Amy Lindgren In times of economic uncertainty, it’s good to revisit financial survival strategies. We all have our favorites. Mine come from first-hand experience combined with my training as a volunteer financial counselor for the University of Minnesota Extension Service. In the decades since th at training, I’ve used the information in workshops and countless sessions with individuals in job-related budget crises. One thing I’ve learned is the value of avoiding a financial meltdown rather than climbing out of one later. With luck, these ideas will help. • Housing. Whether you own or rent, the quickest way to cut housing expenses is to share them. Consider roommates, room rentals, and even charging adult children who live with you. For homeowners planning to downsize, the equity from a home sale might cover costs on housing in a less expensive area. Renters might try caretaking in an apartment complex or helping an overwhelmed property owner in exchange for housing. • Food. Since eating out is expensive, you might choose not to. But if you do, experiment with sharing plates, going when and where it’s less expensive, using gift cards from credit card points, etc. As for eating in — so many ways to cut costs! You can start by shopping the sales and committing to use everything you buy. Splitting purchases with a friend or prepping food for later can also save a lot. Your freezer has a role to play, too. For example, if you manage to find eggs on sale (hmm), you can make quiches, breakfast burritos or other freezer-friendly foods to enjoy later. Ditto for garden produce: tomatoes and peppers grown in patio containers can be turned into frozen salsa or pasta sauce. • Clothing. Mending what you have, buying used, wearing fewer outfits, “shopping” from the back of your closet — clothing is one of the easiest costs to cut. • Electronics. Used, used, used. I have purchased only refurbished computers for almost two decades now, averaging about $100 each, including the software. I’m just as cheap when it comes to phones. But if you’re buying new, deciding what you need first will guard against being upsold. • Streaming subscriptions. Just don’t? That may be simplistic, but it’s worth trying. What happens if you pay-as-you-go instead of choosing “cheaper” subscriptions that somehow don’t get cancelled? • Cars. This is so hard. If you can baby your car, or use it less, or buy a repair plan instead of upgrading — any of these is likely to cost less than purchasing even a used car right now. • Student Loans. Unless you’re on a government plan that includes forgiveness, now is the time to pay these down. Just don’t convert anything from federal to private, as that will exclude you from future government forgiveness programs, should they occur. • Debt. Speaking of debt — your hard-times goal is to pay off every debt possible as quickly as possible, using all means possible: earning more, selling something, consolidating the debt, redirecting your retirement deposits, even taking out a home equity loan. If this seems extreme, remember that when debt follows you into hard times, bankruptcy might also ensue. • Savings. This contradicts standard advice, but these aren’t standard times: Focus on saving only one month of expenses, then pour all other resources into the debt. Even one month will give you time to scramble if you’re laid off, while owing less could mean less pressure on your savings. • Extra income. Ready for that scramble? Extra money can come from very fluid sources, such as your own side hustles (pet sitting, cleaning houses, etc.), as well as gigs from an app platform (delivering groceries, car sharing, etc.). For more structure, look at part-time or contract jobs, ranging from elder care to customer service to package delivery. • Resources. It’s time to think like someone who doesn’t have income or credit cards. How would you watch a movie or read a book? Right — you’d use your library. And how would you buy a lawn mower? You wouldn’t — you’d borrow someone’s in exchange for something else. As your mindset shifts, you’ll notice resources that were “invisible” before, from food-buying cooperatives to energy assistance programs to concerts in the park. By using community resources and building cooperative relationships, you can spend less and divert that money to savings or debt reduction. Will you need these strategies? Hopefully no. But maybe you should use them anyway: When bad weather threatens, the smart play is to move the party indoors rather than trying to dry off after you get soaked.Related Articles Working Strategies: Navigating part-time jobs at a professional level Working Strategies: Finding a part-time job requires a plan Working Strategies: Holding on when things get tough Working Strategies: Using AI tools to prepare for interviews Working Strategies: Part 3: Preparing for a possible buyout or layoff Amy Lindgren owns a career consulting firm in St. Paul. She can be reached at alindgren@prototypecareerservice.com. ...read more read less