Posts Tagged ‘recession’
Layoffs were a big deal last year, and the U.S. unemployment rate has jumped to 7.2%. Many of us are in danger of being forced to cut back. If you only have a three-month emergency cushion, try to boost it to six.
There’s some interesting research about having an emergency savings account, and what is does for you from a mental health point of view. It makes you feel much more comfortable, and allows you to deal with emergencies if your hours are cut down or you lose your job.
Where does the money come from? Go online to get the most from couponing. If you joined a car pool to save money when gas was $4 a gallon, do not stop now. Have cash transferred automatically to savings each time you’re paid.
Especially on your mortgage. If your rate is 6% or higher and your credit is decent, you mght want to refinance. It may or may not make sense but if you have good credit and equity, lenders are willing to provide you with options. It doesn’t hurt to call.
If you have enough cash to make a 10% or 20% down payment, this could be your opportunity to buy at a excellent price. You’ll need a credit score of 720 or more to get the best rates. Begin by browsing the real estate section of the Daily News, looking at homes in the best school districts and visiting open houses. Be sure to pay your bills on time and whittle away any credit card balances. If you are planning on buying, be realistic.
Even if your job is mostly secure, this is a time in which people should be looking. That means you should be meeting people you know from prior jobs for coffee, making sure your presence on websites like Facebook and LinkedIn makes a good first impression, and updating your resume so it’s ready to e-mail on a moment’s notice.
Of course, do this while still being diligent at work. Face time is important in this economy. When you do something really good, take credit in a suitable way.
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