Analysts say that the American economy is in full recovery. Ask the Average American and they can not see any signs of a recovery. Many are still struggling to make ends meet. In this struggling economy there are things that you can do to be prepared in case this ”recovery” slows down even more.
- Make a plan. You will need to ask yourself things like where are you currently, where do you need to be in order to weather a job loss or other cutbacks at work, and how much money do you need to save to get there.
- Refinance every loan that you have. Interest rates are still near historic lows, but there are signs they may start increasing.
- Attack your debt. Start with the highest interest rate and pay as much as possible on that debt. Remember, you can schedule more than one payment per month on credit cards so it isn’t such a big chunk per paycheck.
Given the uncertain nature of the current economy, you have to prepare yourself. Living life as it comes is a simple formula for financial ruin and a lot of headaches in the future.