The pundits are saying the recession is over. For many people that may be true, but it’s still affecting millions of others. Until everyone can get the job they need to sustain their family our country still has a major crisis unfolding.
Whether you’re suffering through this or not, keeping a lid on spending is important. If you don’t have a budget, now is great time to start one. You can use a program like quicken or Excel, or just simply write it down on a piece of paper. The important thing is to identify how much you spend each month on each category and also to stick to the budget plan you want. If you find you’re spending more on dining out than you should, make a conscious effort to cut back. If you’re spending less than you thought, you have room for shifting budgeted amounts to other things. It doesn’t mean you should spend more eating out, unless your underspending for your entire budget.
If you already live within your means, congratulations! If not, buckle down and get this crazy ride to slow down. Put more of your money into savings, into retirement investments (now is a great time to invest when the markets are down a bit, you’re buying more for your dollar), and pay down your debt. In fact, pay off all your debt. If you’re left with just a mortgage you’re ahead of most of the population.
When you buy things make sure you have the money ahead of time. If you must use a no interest payment plan, already having the money in savings means you get to put that money to work for you instead of just giving it to the bank.
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