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Are You Afraid Of Losing Money? Financial Emergency Preparedness Tips
In a time of global financial turmoil, it can be unnerving to imagine what might happen with your mortgage, your pension and your investments. What do you do?
Here are some financial tips that can help you when the world is in financial crisis:
Ride the storm
It can be tempting to cash in your stocks and hide your money under the mattress when stocks take a dip but many experts suggest that it is sometimes a good idea to ride out the storm. Instead of selling everything, consider talking to an expert first. They might suggest you wait a little before making any sudden moves.
Liquidate a Little
Make some cash available in case there are problems accessing your money quickly. This might be a high interest bank account or a cookie jar. Having access to some of your money is a good idea.
Buy Gold, Silver and Collectibles
Gold is always a good investment and silver prices are low in 2008 but expected to increase due to minimal availability of silver. Spending a bit of money diversifying with gold and other higher value collectibles can be wise.
Stockpile
Saving some food and buying extra essentials is great for emergency preparedness. If you know the price of lemons or coffee or other staples are about to skyrocket, it’s wise to do a bit of a stockpile to get you through the storm. Emergency preparedness is wise in terms of your home and your finances.
Budget
Living lean below your means is wise. Consider delaying major purchases of lavish items and stick to living on a strict cash budget to stretch your money a bit further. Those who are in two income situations should consider living on one income and bank the other. IF you have no room in your budget, look to bring in a second or third income. If you don’t have time to work p/t in your spare time, you can do that with a p/t wah job on your computer.
Money Bytes: Mortgages and Property Tax Tips
This is the start of a new series on this blog called Money Bytes where I’ll share tidbits that are food for thought about saving money.
Today’s money byte is regarding your mortgage.
Are you paying for your property taxes as part of your mortgage payment? If so, you could be spending way too much money on interest. By lumping your property tax with your mortgage, you’re paying interest. If you pay your taxes directly, you’re going to save a lot of money.
Granted, it’s easier to add to your mortgage so you can forget about it but this will result in your losing hard earned money that could be spent elsewhere to either improve your standard of living OR help you pay off your debt sooner.
Helpful Resources:
Slash Your Power Bills and Support Sustainable Development