Tips To Help You Through the Recession
Despite all the hoopla about investor confidence returning on the back of the new mortgage rate freeze, many feel that a recession is coming. And that means that you need to start making sure that your financial house is in order. MarketWatch is offering some great ideas to help you get through the recession:
- Emergency fund. MarketWatch points out that the best emergency fund will get you through three to six months. That can seem like a daunting task to many. I can’t just put three months’ worth of salary aside right now. What MarketWatch doesn’t say is that you can build this up gradually. Put aside what you can, and keep adding to it. Even some emergency fund is better than no emergency fund.
- Blue-chip stock funds. When a recession is coming, it is important to make sure your investments are solid. Blue-chips may not offer sexy returns, but they generally do offer returns, no matter how modest. And when the wild ride is over, if you invest now, while the market is down, you will be happier later.
- Get out of debt. Try to pay down your debt. MarketWatch points out that building credit card balances, especially from holiday debt, can really start to eat into your finances. I recommend aggressive debt reduction, in which you do what you can to get out of debt as fast as possible.
- Get help from a financial adviser. MarketWatch recommends this especially if you are close to retirement. But it doesn’t hurt anyone to sit down and talk with someone who can help you map out your future and your asset allocation. But try to find a fee-based adviser — someone who charges hourly, and doesn’t get commissions for recommending certain investments.
No one wants to say it, but there is a recession on. And this means that you have to be extra-careful to guard your financial viability.
Tags: tips recession, mortgage rate freeze, home mortgage loan, stock funds,
investing, get out of debt, aggressive debt reduction
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