As a small business owner and the parent of two children that like to shop, I'm not ignorant about the economy. From gas prices to grocery bills, I've seen everything increase except my income. Instead of bemoaning my situation and falling apart, I've decided to focus on the positive aspects. One good thing that has come from these hard economic lessons is that I'm financially smarter. I manage my household and business affairs smoother and tighter than anytime before.
That's not to say I won't welcome economic relief but I have learned a thing or two. Today, many things I've experienced have made me a better businessperson and household manager.
I make saving a priority. Strangely enough, getting loans isn't easy today. Lesson one, always save. Every paycheck, every contract paid, squirrel away something. Some weeks I could only save a few dollars, others times I saved a few hundred. Before the recession, I lived with minimal savings and threw sudden expenses like car repairs on my credit card. No more! (As a side note, I've noticed my kids save more now too. Not only am I smarter, but they are too.)
I pay debts on time or ahead of time. When every dollar counts, high interest rates weren't an option. I pay my debts on time and pay them down as quickly as possible. I know a healthy amount of debt is good for your credit but I feel better knowing my debt is small. That's good for me mentally.
I know how to price match. Prior to the recession, my husband and I saw what we wanted then purchased it. Today, we don't make snap decisions about high-priced items. We've adopted a two-day price match rule to any big ticket items. We web search, call and visit stores for the best deal. Never, ever rely on one store to give you an honest "best" price. I do my own homework.
I question my purchases. Before 2008, I was an impulse buyer. I loved walking into stores shopping for "sales" even when I didn't need the items. I don't do that anymore. I don't buy it unless I need it and I stay away from sales and discount store.
I know more. Until a few years ago, I didn't care less about the stock market. I know that's crazy since I am a business owner but it all seemed so far away from me. Today, I watch a few business shows at least once a week and I know what basic terms mean. Learning how the financial markets work makes me feel empowered and less helpless--even when I'm pumping $4 gas.
I plan ahead. Anyone that knows me will tell you that I'm a freewheeling, spontaneous kind of gal, in all things. Today, I'm much more careful. I don't just hope and expect a good future, I plan for it. I've even met with a financial planner. I think about what the next five, ten and twenty years will bring and I have a plan. That lesson has kept me sane.
