Posted by: Shannon @ A Dash of Sparkle | February 25, 2008

Preparing for Economic Trouble: What you should do

 

We’ve all heard the word “recession” being tossed around freely for the past 6 months, whether it be a tax rebate or business trouble. Whether or not we’ll be able to avoid an oppressive depression doesn’t matter.

“Hope for the best and prepare for the worst”

Those are the words to live by right now. Don’t panic and start stocking up on canned goods. Don’t start burning candles and cooking over an open flame instead of using your electricity or stove. But do read this story  (AKA my 15 seconds of fame) in the Christian Science Monitor about what some Americans are doing and what experts recommend. Also plan some time to reevaluate your own funds:

  1. Keep a journal and document you expenses for a few weeks to see where your money is going to weed out the unnecessary spending habits
  2. Figure out what bills you have and when they’re all due to make sure you always have the money to pay on time
  3. Learn about your credit and what you can do to improve it
  4. Plan to be paying off your debt as opposed to accumulating more
  5. Open a savings account and automate a monthly or weekly contribution
  6. Take all you’ve learned so far and develop a budget allowing yourself a bit of spending money to keep you sane
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Responses

  1. 7. Balance your checkbook. I’m amazed at how many of my girlfriends don’t do this. They have no idea how much $$ is coming in/going out of their bank account.


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