Leading experts tell us that the economy will continue to get worse before it can recover. Are you prepared? Check out the first article in this series and then read below for some ways to prepare for worse times ahead.
To get that emergency fund going, sock away any extra money you have, whether it is one dollar or a hundred. Any unexpected income should go straight to savings. Skip eating out and put that money straight into an account before you spend it elsewhere. Reduce your driving to one day a week if you can and put the gas savings away, too. Reduce how you use things in your home, for example use half of the recommended dish detergent, shampoo, clothes detergent, etc. Switch to cheaper forms of the same item, such as bar soap instead of shower gel. Ship the little luxuries that you are used to such as dryer sheets and bottled water. Go ahead and get the calculator out and add up your savings. Then sock that money away in your emergency fund.
Learn to cook basic foods from scratch including making bread, muffins and vegetarian dishes. Not only will this reduce your expenses, but you’ll be prepared if there is a shortage or prices become out of reach. Stock up also on rice, beans, canned goods and other inexpensive foods when they are on sale as part of an emergency pantry. Stock your freezer with whole turkey and whole chicken, which is generally less expensive than parts and can yield a lot of meals.
Find new ways of earning some money. Take on a part time job, even if it is just temporarily. This may ensure that there is some money coming in in case the primary income is lost. Diversifying your income is always a good idea. Just make sure that it doesn’t compromise or conflict with your primary income.
There is one more article in this series. It is coming up tomorrow and will cover protecting your primary income and ways to make extra money. Please check back!
Click here for more articles by Mary Ann Romans.
75 Things You Can Do to Save Money
75 Things You Can Do to Save Money (2)
Pay for Your Gas with Your Scrap Metal
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