A new year often drives a period of reflection. This can be more prevalent when times are tough. There are many opinions about the whys and hows of our current economic situation. This debate has focused my attention on my decision making, especially those decisions about money and how I spend and save.

If we reflect on the conversations about Bankers, their part in the recession and indeed in its recovery, what can we learn as managers and family members about decision making and how we can make the most robust and proactive decisions possible.

Here are just a few things I have been thinking about:

1. Go with your gut feel if you sense something is going to happen, take action immediately – read Malcolm Gladwell’s book ‘Blink’. This will help you understand more about how and why intuition is an important part of the decision making process. You can get this on Amazon and also look at the reviews here http://bit.ly/cErAVb
2. Plan for tomorrow and not just today and remember to add a contingency
3. Remember for those of you who are managers, that even though we are clawing our way out of the recession, your staff may still be anxious – communicate widely about any changes that are taking place in the company and help them see how they are valuable to you and the organisation
4. Members of your team may have been deeply effected by the recession – perhaps a partner or family member has lost a job, perhaps their level of debt is too high and perhaps they are begin chased by creditors. You need them to focus whilst at work so do whatever is in your power to help them. The first step is to notice subtle changes in their attitude, energy and focus and to ask gentle questions to determine if this is a problem for them
5. Rather than focusing on stopping using post its and closing down spend start asking a new set of questions that help the business to thrive. E.g. “how can I get £5 value out of every £1 I spend?”

And for you personally, some additional thoughts:

1. Budget, budget, budget! Go to www.moneysavingexpert.com great savings and templates
2. When you buy things go for quality goods that will last.  Buy the best that you can, it’s likely to last longer
3. Save first for what you want rather than buy on credit that may be difficult to pay back later. If you still want it after you have saved for it, it is likely you will enjoy it more and certainly appreciate its value more
4. When buying presents for close family or friends who are under 18 always give a cheque it’s a double whammy they can’t spend it immediately and it encourages them to think about saving. (they might think you are boring but trust me when they are older they will thank you)
5. Always ask for a discount.  I negotiated a 40% discount on an item I really wanted recently. Another item I got a 25% discount. All because I asked. Don’t be afraid to ask – you have nothing to lose