Reduce unnecessary expenses from "summary" of CONQUER The CRASH-You Can Survive and Prosper in a Deflationary Depression by Robert R Prechter
To survive and thrive in a deflationary depression, it is imperative to cut back on unnecessary expenses. This concept is crucial in times of economic turmoil when financial stability is uncertain. By reducing expenses that are not essential for survival, individuals can free up resources to weather the storm and maintain a comfortable standard of living. Unnecessary expenses can come in many forms, from luxury items to excessive spending on non-essential services. It is important to identify these expenses and prioritize the ones that are truly necessary for daily living. By distinguishing between wants and needs, individuals can make informed decisions about where to cut back without compromising their well-being. One way to reduce unnecessary expenses is to create a budget and stick to it rigorously. By tracking income and expenses, individuals can identify areas where they are overspending and make adjustments accordingly. This discipline is essential in times of economic uncertainty to ensure that resources are allocated efficiently and effectively. Another strategy to reduce unnecessary expenses is to eliminate or reduce discretionary spending. This includes dining out less frequently, cutting back on entertainment expenses, and finding more cost-effective alternatives for everyday purchases. By being mindful of where money is being spent, individuals can make conscious choices to prioritize essential expenses over non-essential ones.- The goal of reducing unnecessary expenses is to protect financial stability and build resilience in the face of economic challenges. By making smart choices about spending and prioritizing essential expenses, individuals can weather the storm of a deflationary depression and emerge stronger on the other side.
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