Home Home
Home | Overview | B-Schools | Jobs | Alerts | Advertise | Contact Us | About Us | Forum | Link to us
Friday, March 29, 2024 Choose Language: English | German | Portugese
MBA Resources
MBA Articles
MBA Books
MBA Case Studies
MBA B Schools
MBA Current Affairs
MBA Downloads
MBA Events
MBA Notifications
MBA FAQs
MBA Jobs
MBA Job Consultants
MBA News
MBA Results
MBA Courses
MBA Sample Papers
MBA Interview
Questions
MBA Training
Institutes
CAT - 2009
Online CAT 09
About Online CAT
How to Prepare for
CAT
CAT 2024 Faqs
GD Tips
Pursuing MBA
MBA aspirants
What is an MBA
Why an MBA
Returning to B-school
Value of MBA
Good MBA Candidate
MBA Overview
Overview
Scope of MBA
MBA Programs
Career in Vogue
B-School Ratings
Top Universities
Top 30 Ranking
Admission Process
B-School Profiles
Management Colleges
in Bangalore
Distance & Online
MBA Preparation
Aptitude Tests
Tips for CAT
GD Made Easy
MBA Entrance Exams
CAT's Eye
About CAT
CAT Class Room
CAT Course Materials
CAT Bulletin 2024
CAT Eligibility
IIM Cat Centers
CAT Institutes
How to Apply
Important Dates
CAT Instructions
CAT FAQs
Sample Papers
CAT GD/PI
CAT Resources
CAT Results
MBA Careers
Business News
Case Studies
Interview Tips
Build Resume
Seminar Topics
Business Schools
B-Schools Profiles
B-Schools Rankings
B-Schools Selection
B-Schools Hot News
B-Schools Events
B-Schools Diary
B-Schools Seminars
Placements 2008
Placements 2007
Placements 2006
Top Business Schools
Top Business Schools
(Part Time) in Asia
Top Business Schools
in India
Top Business Schools
Worldwide
Education Loans
Career Resource
Admission Process
Admission Alerts
MBA Admissions
Application Dates
Full Time
Fellow Programmes
Executive MBA
Distance Courses
GMAT Preparation
What's GMAT
Eligibility Fees
Importance
GMAT CAT
GMAT & MBA
GMAT FAQs
MAT Preparation
What's MAT
Exam Notification
Online MAT 09
MAT Institutes
MAT Test Centres
AIMA Study Centres
Bank of Baroda
Branches
JMET Preparation
JMET 2009 Important
Dates
JMET 2009 Eligibility
JMET Application
Process
JMET 2009
Participating Institutes
JMET Test Pattern
JMET Paper Structure
MBA Jobs
Senior Management
Positions
Marketing/ Sales/
Advertising
General Management
Analysis Zone
Analysis of MBA
Entrance Exams
Exam Notification
Mock Exams
Mock Exam [2024]
Verbal Preparation
Math (Quantitative)
Analytical
General Awareness
Free Downloads
CAT Papers
XAT
FMS
MAT
IIFT
CET
SNAP
JMET
GMAT Verbal
GMAT Math
Miscellaneous
Distance Courses
Success Stories
Advertise With Us
MBA FAQs
MBA Forum



Home » MBA Articles » MBA-Finance Articles » Making financial planning decisions in tough times.

Making financial planning decisions in tough times.

Expert Suggestions on Preparation for Computer Based CAT-09

I heard a staggering statistic the other day about the number of homes that are going into foreclosure each day. In addition, people are losing their jobs as many businesses experience a decline in revenues and are struggling to keep their doors open. It's certain that most of us are feeling the effects of this tougher economy. What we don't yet know is how deep and how long we will experience these economic tough times.

Financial stress can either paralyze us into taking no action when we should or cause us to make poor, impulsive decisions. When we're in a flourishing economy, it's so much easier to recover from any bad decisions we might make. However, when things are tough there's not as much room for error and a misstep will take a longer time to recover from financially. Over my years of experience in working with clients, I've come up with these six steps that will help you make better financial decisions in tough times.

Step 1: Know what's truly important
The first step is to take the time to know what's most important to you. This is more difficult when you're feeling financial stress. Ask yourself the question, "What makes my life richer?" For example, spending time with your children or your spouse, and staying healthy might be most important to you. Once you have clarity on what's most important, it's easier to make financial decisions that keep you in alignment with your life values.

Step 2: Be proactive about your spending choices
The second step to making good decisions in a tough economy is to be proactive about how you spend your money. Look for ways to cut household expenses and before you buy, ask yourself "Is this purchase really necessary?" In addition, check to see if any loans or credit cards can be refinanced or consolidated to lower your monthly payments and interest rates.

If you are self employed and experiencing a business slow-down, look for ways to reduce your overhead. Many business owners who are renting space have been able to re-negotiate a lesser rent. You'll also want to explore creative ways of finding and keep new customers while keeping your current ones happy with your products or services.

Step 3: Seek input from professionals
The third step to making good decisions in a tight economy is to research the options and the consequences of major financial decisions. The more research you do the better outcome you'll have. Seek input from people who have more information and experience than you. Also, check into the possible tax or legal consequences of your decision. This is particularly important if you're considering a decision on the disposition of property such as a short sale, deed in lieu of foreclosure, or going into foreclosure.

Step 4: Check In With Yourself
The fourth step to making good decisions in a tough market is to take the time to have a quiet moment with yourself once you've gathered all the information. How does the decision feel? Do you have any nagging doubts? Do you feel "fear" about making the decision? Ask yourself, "Have I gathered enough information to feel good about this decision?" Every person I've ever met who made a financial decision that resulted in the loss of money, time and energy admitted that they ignored their small voice or that feeling in the pit of their stomach.

Step 5: Make decisions based on where you are now
The fifth step to making good decisions in a tough market is to make all of your spending decisions based on where you are now and be cautious about the future. Making decisions based on where you are now means don't spend money until you've received it no matter how certain it appears - whether it's an inheritance or a "for sure" commission check. Avoid using your credit cards if you are unable to pay them off each month. Also, don't spend money unnecessarily because you're hoping the economy is going to get better soon. This is not the time for impulsive purchases. Being cautious about the future means that even though your job may seem secure or your business is doing well, stay alert to the fact that we are in a tougher, uncertain economy and make your decisions with this in mind.

Step 6: Good Self Care will keep you creative
The sixth and final step to making good decisions in a tough economy is good self care. Good self care will keep you feeling good emotionally and will enhance your creativity. You may wonder why it is important to enhance your creativity. You may even feel that since things are "tight" you don't have time to play creatively. When we're in a creative state we are able to see things more clearly. It also allows us to see other perspectives, such as finding creative ways to solve problems or challenges.

It's easy to slide down the rabbit hole of doom and gloom when things get financially tough, and it's also easy to let go of everyday self care activities such as eating right and exercising. It's more important than ever to take care of our physical well-being and to take the time for relaxing activities. Develop a daily practice of some type of soul-soothing activity. It might be painting, playing a musical instrument, playing golf or other some other type of sport. Explore what you can do on a daily basis that will keep you vibrant emotionally and in your most creative state.

Don't let these tough times send you into a spiral of unproductive and unnecessary worry. Instead, these six steps that I've outlined will help you stay creative to all possibilities and will help you make long-term, smart, proactive financial decisions.

Remember, this economic slowdown is a part of the ebb and flow of life. Keep in mind that this will eventually pass into a prosperous time once more. If you are one of the millions who are experiencing financial stress, this is a good time to challenge yourself to stay positive and find creative solutions to challenges as they arise. Stay calm in the knowing that everything will eventually come around.

Written by Tracia Graham, "The Financial Wellness Coach", speaker & author.




More MBA-Finance Articles
1 2 Next



Discussion Center

Discuss

Query

Feedback/ Suggestion

Yahoo Groups

Sirfdosti Groups

Contact Us

A D V E R T I S E M E N T

 

 


Members Login Here!
EmailId:   
Password:


  Forgot Password?
  New User? Register!

Start Your Own Website

India's Best Web Hosting Company
Interview Q & A eBook

Get 9,000+ Interview Questions & Answers in an eBook. Interview Question & Answer Guide
  • 9,000+ Interview Questions
  • All Questions Answered
  • 5 FREE Bonuses
  • Free Upgrades

Useful Resources

Indian Institute of Management - Ahmedabad
IIM - AHMEDABAD

Indian Institute of Management -  Bangalore
IIM - BANGALORE

Indian Institute of Management - Calcutta
IIM - CALCUTTA

Indian Institute of Management - Indore
IIM - INDORE

Indian Institute of Management - Kozhikode
IIM - KOZHIKODE

Indian Institute of Management - Lucknow
IIM - LUCKNOW

Master of Business Administration MBA course Exam Institution Admission Details Related Pages


CAT | IIM | JET JMET | MBA | MBA Entrance | MBA Distance | MBA Entrance Exam | MBA Programs | Top MBA Universities in India | B-Schools Profiles | Management Colleges in Bangalore | Aptitude Tests | CAT Tips | CAT Bulletin 2008 | Common Admission Test | CAT Papers | XAT Papers | FMS Papers | MAT Papers | IIFT Papers | CET Papers | SNAP Papers | JMET Papers | GMAT Verbal Papers | GMAT Math Papers |

Copyright � 2024. onestopmba.com. All rights reserved Privacy Policy | About Us | Terms and Conditions
Our Portals : Academic Tutorials | Best eBooksworld | Beyond Stats | City Details | Interview Questions | Discussions World | Excellent Mobiles | Free Bangalore | Give Me The Code | Gog Logo | Indian Free Ads | Jobs Assist | New Interview Questions | One Stop FAQs | One Stop GATE | One Stop GATE | One Stop GRE | One Stop IAS | One Stop MBA | One Stop SAP | One Stop Testing | Webhosting in India | Dedicated Server in India | Free Website Templates | Sirf Dosti | Source Codes World | Tasty Food | Tech Archive | Testing Interview Questions | Tests World | The Galz | Lalu Yadav Jokes | Vyom | Vyom eBooks | Vyom International | Vyom Links | Vyoms | Vyom World | Shayari
home page