spending $4.00 for a daily coffee? What’s the actual cost on a weekly/monthly/yearly basis? Use simple arithmetic to compute spending on clothes, restaurants, dry cleaning, etc. to total the amount of these “minor” extravagances per annum.

5. Overwhelmed by “stuff”-a great time to purge useless items (and perhaps sell them on Craigslist or ebay). Tally how much you paid for these things, keep the list handy, and refer to it anytime you consider making non-emergency, discretionary purchases.

6. Downsizing doesn’t have to be viewed as a disaster-consider the sense of freedom and lessened anxiety level a smaller home or less expensive car (believe it or not, you are NOT what you drive!), can bring.

7. Stay fit by exercising, yoga, dancing, etc.- helps to lift your spirits, reduce stress and avoid gaining weight (being active rather than eating), during a worrisome time.

8. Continuing education- improve knowledge in your chosen field (enhancing your skills in a competitive market), or pursue interests and information through reading, courses, seminars, etc. Becoming financially savvy should be part of your life-long learning program.

9. Discover the beauty of compound interest-it’s never too late to save, and the sooner the better. Align your savings goal(s) with those things that really matter to you, enhancing the incentive to save.

And remember, taking action is the catalyst for change!