Whether it's the Global Financial Crisis or your own personal financial crisis, there will be a way out.  We're not suggesting that it's going to be easy!  Renowned Money Coach, Michelle House has some suggestions to bring your situation under control.

1. Don't be mislead by the news.
2. Make a decision to do whatever it takes to get on top of your situation.
3. Stop blaming yourself (and others). Stop making excuses for your situation.
4. Accept that your financial environment has changed.
5. Eliminate bad debt.
6. Increase your income.
7. Reduce your expenses.
8. Get a handle on your current position. 
9. Become more financially literate.
10. Carefully monitor your spending plan.

1. Don't be mislead by the news.

Remember, bad news sells papers!  The worse it is, the more we all want to know about.  So, for just a little while stop immersing yourself in the bad news. Gather your information from lots of different sources and form your own opinion. On a big scale, there is nothing you can do.  What you can change, is your own financial position.

2. Make a decision to do whatever it takes to get on top of your situation.

You may have to make some really big changes to fix your situation.  You must be prepared to do whatever it takes to get this under control.  You will really need to knuckle down and make some changes to get your debt levels down and create some savings.  If you ever want to have financial freedom, you must start today.

3. Stop blaming yourself (and others).  Stop making excuses for your situation.

Time to step up, take responsiblity and take action.  Dwelling on the past, blaming your partner or children or parents will not help you with moving forward.  Blaming the world bank, reserve bank or corporate companies won't help either.  What you get, is the result of what you do and to get what you want, you have to change what you do.

4. Accept that your financial environment has changed.

One major component of coping with any kind of stress is ACCEPTANCE.  Once you have accepted the change you can begin to move on.  If you have lost your job, things are not going to be the same.  If you have lost money through the stock market, things are not going to be the same for you.  ACCEPT your situation and begin again. 

5. Eliminate bad debt

Do not take on any more debt, especially to pay debt!  Create a plan to eliminate debt.  Click here for more information on how to effectively and efficiently pay down your credit card debt.

6. Increase your income

Consider taking a second job. Some more cash flow into the household will provide you with some relief.  You could also consider selling unused items in your household, or generating an income from your favourite hobby.  Be creative - there are many ways to increase your income.

7. Reduce your expenses

Track your spending in a  journal and find out where the "spending leaks" are occuring.  Cut all non-essential spending (WANTS) and focus on NEEDS only.  With your NEEDS spending, look at ways of reducing eg buying from farmers markets, grocery shopping only once a month.  The financial crisis is not over yet.  With uncertainty looming, now is the time to reign in your spending.

8. Get a handle on your current position

Gather all your outstanding bills and while you're there gather the enough for a whole year.  This way you can establish the amount you need to put aside each week to pay them.

9. Become more financially literate

Wise up!  Have you noticed that there are some people around you that don't seem to be affected by a crisis?  We live in the information age, with information available to us at the press of a button.  You can learn a lot about money and how it works with a little bit of reading.

10. Carfully monitor your spending plan

Monitor your spending on a daily basis.  You have to watch every penny while you are working your way out of a crisis.  Make adjustments as required.  No more burying your head in the sand waiting for it all to go away.  Seize the day and make changes to your spending patterns NOW!

Secret Budget™ regulary hosts Financial Literacy seminars and workshops for individuals and workplaces.  If you would like further information, click here.