In times when the market is down, all we hear about is how to cut back.  My neighbor, an attorney, says that his job is slow, while another friend says “thank God I have other things to do.”  All around me I hear that times are tough and we all need to cut back. But my friend, a market researcher, is expanding and creating other opportunities.  Instead of cutting back and holding on to every cent like it is the last she will make, she is taking her time and energy and putting it into a new enterprise.

I know that many people can relate to cutting back.  However, how do you cut back on the things that are important to you?  There’s a misconception that cutting your expenses equals saving money. While cutting expenses provides you with a great opportunity to save money, you need to take an additional step to actually make the savings work.

I have recently had a lot of conversations with people who are stressing out about the economical situation.  However, when asked how the stock market has affected them, they actually do not know.  Yes, the stock market has affected us all.  My portfolio has decreased significantly.  However, there are opportunities available.

Now that you have cut back on your expenses and you have that extra money, what steps are you going to take now?  What happens is that many people cut their expenses, then take the money and place it somewhere else other then paying off debt or in putting it in savings.  Most people make a savings in one area, and spend extra in another area, so the saving never materializes.

How can you know if you are saving or losing if you have no idea what your expenses actually are?  As a coach, I have clients who are always looking for opportunities to save money.  However, they have no idea how much money they spend.  They do not have a budget; they do not know what their expenses are. They are afraid to look at their credit report so they assume the worse.

Be Expansion- look for other opportunities, look at your skills, look at things that you are good at: Can you sell them? What do you enjoy doing, can it become a service?  Do not fall into parroting, e.g. people are not hiring, people are not buying, assuming that people do not want and have stopped spending money.  There are people who are not as affected by this economical situation.  People’s houses still have to be cleaned, people still have to eat, children and the elderly still have to be watched, people still want to look good.  Find out what your thing is and create opportunities to get it done.  In NYC, people have created clothes swaps to remain in fashion, offer your services to coordinate clothes swapping parties.    There are a lot of creative opportunities out there, change you conversation about cutting back and create a conversation about expansion.
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