When you look back on this time, will you remember a time spent building savings and investing? Yes, these are difficult times. If you have a job, you have to think you are in a better position than some to find ways to save money.
You have to consider with unemployment on the rise that you could end up without a job for a period of time in this downturn.
It also takes longer today to get back in the workforce. You can usually depend on an average of one month for every eight thousand dollars in income as a guideline for length of time it may take you to find that next job.
What can you do to improve your situation should you become unemployed? If you don’t have an emergency savings fund, you should begin to build one immediately. We recommend that you work to build 15 to 18 months of expenses in an emergency fund savings (money market account). Make sure your bank is FDIC-insured. If you cannot spare part of your income to savings, you must put your life “on a money diet.” If you haven’t already sat down and gone over expenses in of the last three (3) months, you should do that. Look for areas where you can cut expenses. This could include eating out less or cutting deductables on insurance. You can bundle services for phone, cable and internet.
We live in the era of the consumer. Unfortunately, most don’t take advantage of it. So much research on costs and pricing is available to you on the internet. You are now in a better postion to take advantage of on-line coupon codes and to negotiate for each purchase you make.
There is no embarrassment in asking for a discount. Do your research on costs and get busy in terms of putting the emotion and pressure on THEM and not you.
They are not your friends.
You should also be careful to develop strategic shopping plans. In other words, don’t purchase things you don’t plan to purchase ahead of time. You want to seek out ways to save on things you ordinarily purchase. Take the percentage or amount you saved on each purchase and put it in a money market savings account. If you don’t remove the money you saved from your checking account, YOU HAVEN’T SAVED A DIME!
Do all you can to identify ways you can save automatically thru 401k contribution, IRA or Roth IRA and steady contributions to emergency savings.
You may not always have a job. If the harder times come, you will be better off taking these strategic steps and having a backbone of savings.
It will make your life better.
Tons of people read advice like this and never follow up. Don’t let that be you. Start taking action TODAY. You’ll be glad you did.
You can check out our main blog and sign up for our FREE e-saver to save you thousands @ http://www.stickyasset.com/blog.