Prepare for and Deal with the Recession
Monday, April 27th, 2009
photo credit: pfala
We have officially hit a rough spot. Money is tight, the government is bailing out big businesses and your wallet seems to be getting thinner each day. While the economy turn around eventually? Quite possibly but until then you are going to need to start tightening your belt an maximizing each dollar that you make. There are a number of frivolous things that you and all guys love, but it is important in these times to start figuring out which really important, and which are just unnecessary. There are some benefits to all this economic turmoil though. With a number of people pinching pennies there are going to be some opportunities for you to save big money on some luxury items. Keep in under control though and know how to live within your means. Here are some tips and guidelines on things you need to cut out of your routine in order to survive the recession.
Stop Paying Full Price for Expensive Items
First things first you need to stop paying full price for expensive purchases. It has always been true that everything is negotiable but it now rings clearer than ever. The opinions of consumers have changed over the years and a lot of people forget that bartering is a pretty reasonable option. With the financial crisis in full bloom, big companies are putting in all kinds of new methods to move out inventory and make more sales. So what comes hand in hand with these new strategies? You guessed it, lower prices. Talk to the clerks in the store or even ask for the manager if you have to. There is a good chance that the item you are looking at could be moved to the sale rack. You may be pleasantly surprised at the money you can save just by asking a couple of quick questions.
Say No to High Interest Rates for Credit Cards
Of course it’s true that credit card companies make more money the higher they raise interest rates. The problem is that these high interest rates are forcing many people to stop making purchases. The fewer purchases that are made, the less money these companies make. On top of this the number of people that have stopped paying their interest on their bills is steadily on the rise. The capital the card companies are making is steadily on the decline and you can take advantage of this. This is the perfect opportunity for you to ask for an interest-rate reduction. Creditors know that your business and your payments are important to them, so they will probably do whatever it takes to ensure you keep paying your monthly bills. If things are a little more out of hand you can even higher a credit counseling company. They can often lower your rates down to a more manageable 6% or 9%.
These are just two small suggestions for you to recession-proof your live. Of course truly ensuring your financial success will take a lot more work and more drastic action, but it all starts somewhere. Start slow, think simple and take advantage of some lesser known cost cutting opportunities. Good luck and happy saving.
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Tags: recession
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Great tips in this economy I can use all the advice I can get.