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People can get a head start on summer cleaning by taking old medicines, e-waste, paint and other hazardous materials to the Oakland Coliseum between 9 a. The county recommends registering for a drop off appointment at: www. People can also bring mattresses and box springs to be recycled. Jeanne Nader StopWaste program manager Oakland.
Submit your letter to the editor via this form Read more Letters to the Editor. If you are spending on dining out and entertainment before paying bills, premiums, EMIs or SIPs, you may have to borrow or rely on your credit card for essential expenses, and it can land you in a debt trap. To rid yourself of this problem, first prepare a budget, marking out essential spends from discretionary ones.
Once you have dispensed with the fixed expenses, spend whatever you are left with. Also, if you do not maintain a contingency corpus, any unexpected eventuality is likely to leave you drained of money. If you spend more than your finances allow in order to maintain a lifestyle that fits in with that of your friends, soon you will neither have the money, nor any friends. Also read : How healthy are your personal finances? Take this quiz to find out What not to do if you run out of money You will still run out of money. If you have genuine cash fl ow issues, talk to the institutions for a reschedule or premium holiday.
Your goal corpus is highly inadequate Start planning well in advance and make proper calculations to arrive at correct future goal values. Get rid of the costliest loan first. If you have taken loans to build an asset, such as a house, or are using your credit card responsibly to build your credit score, then it is good debt.
If, however, you take a large loan or rely on an expensive personal loan to meet an exigency, you will strain your budget and cash flow. The curtailed ability to spend will build frustrations and cause stress.
Recession Buster: 10 steps to managing your household budget: (A little at a time)
Consider Shikha Virmani, a year-old teacher from Hyderabad, who found herself in such a trap when she used a second credit card to repay the bills of the first card. Soon she took on a third card to repay the mounting bills from the first two cards. She was so depressed about the debt that she would resort to retail therapy and shop excessively to relieve the anxiety, worsening her problems. Finally, she took the help of a financial planner, who helped her alter her lifestyle and cut all debt in about two years.
If you have too many loans, start by repaying the costliest debt first see graphic. Repay the costliest loan first If you have three loans and want to repay at the earliest, go for the most expensive one first. Suppose you take a Rs 20 lakh home loan, Rs 5 lakh car loan and Rs 6 lakh personal loan in You and your spouse argue over money You need to communicate regularly, work with a budget, invest for common goals and compromise where needed.
Financial incompatibility is not only a cause of stress among couples, but can also escalate into break-ups.
Besides, disagreements over spending, saving, investing and setting of goals can result in financial chaos and impact the future. For their own spends, they can have separate accounts in which to keep the surplus money. The dangers of one partner earning and managing finances are two-pronged. One, in case of the demise of a partner, the other is left clueless.
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Two, the spouse who manages money ends up dictating terms to the other. So even if one partner is earning, it is a good idea to split the handling of money. While one person can handle the household budget, the other can manage investments. What is crucial is that both the partners are in the loop about all investments and expenses. Another reason for differences is the varying money personalities imbibed from their respective families.
A financial crisis can strike at any time, in any form—sudden loss of job, death of the sole breadwinner in the family, a debilitating illness, or an accident. It is probably one of the biggest sources of financial stress, and one that people are least prepared for. For people who cannot shift streams or cities, early retirement may be the only option. Safety in numbers: How you should cover risks A good place to start is to build an emergency corpus. The next step is to purchase health and life insurance.
Whether you lose your job or are inflicted by an illness, it is important to buy an independent health plan. Adequate life insurance is also a must to protect your family against unexpected death.
Market Throughout a Recession
Make sure you review these covers as per your lifestage and increase it in accordance with your age, liabilities and requirements. Not making enough money in stocks? Click here for real-life stories of successful investors. Regardless of which group consumers belong to, they prioritize consumption by sorting products and services into four categories:. All consumers consider basic levels of food, shelter, and clothing to be essentials, and most would put transportation and medical care in that category.
Beyond that, the assignment of particular goods and services to the various categories is highly idiosyncratic. Throughout a downturn, all consumers except those in the live-for-today segment typically reevaluate their consumption priorities. As priorities change, consumers may altogether eliminate purchases in certain categories, such as household services cleaning, lawn care, snow removal , moving them from essentials, say, into expendables. Or they may substitute purchases in one category for purchases in another, perhaps swapping dining out a treat for cooking at home an essential.
And because most consumers become more price sensitive and less brand loyal during recessions, they can be expected to seek out favorite products and brands at reduced prices or settle for less-preferred alternatives. For example, they may choose cheaper private labels or switch from organic to nonorganic foods. Still, company budget cuts often affect marketing disproportionately.
Bible Verses About Debt: 10 Maxims for Spending from Scripture
Marketing communication costs can be trimmed more quickly than production costs—and without letting people go. In managing their marketing expenses, however, businesses must take care to distinguish between the necessary and the wasteful. Building and maintaining strong brands—ones that customers recognize and trust—remains one of the best ways to reduce business risk. Surgically trimming the budget is easier to do during a downturn than in prosperous times.
Tough times provide an imperative to cut loose poor performers and eliminate low-yield tactics. When survival is at stake, it is easier to get companywide buy-in for revising marketing strategies and reallocating investments. Managers can defy old mind-sets and creatively search for superior solutions to customer needs instead of relying on the next line extension.
The challenge is to make well-defended, case-by-case recommendations about where to cut spending, where to hold it steady, and even where to increase it. Begin by performing triage on your brands and products or services. Determine which have poor survival prospects, which may suffer declining sales but can be stabilized, and which are likely to flourish during the recession and afterward.
Your strategic opportunities during the downturn will strongly depend on which of the four segments your core customers belong to and how they categorize your products or services. For example, prospects are reasonably good for value-brand essentials sold to slam-on-the-brakes consumers, who will forgo premium brands in favor of lower prices. Value brands have opportunities with postponable products, as well.
Repair services can market to the pained-but-patient group, who will try to prolong the life of a refrigerator rather than buy a new one. Where the business opportunities are uncertain or declining, it may be time to part with brands or products that were ailing prior to the recession and are on life support now.
For those that remain, companies should concentrate their marketing resources on maintaining relevance to core customers in order to sustain brands through the recession and into the recovery. For instance, marketers catering to middle- or upper-income consumers in the pained-but-patient segment may be tempted to move down-market. This could confuse and alienate loyal customers; it could also provoke stiff resistance from competitors whose operations are geared to a low-cost strategy and who have intimate knowledge of cost-conscious customers.
Marketers that drift away from their established base may attract some new customers in the near term but find themselves in a weaker position when the recession ends. Their best course is to stabilize the brand. Even cash-poor firms would be wise to commit a substantial portion of their marketing resources to reinforcing the core brand proposition. Reminding consumers of how the brand matters can add to the cushion provided by previous investments in building the brand and customer satisfaction. De Beers came to this realization after it reduced its U.
Related Recession Buster: 10 Steps To Managing Your Household Budget
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