When you’re trying to decide whether to buy gas or food, the last thing you want to hear is “I told you so.” Tough times may be with us longer than you think. Analyst expect gas prices to continue rising. Get ready to tighten the belt strap one more notch.
Some people have already lost their jobs and homes. Families are now making room for children and grandchildren to return home because they can no longer afford to live on their own. The economy has become issue number one since over 325,000 people have lost their jobs this year.
How long will it take the average person to find a job? The job market is more competitive. You may have to accept a job paying less than what you were accustomed to making. Cutting back and sacrificing may become a way of life. An emergency fund is designed to help you three to six months, during these tough times. During today’s economy, your emergency fund may need to last longer than six months.
Find a way to save money if you currently have a job. Companies close their doors, relocate, and outsource at the drop of a hat. Recently General Motors announced they will be closing plants in the U.S. because trucks and SUV sales have decreased.
Moving back home with your parents or in with another relative becomes an additional burden to the family. Don’t move in empty handed. Don’t expect a relative to feed and house you free. You should always be able to offer money to cover your living expenses, the same as you would if you were on your own.
You work hard for your money. Now, make your money work hard for you.
