How To Live In A Recession
September 12, 2009 · Print This Article
Everyone is trying to figure out how to live in the recession. It’s become a fact of life, and no one seems to be untouched by the current economic climate.
While you surely have heard enough advice from people about how to make it through, you can never have too many helpful tidbits to brighten your financial picture. These nuggets are useful at any time, but right now they are essential.
Use Extra Money Wisely
You may think that this is absurd. If you had extra money then this wouldn’t be much of a recession. Still, extra money comes in sometimes in the form of tax refunds, bonuses, inheritance money, and whatnot.
You may be tempted to think of this as free money to spend on frivolous pursuits, but think again. This is the perfect time to put this money toward your debt. This is absolutely the best use of this money if you are in debt. It will save you money in the long run.
If you are lucky enough to not be in debt then you would be wise to put the money into a savings account to start gaining some interest. Recessions are a time to be prudent and to be prepared to ride out the hard times until they pass. They will pass. You just need to be even more careful that usual with your money until then.
Never Forget Coupons
It may seem like the time for clipping coupons has come and gone, but here’s the truth. As long as coupons can help you save money then they are still relevant and valuable money saving tools. Coupons may only save a little bit at a time, but if you faithfully clip your coupons week after week then you will find that the savings start to add up like you never expected.
All the extra dollars that you save from using coupons every time you go shopping can be put toward your debt reduction efforts. You may still be unsure that clipping coupons is worth it. You may even be unimpressed. The question is clear. Could you use more money?
Avoid Co-Signing
This may sound harsh but in times like these you want to avoid co-signing for other people. Odds are you are having enough challenges of your own on the financial front so you do not want to risk adding someone else’s problems to your own. It is possible that everything will work out fine, but with the uncertainty that is the hallmark of economic periods like this the chances are too great that something will go wrong. You do not want to make any moves that could add to your personal debt or harm your credit score. Skip the co-signing until things on the financial front are a little more stable.
These tips for living in a recession are just good advice. When you put extra money to good use, remember that a penny saved is a penny earned, and avoid moves that could be risky for your financial outlook then you will not just live in the recession. You will live through it.
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Making small daily decisions to save money can help you afford for bigger, more important purchases and investments.
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Mutual Funds are certainly a path to take. However, there are 529 plans created specifically for saving for college. 529 is a section of the Tax Code. http://www.irs.gov will have more information on section 529. Some states have 529 programs so I'd check with your particular state to see if they have one. I also think that you could invest in another state's 529 program as well. You'd just have to check it out. I'd also google 529 programs. Louisiana is one such state that has a 529 program. Its website is http://www.startsaving.la.gov.
Start now while they are young.
BTW: these programs are tax deferred….woohoo!
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I like what "J. Jude" said. You'll be surprised at just how fast it'll add up.
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