7 Money Skills Everyone Needs during Hard Times ...

1. Budgeting Skills

Budgeting skills are crucial during hard times and you can use these skills to get your money on track. Budgeting is comparable to a spending plan. It's a guide for your money, a way to know where you're spending, and areas where you need to cut back. You'll have less disposable income during hard times. Therefore, you need to make better decisions with your money. With a budget, you'll put your income and expenses on paper, and decide a reasonable amount to spend in each spending category, such as transportation, food and entertainment.

2. Savvy Shopper

If there isn't a lot of income, you need to also make smarter choices when shopping. Whether you're grocery shopping or buying items for the house, you need to be a savvy spender. This includes waiting for sales or clearances, looking for coupons, and shopping at secondhand or discount stores to save money.

3. Negotiating Skills

If you don't have money to pay bills, you need to negotiate with creditors to keep your account in good standing. Don't be afraid to call creditors and ask for assistance. Many banks and credit card companies have hardship programs for people who can't make their payments. They can offer payment extensions, lower your minimum payments or offer skip payment options.

4. Hustling Skills

Being a hustler – in the good sense – can help you get through tough times. Get creative and think of ways to quickly drum up cash. For example, a family struggling after the husband/father's job loss grabbed a few rakes and went door-to-door offering to rake leaves for $35-$50. Also, I knew a lady who started weekend babysitting services after her separation to make ends meet. Think outside the box and discover unique ways to earn extra money.

5. Be Resourceful

Resourcefulness is the "ability to find quick and clever ways to overcome difficulties." If you're struggling financially, think of clever ways to earn money. Do you have an extra bedroom? Maybe you can rent out the spare room in your home for extra income. Additionally, go through your house and sell items you no longer need, such as furniture, jewelry, toys, clothes, etc.

6. Display Humility

Understandably, you want to handle the situation yourself. But sometimes, you have to put pride aside and ask for help. Depending on the seriousness of the situation, you might move in with relatives temporarily, or ask relatives for a loan. Don't be embarrassed about the situation – it could happen to anyone. Let someone help you today, and you might be able to help this person in the future.

7. Organization

Organization also helps you deal with tough times. This way, you know what you owe, and when you owe it. Since there is limited funds, you'll need to prioritize expenses by importance.

Going through a financial hardship can be frustrating and overwhelming, but with the above skills, you can overcome this obstacle. What other skills do we need during hard times?