How to Survive in a Down Economy

decembrie 5, 2017 | Autor: | Posted in Visual Graphic Arts

Needless to say when the economy took a turn for the worse many Americans including myself had to start taking a look at where our hard earned money was being spent. Many people lost fortunes on the stock market and many lost jobs. Then the prices of commodities started to rise causing even the daily necessities of our lives like groceries to start to climb.

Since the initial down turn in the economy it looks like things are at least settling down some. Now I do not know that things are 'better' but at least it looks like the bleeding has started to slow down some. How many of us were really ready to hit the economy took and more importantly what can we do to help protect ourselves and our families in the future? Well here are just some common sense things to try to be prepared.

1. Regardless of a good or bad economy everyone should be saving for a rain day. We all should be putting some money aside into a savings account for those days when that big emergency comes along or God forbid we lose are jobs. One option is to put some savings into a high yield saving account at a bank. A really good second option is to look into banks that have these new accounts where if you use your Mastercard / Debit card to purchase something let's say for 5.50 it will round the charge up to 6.00 and put the 50 cents into a saving account. This is a great option because it's automatic and you are saving without even really thinking about it. I know people who have been able to pay for vacations with the money that has been saved.

2. Re-evaluate all the services like cable, phone and internet. I am guilty of wanting to have the high definition channels and the highest download speed I can afford. The bottom line is if you check your bill you may notice that some of those costs have slowly crept up on you without your really noticing it, this also includes cell phone service. One good way is to definitely shop around and make the providers give you the best 'bundle' price and get all the services packaged together with one low price. This way you can get even your current carrier to give you better pricing or you will move on to a provider that will.

3. Stop eating out. Can we all just agree that it is just easy to swing through the fast food restaurant when out and about or even the corner store to grab a quick snack (guilty). It is so easy to spend 5 to 10 bucks here and there on snacks and fast food on a daily basis when if we would plan out our meals for the week we would save a bunch of money and probably have better relationships with our family as we sit around the table for dinner.

The bottom line is we have to examine very closely where the dollars are being spent. Right now there is a lot of uncertainty with what will happen to our economy will it tick UP or will it tick DOWN, who knows. Regardless of what it does the RAINY DAY WILL come and we all need to be prepared.

Source by Steve Brown Jr.

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