The credit crunch has hit households in such a powerful way it has left many of us feeling insecure, fearful and powerless. These emotions centre on the uncertainty that the recession poses to our financial well-being, stability and security.

Listening to conversations and working with clients, it is clear that when times get tough, people divide into one of two types. One rises to the challenges of the times ahead and adapts accordingly. The other backs down and withdraws from the uncertainty they face.

The choice facing us all is simple: you buy into the paranoia and the media’s overwhelming barrage of bad news, and resign yourself to putting your aspirations on hold until things start to ‘look up’ or, you rise to the challenge by assessing your needs and developing new strengths, skills and attitudes that satisfy your life situation.

In order to rise to the challenge and successfully survive a recession, we cannot allow others to bear the weight of responsibility. As individuals, we must assess our own needs and work hard, in a calm, controlled and positive manner, to ensure we maintain a healthy financial situation. Relinquishing responsibility will leave you feeling even more powerless - a pressure that will inevitably have a detrimental impact on other areas of your life, including health, happiness and relationships.

Don’t ignore what is happening around you. Avoidance will only generate further anxiety and a greater fear of the unknown. You must review and analyse your current financial situation and create a plan of action that ensures your finances work to satisfy your needs. If they aren’t performing as you want them to, investigate ways to change this: do not avoid the situation, hoping it’ll go away – it simply won’t.

Never shift the responsibility of your wealth management onto someone else’s shoulders. Everyone’s aversion to risk differs – assess yours and manage your finances accordingly. The Government, financial institutions, advisors and other sources, such as friends and parents, can only offer advice and guidance about financial issues. What advice you choose to act on is entirely your own responsibility.

Don’t fall into the trap of believing you can’t do anything to change your current situation. Yes, this is a global crisis, however your situation can be carefully controlled and managed through adopting good habits such as budgeting, monitoring family spend and living according to what material things you need, not what you necessarily want.

These changes may be difficult to implement – both psychologically and physically – but not impossible. This is a great opportunity to adopt a Back to Basics approach to life and teach your children the true value of the things we have previously taken for granted.

Always remember you have a choice. It is your choice to use your finances in the most beneficial way for you and your family. It is your choice on what you spend your money – or how you save it.

In our current society we have lived up to a must have mentality. We have, in essence, taught our children that we can have everything we want – but at what cost? The current economic climate can answer that…

Realise that this is a time for change and that we can all make a difference. We have the opportunity to teach our children important lessons about value and worth, and even the importance of saving. Talking through these issues as a family will make the change to a life of careful planning much more bearable. If everyone knows and understands the new rules to a healthy future, they will all enthusiastically join in the effort.

This article is not intended to offer financial advice, nor should it be read as doing so. Instead, it provides tips to help you maintain the bright future you had planned for you and your family before the credit crunch hit.

Ultimately once you have adopted good habits that help you maintain a healthy financial situation, the real opportunity here is time. Time is free – and time well spent doing things you enjoy will lead to confidence, balance and joy. Consider all the things you enjoy doing that don’t cost money such as spending time with your family, going for a run or taking the dog for a walk. Ensure these activities are integral to your life and you will enjoy a happy future regardless of the recession, however long it lasts.

Ten Top Tips:

1. Avoid burying your head, waiting for better times to arrive.
2. Assess yours and your family’s needs.
3. Analyse your current financial position – establish a true and honest budget planner.
4. Learn to budget effectively and establish where you can cut back.
5. Identify realistic needs and save the wants and would likes for more affluent times.
6. Adopt good spending habits. Avoid giving in to the children for an easier life.
7. Appreciate and value what matters most – instil this attitude in your children.
8. Be open and honest with your family so their expectations are set and a joint effort is adopted.
9. Enjoy quality free time with your family without the need to spend.
10. Ultimately it is your choice and your responsibility how you survive the recession: rise to the challenge!

Start your journey today – achieve confidence, balance and clarity for an easier, happier life!

Empowering Mums is on a mission to empower a million mums and mumpreneurs just like you with greater confidence, balance and clarity to activate your infinite capabilities within! Enabling you to enjoy an easier, happier life alongside running a highly successful business. Aligned with enjoying time out for an essential self-care routine that fulfils your own needs and delight in quality time spent with your children being the mum you really want to be!

For further support please contact Empowering Mums today on 01606 334 015, alternatively visit our website at www.empoweringmums.com for more information.