Solutions for a Bad Economy

[pennypinch]

Many people are fearing the worst, recession. It is a possibility that we all need to be as prepared for as we can be.

Stock up on emergency savings as much as you can. If possible save at least three months worth of money to cover you and your families living expenses. The more you can put away, the merrier you will be if a recession does hit. Put the money into a savings account where you will have fast access to it without penalties.

If like a lot of people you have some ready cash but not enough to tide you over for an extended period, you can avoid dumping stocks. Instead, put off major purchases, cut consumption and, if necessary, redirect money you're regularly investing in stocks into a savings account.

CnnMoney

This is great advise for those who can afford to sock money away. This isn't an option for my family, we barely get by as it is now. I have no idea what we will do if things get worse as many experts are predicting. It is a very scary thought.

Solutions for a Bad Economy

[moneysense]

This is a great idea if you can do it, but what about those among us that live paycheck to paycheck, have children, and just dont have the money to put away for harder times?

How do people in this situation save what they dont have?

About the only thing to do in this case is to stock up on everything that you can in the food area, and put every dollar you can away.

There are ways to cut back, but for some of us, there just arent a lot of options. So for that reason, I am going to be looking for advice for people in this situation to be ready for even harder times than we are having now, and I will post what information for you all to read.