The economic downturn can not be expected. It can occur at any time. Therefore we must be ready. Here are some guidelines to follow: –
Have Adequate cash reserves.
Even if you do not worry about losing a job, you really need to save as much as possible for protection. Some economic experts say, should keep to serve and live for 6 months to 9 months.
With a cash deposit, you will not have to dispose of any investment and planning at the time of emergency.
Investing for the future can only be done if you have more money in every month. Take a look back on how you can reduce such spending is your daily or monthly. For example, such as billing services and any kind of your monthly payment.
Pay a large debt.
From the future to make some investments, you might be able to make judgments for debt, especially debt with higher interest rates or payment of interest shall not be deducted for income tax reduction. Some examples of the debt with high interest is the car purchase, personal loans and credit cards – in particular.
Make checks your credit report.
At the time of emergency such as this, the Government is likely to cut interest rates as an aid to tackle the crisis. This kemugkinan an opportunity for you to refinance (refinance) residential mortgages, but this can only be achieved if you have a strong financial record. Check your credit record immediately to avoid any errors due to update the records of your records will require time and if you do not fix your credit record in the middle of refinancing applications, the less likely it will. Did you know that you are actually allowed to get your free credit report once in a year?.
Anything can happen to us in times of crisis like this. Thus, it is important that you have relationships with a wide variety of people. Contacts again with old friends, former schoolmates, former colleagues, family, neighbors and anyone you know. Who knows, one of them may save your life or future career.
This guide is a bit of help you deal with the economic crisis. Although it has been getting better but we still do not know the future.