- Remain consumer debt free.
- Leverage my good credit rating only when absolutely necessary.
- Continue to save/invest 20 percent or more of my earnings.
- Maintain my marketable skills and make sure they are current AND competitive.
- Establish multiple streams of income.
- Create a spend plan to manage my money instead of my money managing me.
- Live beneath my means.
- Eliminate unnecessary “wants” (i.e. cable, Tivo, landline, iPhone, gadgets, etc.).
- Just say “no” to lifestyle inflation (increase income, maintain standard of living).
- Avoid frivolous purchases.
- Practice delayed gratification.
- When shopping, hunt for bargains.
- Continue driving my fuel efficient, paid for, Honda Accord.
- Grocery shop with a list.
- Buy generic brands when appropriate.
I don’t know why, but I saw this image and it made me laugh. Check it out. I'll wait...
*twiddling my thumbs*
Did you see it? Crazy huh? LOL
A “recession” special? HA HA Two hot dogs and a drink for almost $3? Are you serious? Or is it a “special” because tax is included? Maaan, this is BS! I can buy a pack of hotdogs, hot dog buns, and a 2-liter Dr. Perky for almost $3. LOL
So what’s prompting these ridiculous marketing ploys?
Gas is predicted to be $4 everywhere by this summer. Regular unleaded is over $3.75 where I live. People are responding. I see quite a few walkers and bikers in the morning.
People are losing their homes left and right. Buy a house you can’t afford under normal lending standards and that’s what happens. Not really surprised. Responsible, savvy property owners are responding. Rental prices are going up.
Grocery prices are skyrocketing. Bought any fresh produce, eggs, milk or cheese lately? Rumor has it, there may be a shortage of certain items. Farmers are feeling the pinch and nut cases are responding. It has gotten so bad, folks are trying to hoard rice. WTF!
If you want a "big picture" of how economic changes are affecting the average person, the New York Times has a spending graphic that illustrates “All of Inflation’s Little Parts.” There’s no doubt we’re in a recession, but the million dollar question of the day is: how will YOU respond?
Me? I don’t plan to do anything. Fear breeds fear and panic will only make things worse. Therefore, I will continue doing what I’ve already been doing:
I could go on and on, but you get the picture. The key is to apply responsible financial habits every day of your life, not in “response” to a crisis situation. I know we can’t control everything, but being “proactive” can reduce the fear and help you make better decisions.