Most people are thinking about the ride down the economic wash out. The news is always bad. The focus is on job loss and forclosure. Yuk!
Now is your great opportunity to focus on rebound, a surge, a renewal. The best way to do that is to review your financial situation.
Start with “Do I have a job?” If you do, you’re lucky. If you have a job, that means it will be easier for you to save money than if you didn’t.
Don’t allow yourself to be overwhelmed by the bad news in the media or the job market or the difficulty with raising money for savings. Just begin a process where you review all of your expenses over the last three (3) months.
Look for ways to cut expenses – totally or with each bill you have by 10 – 15%. Naturally, you won’t be able to cut some bills. However, you will be surprised how you can cut many of your expenses back. Now comes the difficult part – you must take what you’ve cut (the amount) and shift that every month going forward into savings.
As this recession hangs on, you don’t know about your true job retention or loss in the future. You must focus on increasing savings.
You should work to build 15 to 18 months of expenses in a money market savings account that is FDIC-insured. (Actually, the first six months should be in this account. The balance should be put in six month only certificates of deposit – check Bankrate.com for the best locations for your money to to to work for you).
Time will continue to roll. In six (6) months you will either have more savings and feel better about what you’ve done or still be sitting exactly where you are today. Which do you want?
Get started – you can do this!
For more information on creative ways to save and invest, go to our main blog at http://www.stickyasset.com/blog or check out our e-book “The Sticky Asset: How To Survive Any Financial Crisis” at http://www.stickyasset.com.