So with all the talk on recession proofing yourself, and whether or not the United States is actually in recession, yadda yadda yadda…
I hate to break it to ya, but come on, look at the stock market, DOWN. The dollar, DOWN. Int’l Markets – Fluctuating. Housing Market – DOWN. The only good thing going down, are the rates on loans. THANKS FED!
Now, knowing we’re pretty much on a downhill to recession, here are some tips on how to avoid higher rates, bad credit, and keeping enough money on hand to not worry about the downfalls of recession.
- Cash on Hand- Make the minimum payments on all your credit cards and start paying them off. The less money you’re giving to the banks themselves, the more control you have over what you spend and how you spend it. Keep the Debit card, not the credit card. With Cash on hand, you can see how much you’re spending and how much you have left, its a psychological game.
- High Yield CD - Banks are still FDIC insured, so even if the US does take a turn to south town, you’re money is still insured up to $100,000. So keep the money in there, that way when you take it out, you have made money, and have the ability to use it. Keep the return in a Checking account!
- Small Change – Quick Return – All that spare change you have in the pocket when you get home, keep a jar with it. Also, don’t be discouraged by small savings of $50-$100 a month, those little bits help no matter what, keep them in mind.
- Quit the non-necessities - This might be hard, skip the booze, skip the dining out, skip the subscriptions. All the little things that you keep spending your money on, on a monthly basis, look at what are needs and what are wants. Recognizing the difference would mean a big savings from $20 – hundreds of dollars depending what you have.
Keep these points in mind, but don’t overlook the big things. Remember your house, car, kids… Don’t let things get by, if you keep focus on your goal of keeping money in the bank, you’re on a quick route to saving and keeping yourself afloat in recession.
