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Surviving a financial dilemma is one thing a lot of people have been challenged with during the past few years, particularly in America where it was hardest hit by the recession.

As the real estate market crashed, so did the other financial aspects of the country. One by one, companies started to lay-off employees, banks started closing, and mortgages started to rise sky-high. Without you realizing it, you and your family have already accumulated so much debt with usurious interest rates. How then do you avoid such financial crisis to overtake your life?

The Three P's: Plan, Pursue and Prioritize.

Debt and mortgages is something that does not happen overnight. Most of us get lured into schemes, promos and discounts unaware that we already went overboard in spending what we can really afford at the moment. To avoid becoming a spend thrift, just follow the three P's: Plan, Pursue and Prioritize.

Plan out your expenses:What do you really need now and in the future? If you are single, plan ahead for the future. Open up a savings account where you can deposit your hard-earned money. Sit down, grab a pen and paper and list down bills you have to pay as against the income you earn in a month. Make sure that your expenses are not greater than your overhead. Have a family? Then discuss it with your spouse. List everything down like mortgage plans, rentals, health plans, insurance, bills, monthly budget, etc. then compared it to your sources of income. Do you have enough for emergencies? Have you allotted an amount for medicines and other miscellaneous expenses? Plan each and every expense and you will be assured that you are off to a good start.

Pursue what you have planned in regards to your expenses. Follow through and discipline yourself against spur of the moment purchases. This is not the time to be a shopaholic! It is still best to save for the rainy days than to seek instant gratification only to regret it later on.

Learn how to prioritize. Do you really need a new car right now, or does the one you own still serve its purpose? Does your salary allow for a long term mortgage or a shorter one? Which one should you buy first, a laptop or a brand new television set? Prioritize which expenses are of immediate need like basic commodities and which one is merely a luxury purchase. Remember, it is also important you learn how to forecast expenses rather than to wait for it to surprise you.

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