DEALING WITH A SLOW ECONOMY
Over the past decade, we as a nation have
experienced extreme financial swings – from extreme economic growth
to today’s current state of recession. There is no concrete method
for predicting what the economy is going to do next. The only thing
we can be certain about is that there is more change on the horizon.
One of the most effective means of surviving
volatile economic times is by practicing sensible money management
and to make sure you line yourself up with maximum financial
security no matter what the economy is doing.
Below are some tips to follow to ensure that you
are always maximizing your financial well-being.
Begin by evaluating your
budget and trim back on all unneeded expenses. If buying lots of
expensive goods and going away on lavish vacations was common during
the big-money days of the 1990s, reclassify what is necessary and
what is not. Change your overall attitude towards the way you spend.
Be careful with spending on high ticket items at the very least
until the economy reaches a more stabilized point. This will assist
you in getting through these hard times
Eliminate your debt
Attempt to eliminate as much debt as you can every month. There is a
very strong statement ‘It is better to earn interest that to pay
it’. Set some goals for paying off credit cards, and if needed, make
some temporary sacrifices. When you pay off debt, you will slowly
find your standard of living to improve. In addition, do what you
can to avoid incurring any new debt. Believe it or not, there are
millions of Americans that live 100% debt free! A good rule of thumb
to follow is, ‘if I can not afford to pay cash, I can not afford to
pay buy it!’.
Make yourself indispensible and you likely will keep your job.
Even though we here about all these layoffs on the news every week,
the unemployment rate is still relatively low. However, the days of
being able to name your price when looking for a job are over.
Businesses are now utilizing a more cautious approach when hiring
new employees. In addition, if you are considering a career move,
remember that you are going to have to start at the bottom of the
seniority list…making you ‘last hired, first fired’ in the event of
another round of lay-offs occur. Read more about
keeping your job during hard economic times. If you have lost
get help finding a job.
Continue to pay your bills
If you get in a financial bind, continue to pay your
you don’t, not only will your interest rates go up, you are going to
wreck your credit. You may want to reach out to your creditors and
explain your situation. It is very likely that they will develop a
revised payment plan with zero penalties or added interest. Read
not to pay your bills'.
Do not touch investments
Avoid withdrawing from any sort of IRAs unless you have no other
choice. You will likely be penalized for cashing out early. Most
impacting of all is that you will be taking away from retirement
funds that have been accumulating for a long time and will likely
have a difficult time replenishing.
Maintain coverage for all of our insurance policies including life,
disability and medical. It is easy to let your insurance lapse when
having to decide whether to pay the premiums or your mortgage.
However, your financial well-being is very important during these
hard economic times.
Bottom line, the most effective means of
weathering economic uncertainty is by reducing your overall expense
costs. It is important to note the history has proven increasing
prosperity follows economic despair. Therefore, if you can maintain
your financial discipline during the difficult times, you will be on
top when the economy turns around.
Saving Money While Shopping
Saving Money When You Have Kids
Reducing Work-Related Costs
Investing When the Market is Bad
Loan While Unemployed
Surviving a Slowing Economy- Entrepreneur.com
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