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The Secrets to Surviving the Hard Times

If your wallet is getting a little tighter, you aren’t alone. The recession is hitting everyone a little differently. And while bankruptcy will improve your situation, there may be other factors at work causing you to worry about your money. Here are some helpful tips from Good Housekeeping that may ease your stress.

Prepare for an emergency.
Build a savings account that you can draw money from without being penalized. A conventional savings account will do the trick if you don’t want to mess with money markets or mutual funds. How will you know when you have enough? A good rule of thumb is to save enough for three months worth of living expenses. Now could also be the time to start saving more than you have been. If you usually put 10% of your paycheck in savings, trying kicking it up to 15%, as long as you can afford to.

Cut your spending.
While it is nice to buy everything we want whenever we want it, it may not be the best plan right now. Take an honest look at how much you are spending and see what you can live without.

Make sure you’re covered.
Once we set an insurance policy in motion, many of us don’t always recheck it. But now is the time. Make sure that you have protection on your car, home, and person (otherwise known as health insurance) in the event of an emergency. Accidents—especially those involving your car—are unpredictable. As I’m sure you can hear your mother saying right now, it is better to be safe than sorry.

Don’t Be Caught Off Guard by a Layoff
Many have already suffered from a layoff and there could be more to come, so it is best to be prepared. Polish up your resume, call up your references, and stay informed on the job market. Of course, you shouldn’t go to work with a constant air of worry, but it would be wise to calmly prepare for the unexpected.

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