Top Strategies to Survive a Bad Economy
By Frank Ramsey
No matter how rich a person or a country is, there will always be tough times. In these tough times when the economy is in bad shape surviving a bad economy is a must for everybody. This will not only help themselves to adjust to the current situation but this is also one way of contributing to the overall survival. The following strategies no matter how simple they might be can somehow help a person to survive the downscaling economy.
On transportation:
- It is best to carpool more often. Make it a habit between you and a coworker to take turns in carpooling to the office. This is a good way of minimizing both your expenses in gasoline. If there are more than two of you living in your neighborhood much better, the more the merrier.
- Instead of buying new cars, old used ones. In these tough times, new cars are not a necessity. But still, you need a means of transportation. What best way to save up but to buy old cars and save up some money? When you buy used cars, it would costs you a lot cheaper.
- Put together different errands in one trip. Try to get all of the things you need to do in one trip or on your trip home. This lessens the number of trip you need to make and you can avoid from driving back and forth.
- Take up a hobby and ride a bike. If you live close to stores malls or places you usually go to, ride a bike instead of driving you car. It’s god exercise and it’s good for your health.
- Wash your car yourself. This one is a no-brainer, why spend on something you can do yourself. That’s right, you can do this yourself. Imagine the cost savings that you’ll be making. It’s not much on its own but it’s a lot altogether.
On eating:
- Eat like you’re on a diet. Try and eat off your kids plate sometimes, this will make you eat in smaller portions and you would even notice. This one works if you don’t go for seconds.
- Bottled water alternative. Tap water is the ultimate cheap fix. Try comparing an ounce of bottled water and an ounce of tap I’m sure you’ll see the difference.
- Less meat more savings. Imagine not having meat during the working week and having it on weekends instead. It will definitely cost you less than your usual tab.
On personal shopping:
- Generic is good. Brand loyalty is a thing of the past especially if it cost you a lot. More than anything else the generic substitutes allows you to have options.
- Be a bargain hunter. Despite the downscale, people would still always buy personal items for themselves. Getting good items while surviving a bad economy can be done by buying bargain stuff. Don’t just be contented with the low price the stores have, try and look around if there’s anything better.
Posted by Paul M. Sternberg Houston
Paul Sternberg Top Houston Strategies
March 22 2009 | Paul Sternberg Top Houston Strategies | Comments Off
Investing in a Rocky Economy
By Debra L. Dragon
With all the talk about a recession (Are we headed for one? Are we already in a recession?), many people are unsure where the safest options are for investing their money. Stock values and retirement accounts are plummeting and whether or not you’re in them for the long haul, you may still want to invest some of your money in investments that are considered “less risky” in an effort to combat the situation of the current economy.
Certificates of Deposit are an option for a reasonably safe investment that also offers the opportunity to earn interest. It’s a bit like loaning money to the bank; and in return - they pay you interest on the money you’ve loaned them. The CD is a note from the lending institution that states you are investing a certain amount of money for a specific time period; and during that time period, the lending institution will pay you a guaranteed interest rate when the CD matures at the end of the designated time period.
You can choose the investment period you prefer, with options ranging from a few months to several years. Usually the longer you invest the higher your interest rate, but the amount of your deposit will also play a role in the interest rate you secure. High yield certificates of deposits are typically offered around 4% interest for deposits of $5,000 or more, but it will vary from one lending institution to another. The varying interest rates are a good example of why it’s important to take some time and compare your options for investing in certificate of deposits. Just as an online bank can offer better rates and terms on checking accounts and money market accounts, they are often likely to have the ability to offer higher rates on their certificate of deposit accounts due to having lower overhead costs for operating expenses.
During times of economic difficulty, a certificate of deposit is a nice option for investing money you can’t afford to lose. The potential of losing your money in the stock market is a much greater risk and you can easily lose your money just as fast as you invest it in stocks. Putting your money into a certificate of deposit, on the other hand, guarantees that the interest rate you are given when you invest is locked in for the life of your certificate of deposit and will not change. You know exactly how much money you’ll have at the end of your investment term.
While safe investments, the downside of a certificate of deposit is that you are committed to investing for the full length of time you arrange when you set up the investment. If interest rates increase after you’ve invested your money, you can’t just pull the money out of your CD and move it to a new investment (at least not without paying early withdrawal penalties on your certificate of deposit!)
In an uncertain economy, and any time you want to invest money in secure, interest earning options, a certificate of deposit is a practical investment. If you have enough money to deposit to qualify for a high yield certificate of deposit, you’ll earn an even more attractive interest rate that does not decrease in value and does not pose any risks of losing your initial investment.
Posted by Paul M. Sternberg Houston
Rocky Economy from Paul Sternberg Houston
February 22 2009 | Rocky Economy from Paul Sternberg Houston | Comments Off