Financial crises are all too common in this day and age, whether it be a personal or global crisis. The good news is that there are strategies and tactics that can help you to survive the hardships of finances. Let's find out what those strategies are!

Know Your Expenses

Track your spending and make adjustments as needed to avoid overspending.

Live below your means

Prepare for a financial crisis by cutting back on expenses and living within your means.

Consolidate debts

If you have multiple debts, consolidate them into one loan or credit card to reduce rates and save money in the long run.

Make a budget

Creating a budget will help you track your spending and find ways to reduce costs.

Save for a rainy day: Save money each month towards an emergency fund or retirement savings account.

Emergency Fund

In a financial crisis, one of the first things to go are your savings. So, it's important to have an emergency fund ready to cover unexpected costs. Here are some tips on how to build an emergency fund:

Set a goal. Your goal should be to save at least three months' worth of living expenses. This will give you a cushion in case of an unexpected expense or lost job income.

Break the goal down into smaller goals. Save $200 every month? That's doable! Try saving $50 every two weeks instead. The more manageable your goals, the more likely you are to achieve them.

Automate your savings. If you can afford it, set up an automatic transfer from your checking account into your emergency fund each month. This way, you won't even have to think about it – everything will just happen automatically!

Don't forget insurance-related expenses! Home insurance, car insurance and other types of insurance can cost a lot in the event of a crisis – make sure you're fully protected by having adequate coverage!

Emergency Funds for Children

If you have children, now is the time to start thinking about how to survive a financial crisis. You may not be able to avoid it, but you can prepare for it. Here are some tips on how to budget and save money so you and your kids can get through a tough patch:

Start with your basics.Make sure you have enough money set aside for food, gas, utilities, and other basic needs. This will help keep your household running while you figure out what else needs to be saved for.

Get organized. Create a budget and stick to it as closely as possible. This will help you track where your money is going and give you an idea of where potential money saving opportunities might be.

Be flexible. Don't let emergencies break the bank – sometimes things happen that we can't control (like a job loss). But by being prepared for emergencies and having an emergency fund set aside, you'll be in a better position when something does happen.

Talk to your kids about finances. If they're old enough, explain why it's important to save and how they can help contribute financially if they want to (this is especially important if there's been a family financial hardship in the past). Kids learn best when they understand what's happening around them – so let them know!

Only Buy What You Need

During a financial crisis, it is important to only buy what you need. This means that you should not overspend and that you should be prepared to sell your excess items if the financial situation gets worse. Additionally, make sure that you have enough money saved so that you can cover at least six months of living expenses in case of an emergency. Finally, do not let your credit rating be affected by a financial crisis; try to keep all of your debts low-interest rate and manageable.

Pay Bills Early

There are many ways to handle bills when you're in a financial crisis. One option is to pay them all at once. Another strategy is to pay them over time. Here are some tips for paying your bills early:

Make a plan. Before you start paying your bills, make a plan. Write down what you need to pay and when. This will help keep track of your finances and make payment easier.

Set priorities. When you start paying your bills, set priorities based on how important the bill is to you and how much money you have available to pay it with. For example, if you have a lot of debt that needs to be paid off first, put that debt on the top of the list.

Consolidate debts into one payment each month or quarter. If you have several small debts that can be paid together as one payment, try to do that instead of paying each debt separately. This can save money each month or quarter and help reduce your overall debt burden over time.


In the event of a financial crisis, you will likely find yourself feeling overwhelmed and without hope. However, there are ways to survive and even thrive during these tough times. By following these nine tips, you can put yourself in a better position to weather any financial storm that might come your way. Remember: it is never too late to start rebuilding your finances, so make sure you are taking the necessary precautions now.

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