Tips for Achieving Security In an Uncertain Economy

Achieving financial security in an uncertain economy may involve 1) acknowledging a financial reality, 2) tackling tough financial problems such as debt, spending, budgeting etc. and 3) finding solutions to improve a financial situation. Financial security is multifaceted in the sense it includes financial planning, relationships, physical safety, emotional stability, and personal happiness.

Achieving financial security in today's economy can be assisted by wise financial decision making, and keeping income above the cost of living so as to facilitate savings and investments. Obtaining financial security demands know how, life agility, toughness, and a belief in oneself.

To believe in one's ability to make the most of all parts of one's life is an important starting point in achieving security. Once one has conviction in one's goals and dreams the next step is to act. The following paragraphs illustrate some of the important ways security may be achieved amidst an economic environment of corporate downsizing, frequent layoffs, changing employer needs and employment competition.

• Develop skills that fill economic needs

Skills that are in demand pay well. Economic trends and rises in the demand of various services and salaries are an indicator of demand. For example, as the baby boomers start retiring the demand for health care workers is expected to rise. There are many different professions within the field of health-care, some of which may be just what one is looking for with good pay to match.

• Improve psychological fortitude

Life and uncertain economic conditions can bombard one with rejection, fear, doubt, struggle and many other negative and unpleasant things. Being able to function normally and happily within such potential conditions requires psychological strength. Such strength can take years to build and minutes to fall apart. Consulting self-help books, thinking about how to approach situations differently and developing trust and reliance through perseverance may be what is necessary to build such psychological strength.

• Utilize time

Time really is money and unfortunately there are only 24 hours in day and 168 hours in a week. Since any time spent not working for pay, is money not earned that time is a financial loss if one values money. The week can be broken down by percentage as follows:

33% is spent sleeping on average, roughly 5% is used up on driving places, another 10-15% or so is spent eating and cooking, 4% in the bathroom, 8% on housekeeping, 2% on errands and 10% on entertainment. That leaves approximately 38-40 hours to make money. One can either optimize those 38-40 hours by maximizing one's income whenever possible, or reduce the amount of time doing other things to make more money.

• Live within financial means

Everyone knows one can't spend what one doesn't have. The difficulty lies not so much with the concept but finding a way to actually stick to a budget and live happily at the same time. Living within one's financial means not only means budgeting in some way it also can mean learning to be happy with what one has. It is possible to be happy without more things it just takes effort.

• Build other sources of security

Not all security is financial whether it be an uncertain economy or not. Security can also mean emotional fulfillment, spiritual peace, strong relationships, good mental and physical health etc. Building every aspect of one's life as much as possible can mean a more secure, fulfilling and happy life. To build other sources of security may be easier than building financial security because it involves different parts of life such as relationships, philosophy, art, exercise etc. All of which can assist one appreciate life more fully.

• Put money away

Saving is important because it builds security and can help finance a future retirement and unforeseen expenses. A penny saved is a penny earned and pennies are a plenty. If one has to start saving with pennies why not. If having a giant jar of pennies makes one feel secure it is a good place to start and train oneself to save daily.

Whenever there are a few extra dollars to spare, save them. In time dollars add up just as pennies do. Cutting back on small expenses that don't seem a lot can also help save money. Making small financial sacrifices for the sake of saving can help bring financial security or at least a sense of financial direction which can be comforting.

To summarize, security is a both an actual condition and a psychological feeling. What's more, money isn't everything, but it is also quite important. This article has illustrated some of the ways by which security can be achieved in any economy, whether it is uncertain or not.

Since security is also a psychological term, there are also psychological aspects to the 'feeling' of security. While one may never be entirely secure, a belief in oneself, conviction in one's values, in addition to pragmatic steps such as time management, skill development and monetary prudence are all useful means by which to improve and attain a greater security.