Gina Clark writes on financial issues. Click here to learn additional ways to save money and manage your personal finances.

If there is one thing that you can be sure of regarding the economy it is this: it will change. Like most other things in life the economy goes through cycles and while you may not be able to predict when things will improve or decline you can bet that they will. As families struggle through the current recession it is important to remember that this is not the first nor the last time that the economy will take a turn for the worse. In knowing this you should also know there are a few simple ways to prepare you finances to ensure you weather the current cycle and remain in a position to benefit when the economy takes it’s next turn; hopefully for the better.

1. Have multiple streams of income- A few decades ago it was standard procedure to graduate from either high school or college and establish yourself with a company for the long haul. Those times have changes and if you wish to be financially secure it is important to understand the benefit of having multiple streams of income. Even if you have a great job with a great salary in times when the economy falters layoffs and downsizing become a reality many people are simply not prepared for. If you depend on just one source of income and you lose that income your finances can quickly take a turn for the worse. If you are fortunate enough to have a severance package you may be able to live off of that for a period of time, but you will eventually have to find another job and in the interim you may have to dip into your savings to survive.
2. Diversity is the key- Similar to the first tip, having a diverse portfolio is the best way to protect yourself from losing everything in one fell swoop. The economy is simply not predictable enough at any time to have all of your eggs in one basket. Your age and the age at which you want to retire play a big factor in how risky you want to be in the market, but you should always spread your investments in a way that some money is safely tucked away slowly making more money.
3. Manage your debt- An import lesson was brought to attention in the last year. Millions of people have learned that their spending and saving habits leave a lot to be desired. If you have debt now is the time to tackle it once and for all. If you can do it on your own by cutting costs and focusing serious energy and efforts toward debt reduction- then by all means go for it. Keep in mind that you will likely have to take a serious look at your lifestyle and make appropriate changes to ensure you do not dig yourself out of debt only to find yourself back in debt from using credit cards or overspending. If you are overwhelmed and your debt is making it impossible to move forward financially it is time to look into the various debt relief options available to you.

Managing your finances does not have to be a game of chance, by using common sense and paying attention to where your money is coming from and going you should be able to stabilize your finances without much difficulty.

My idea is simple.  I am going to give myself 1 month get get the site ready for a sale.  During that time, I’ll be driving traffic, improving the existing content, and anything else I can think of to improve the site.  I am hoping one of two things happens:  either I like the end result so much that I decide to continue forward, or someone likes the site enough to purchase it.

Please give me your thoughts and comments about this.

Thanks for your continued support.

www.GarageSaleStLouis.com

www.KarateStLouis.com

www.SpendingLog.biz

www.SpendingLog.com

www.SpendingLog.info

www.SpendingLog.org

www.SpendLess101.com

I am liquidating my inventory of domain names I am not using.  These domains are all for sale…

Garage Sale

8/2/08

517 Rancho Lane

6am-3pm

Available Items Include

• Cordless Phones
• Wallpaper Rolls
• Christmas Lights
• Books
• Barbie Jeep
• Dart Board
• Flower Pots

You can also find the details at various sites around the ‘Net:

• http://www.garagesalestracker.com/details.asp?idSale=1160
• http://stlouis.craigslist.org/gms/772237482.html
• http://stlouis.craigslist.org/for/772246882.html
• http://stlouis.kijiji.com/c-For-sale-Other-Garage-Sale-8-2-08-6a-3p-W0QQAdIdZ65032474
• http://stlouis.kijiji.com/c-Community-Garage-sales-Garage-Sale-8-2-08-6a-3p-W0QQAdIdZ65032240
• http://stlouis.kijiji.com/c-Events-Super-Gigantic-Garage-Sale-W0QQAdIdZ65031866

I’m just starting to fill it up again, but there is going to be a lot of stuff out there really soon. Check it out and click “Buy It Now”.

I’m sure you, just like everyone else, is interested in FREE GAS. This program places advertisements on your car and you get paid to drive…as you normally do. The concept is simple. You already drive. By allowing our advertisers to use your vehicle to promote their products and services, YOU GET PAID! We offer a wide range of advertising options from door magnets to complete vehicle ad coverage. And, you get to choose which advertising options you would prefer on your vehicle.

Based on that, I have three choices:

• Give up the goals I have for my life
• Take what I can get and settle for mediocre results
• Do EVERYTHING I can to get rid of my job so I can afford to live my life.

I’m taking path #3. I am doing everything I can to get rid of my job. That means reducing the amount of income that I need. These things will include, but are not limited to:

• Sell my house and get an apartment/condo/townhouse
• Sell my car and get a cheaper, more fuel efficient, used car that I can purchase outright
• Get rid of ALL credit cards, except
• Get rid of luxuries, such as cable/sat TV, extras on cell phone, extras on home phone
• By reducing the amount of money that I need, I can afford to take lower paying, but more interesting jobs; jobs that will allow me to also build additional sources of income.
• In a round-about way, this is related to spending less money. I will keep you informed of my progress towards freedom.

1. Change your furnace filters: Makes sense, right? You do it every year or so, right? WRONG! You need to change those filters every three months. This makes sense from the standpoint of getting particles of crap out of the air. It also makes sense from an electricity standpoint. The fan in the furnace works a lot harder and uses a lot more electricity if the filter is clogged.
2. Close the blinds: Just like anyone else, I like it when the sun is shining. What I don’t like is when the sun is shining into my house on a hot day, making it even hotter and making my AC work overtime. If the sun shines directly in, clothes the blinds on that side of the house. Of course, this is during the summer. If it’s winter, do the opposite. Open the blinds on the south-facing side of the house.
3. Clean your AC unit (outside): This unit is basically a giant heat exchanger. It takes the heat from the inside of the house to the outside. In order for the heat to be left outside, the ac unit needs to be clean. You should probably do this in the spring. Just spraying it off is great, but Lowe’s or Home Depot have a product specifically for cleaning the AC. DON’T USE ENGINE DEGREASER. I did and it took the paint off the ac unit. Bummer.
4. Put motion sensors on lights: I am going to be doing this one soon. As someone with two kids, I can attest to every light being on in the house all at once and not a kid in sight. With a motion sensor, after a certain amount of time, the lights turn themselves off and my wallet will be happy.
5. Install a set-back thermostat: I have one and it’s really made a difference. Once everyone is in bed, it sets the temp back to a level that does not use as much energy.

There are a million ways to save electricity. As I gather together a list, I’ll bring them to you.