Dec 06 2008
The Big WHAT IF?
With the unemployment number rising by 533,000 for the month of November, the most in 34 years, the economy is starting to leak even bleaker. Are you prepared for possible layoff? Have you saved up 6-8 months worth of salary in case you are laid off? If not, start saving! Even if you think your job is pretty secure, you just never know what this economy will bring. As the boy scout motto says “Be Prepared’. Even if you don’t get laid off, you have a significant amount in savings in case of emergency.
So, how can you start preparing for worse economic times and possible lay-off? Save! Save! Save! Figure out your budget and sa
ve something every week. Pay yourself first! Put your transfers on automatic and then you always know you are saving. Find areas where you can reduce spending. Eating out can usually be cut dramatically, along with other discretionary spending. Cooking at home will save you tons of money! You can find recipes online at KraftFoods, AllRecipes , and many more. Plant an herb garden inside and when spring comes,be prepared to plant a pot garden or regular garden outside. You will have fresh veggies without having to go to the store and pay for them.
We are in an actual recession, and I personally want to do whatever I can to keep my family thriving. I wish more of our grandparents and great grandparents were around still to impart their depression coping skills on us. I know that we are not in a depression, and we will, in all likelihood, never see one, but I feel it is always best to prepare for the worst. That way, when things don’t end up being that bad, you can breathe a sigh of relief, whereas others who did not prepare may end up in financial trouble.
I’d like to hear your ideas on how you’re preparing. What things are you doing, or will be doing, to prepare for a worsening economy? Please let me know in my comments.
