We are constantly reading bad news about the businesses that are being hurt by the current economic crisis. There are, however, some businesses that thrive during this time of turmoil and they need to be recognized as opportunities for success.

One area that does very well is home rentals. Many people, who are unwilling to sell their homes for a substantial loss, but must move away for employment purposes, are now looking to rent their properties. This gives them the ability to pay the mortgage and hold off sales until prices have improved. Rents have, in some cases, needed to be lowered but it is still profitable for owners forced to relocate to rent their homes.

Shoppers are looking for bargains and discount stores are increasing in popularity. Goodwill and Salvation Army stores are seeing a large turnout, especially for clothing and household goods. The only problem for them is that donations are down since many are holding onto the items they would have donated in the past

Community colleges are afraid they will not be able to keep up with the demand. Students are applying locally instead of moving away to a four-year school. Tuition is less and they do not have to pay for room and board as they would if they went away. The colleges are struggling due to state funding cuts but are doing their best to meet demand while holding down the cost of tuition.

Public transit is booming in these times. It seems economically sound to consider a train or bus instead of a private automobile. Many have defaulted on their car loans and now find public transportation an attractive alternative that actually costs much less in the long run.

Temp agencies are seeing a large increase in the number of applicants. Unfortunately, many of their corporate clients are suffering through a hiring freeze and unable to utilize this available work force. The agencies themselves are trying to sell the local companies on the advantages of hiring temps in that they do not have to provide benefits to these temporary employees and can dismiss them anytime it is in the company’s best interest.

The question seems to be, where else can I cut back? It is becoming increasingly more difficult to answer. Many Americans surveyed feel that these are the worse economic times they have ever seen. Unfortunately, they also believe that the current situation will last for at least the next year or two. This is depressing and people are looking for ways to cut expenses.

At least 70% of those surveyed said they are even cutting back on such essentials as food and auto transportation. Fortunately, most of them have Medicare to take care of their health needs. Rising gas prices was the killer for 51 percent of those questioned. Those who work, 67 percent, were the ones who cited gas expense as a number one priority. Those who were retired considered rising food prices as the biggest problem faced today. We all have to eat, so this is a major concern to everyone.

On the plus side, the current economic situation has caused people to re-evaluate their spending and realign for the long haul. The majority of people blamed Washington for the current economic ills. Lifting all regulations and allowing everyone free reign brought us to this place in time. Many people became very rich by exploiting the free reign they were given. The rest of us are now paying the price.

People are very aware of their current expenses and carefully watching every dollar spent. Most are taking positive financial action during this year of turmoil. Many are reading more financial information and/or seeking help from financial advisers. Some are actively investigating areas in which they can reduce expenditures. It is difficult to know where to invest your retirement funds these days, as everything seems to be falling apart. Hopefully, we will get past this crisis and our world will return to what we have come to think of as normal.

The economy is wreaking havoc on all of our lives but, of course, some people have it much harder than others.  Some are faced with job loss and, even worse, to have unemployment insurance expire when they still have not found a job.  If this is the case in your family, or there is another cause of strained finances, it is important to share it as a family.  Parents cannot try to ignore the situation or fool the children, nor should they try.  Explain the situation to the children and discuss ways that they can help you during these tough times.  Everyone should make a contribution to dealing with this situation.  The most important thing is that everyone maintains a positive attitude toward dealing with this current problem.

It would be a good idea for the family to meet once a month to discuss finances and how various approaches are working.  Make it a festive evening by serving a family favorite such as a home-baked pizza.  As a family you can discuss the difference between things you need and those that you simply want.  Invite the children to make a list of wants for the month and have them place a star next to the most important ones.  Have them think of ways they can save some money towards these items and encourage them to save for what is important to them.

A family piggybank, an old jar, or anything available to everyone is a good start to family savings.  Change can be placed here regularly and extras, such as money received for a birthday, should also go into the jar for these special items. 

Invite your family to contribute money-saving ideas.  Depending on the children’s ages, they may be able to baby-sit or find a part time job.  Younger ones can help find cost savings coupons and cut them out for the family shopper.  As a family, plan outings to the local library to obtain free books, DVD’s, CD’s and even attend free programs.  Another great outing is a visit to a local park where you can enjoy a picnic and everyone can play games, etc.

Surviving these hard times together will provide wonderful lessons for your children and bring your family much closer as a unit.  Consider this to be a great benefit of your current financial struggle.

Prices are soaring and salaries are stagnant. How do you cope with all of this? Consider the following as possibilities to help save money and enable you to survive in today’s economy.

Think about budget cuts: Plan your meals and shop with a list. Do not purchase anything that is not necessary for the next week.

Reduce restaurant visits. Dinners out are very expensive and do not fit into the budget on a regular basis. Reserve these for special occasions.

Review your debt and be sure you are paying off the most expensive of these. High interest credit card debt must go before others, so concentrate the bulk of your payments in that area.

Plan for an emergency. If possible, put aside $100 a month for your emergency savings fund. Your goal should be to cover at least three months’ living expenses in this account.

If you are considering selling your home, think about renting. Today’s market is very poor and most homes are not selling at this time. Waiting it out may be worth your time.

If your employment situation seems at all doubtful, consider additional education, networking for other positions, and watch newspaper ads. It is always a good idea to be prepared for such a change.

Everyone today is concerned about the economy and inflation. We are all trying to find ways to cut our expenses and still maintain a similar standard of living. There are several approaches we can take that might help us trim our expenses.

The first suggestion is to write down every single item we purchase. This is similar to keeping track of your calories in a diet and it actually can work. Do not generalize your list but record each and every item. You will most likely buy less because you realize you will have to go home and list everything purchased. This should be done for several weeks. Each week, review every purchase made and you will soon be aware of a number of them that you could do without. Skipping a few items each week can result in substantial savings. This will take discipline, but could be well worth the effort. Remember, you must list every item from a carton of eggs to a major purchase.

The next step to consider is paying for every item you purchase, even the large ones, in cash. I am referring to dollar bills, not debit or credit cards. This can be an amazing step towards spending less. Statistics have shown that a person using cash in place of plastic will cut their spending an average of 26 percent. When your cash has been spent, you must go to the bank and get more because you are not using any form of debit or credit card.

Of course, in order to cut expenses, you need to establish a budget. This will enable you to purchase the items you and your family really need while avoiding the unnecessary expenditures.

It is very important to know the difference between credit and debt. Credit is something over which you have some control. A purchase on a credit card, or a loan, which can be paid off at anytime is a credit. Debt is something you are unable to repay which eventually controls you, such as a mortgage higher than your home value. Think about this every time you are tempted to purchase something that you can well do without.

Many people believe that we are currently in a recession. The federal government is trying not to commit to this statement,but facts seem to indicate that we have arrived. This is not our first recession and will probably not be our last. 1975 was not a very good year for budgets. Inflation was over 14%, unemployment was near 6% and food and gas prices were skyrocketing by the standards of that time. Americans had no choice but to drive used cars and live within their budgets. Other options were not available back then. Credit cards and car leasing were not a way of life. Of course, we did not have internet connections, cell phones or fitness centers. Whether you realize it or not, there are some positive aspects of living in a recession. Here are just a few:

Since fast food dinners are no longer an option, family dinners are once again a time for families to come together to share a meal and their day’s experiences. Research has shown that this forms better family communications and a more balanced diet. Here you are saving money and improving family relations.

We are no longer receiving ten or twenty credit card offers per week. There has been a great reduction in junk mail, we have saved trees, and reduced the amount of mail we have been receiving in our mailboxes.

Almost all Americans, regardless of income, are using coupons in these inflationary times. Surveys indicate that coupons can save the average family up to 25% on their monthly grocery bills. This seems a bit high to me but then I haven’t participated in this research.

With gas prices reaching the all time high of $4 plus per gallon, people are turning to alternative transportation. Some are walking to work while others are riding bikes. This provides the exercise we need along with the savings that will help our budget to be successful.

If you have always wanted an SUV but couldn’t afford one, this is the time to buy. With everyone concentrating on gas mileage, these vehicles are sitting on the lots unsold. Consider making an offer if this is a purchase you want to make. Remember, though, you will have to purchase the gasoline to keep this car on the road. If you do not drive long distances, this may not be an issue. If you do, carefully consider your decision.

A period of recession is an opportunity to start a new business. Rents are cheaper, wages are lower, and competition is less than at any other time. Discounts are usually available on goods and services.

Gardening can also be considered a benefit of these financial times. Planting your own fruits and vegetables encourages a healthier diet. The exercise you get gives numerous physical benefits while also relieving stress and improving flexibility. You will have fresh fruits and vegetables, have saved money, and, as a result, be in better physical shape.