Tuesday, June 9, 2009

Surviving a Recession


Just because i know Things seem to be tight on all ends. I found this useful article that offers tips on surviving a recession. While some of the article speaks particularly to an American scenario, the tips generally prove important for mastering frugality.



Here are some of the most useful tips I've chosen to highlight. Check out the entire article below.

Tips for Surviving a Recession

1. "Two things you don't want to do is buy a second house and figure out how to sell the current one later or quit your job and figure out how to get another one later," says Jeff Lancaster, a principal with money management firm Bingham, Osborn & Scarborough.

Many experts say the housing and job markets are likely to get worse before they get better. That's because economic stimuli generally take six to 18 months to have an impact.

2. Assess your job situation. In a recession, no one is immune from layoffs. Today, anyone in housing, real estate or finance is especially vulnerable.

3. Build an emergency fund. You should have at least three to six months' of living expenses in a safe place such as a money market fund or savings account.

4. Pay off credit cards. It's sad to say, but many people "use their credit cards as a rainy day fund," Yarrow says.

5. Consider a home equity line of credit. If you have enough equity in your home, think about opening a line of credit while you still have a job. As long as you don't borrow against it, you won't incur interest charges and there's usually no fee. If you do lose your job, you can use it for emergency funds. You generally can't open a line of credit when you don't have a job.

6. Don't spend to relieve anxiety.

7. Investigate health care options


Check out the full article compiled by Kathleen Pender here

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