As the economy continues to plummet, bringing forth a possible second great depression, Americans must become very tactical these days in the way they spend their money. Using good judgment, critical thinking and problem solving skills will help ensure that a person or family does not fall victim to the economies pit of monetary failure.

Some simple ways to regain control over your income are as follows.

1.       Pay bills on time to avoid late fees.

2.       Pay more than the minimum on your credit cards.

3.        Read your bank statement regularly.

4.       Build an emergency fund of at least three months' living expenses.

5.       Prepare a will.

6.       Shop around for the best insurance rates and coverage.

7.       Look around for and switch to credit cards with lower rates.

8.       Follow a monthly budget.

9.       Adjust your W-4 annually to make sure you are not giving the government too much money.

10.   Check your credit report annually for accuracy.

11.   Contribute to a retirement account.

12.   Comparison shop for the best deal on your mortgage or refinancing.

Practicing these tips may not provide overnight relief of your financial obligations and restrictions, however it will provide you with a blueprint to help navigate your way to financial freedom.