What are Your Resources?

Personal Finance September 29, 2015 Print Friendly and PDF

When the money gets tight, it is important to know what resources you have. Resources can be described as assets (time, money, energy), materials, or capital (other funds) which can be used to accomplish your goal.

 


What are your financial resources?

• Make a list of all of your assets, or everything that you own.

• Distinguish between financial assets (bank accounts, investments, retirement accounts, etc.) and physical assets such as cars, home, or personal possessions.

• Which financial assets can be easily converted to cash?

What type of personal resources do you have?

• Education, certifications, and designations - Are there opportunities to better market your talents? Or opportunitities to increase your skill and knowledge levels to make yourself more marketable?

• Time - Your schedule and the schedule of others in your family may create opportunities to help each other. Consider trading responsibilities such as child care so work time can be extended.

• Talents and skills - Doing repairs, providing music lessons, or gardening can be used to earn money or trade services with others.

What type of resources does your household have?

• Family, friends, other people in your social network may be tapped to meet needs.

• Be sure to access resources in the workplace, online, and in the community.

• Personal possessions that have outlived their usefulness to your family can be sold or exchanged.

• Don't overlook the ability to use communication, cooperation, commitment and creativity to find solutions to life's problems.

Photo by NewtonFreeLibrary / CC BY

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This work is supported by the USDA National Institute of Food and Agriculture, New Technologies for Ag Extension project.