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23 Feb 08

Managing your Finances During a Recession ~ Money BlogShots

  • Here's 5 things to do to manage during a
    recession:
    1. Refinance your mortgage. Almost every time we are heading into
    a recession, or already there, the federal reserve will lower interest rates to
    stimulate the economy. If you're in a high-rate mortgage, refinance now. Not
    only will it lower your payment, you'll save thousands of dollars in interest
    over the long term.
    2. If your finances are tight, resist the urge to
    splurge. If you don't need it now, wait until the recession is over. You'll
    thank yourself later.
    3. Keep your job, or get a job! Employers feel the
    squeeze during these times, too, so make sure you are not a dispensable
    employee. Shape up if you have to, and make sure now more than ever you are
    doing what's best for the company.
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