Surviving the Economy: Expect the Unexpected

by Mary Ann Romans | More from this Blogger

23 Jan 2009 10:54 AM

I know that we are all tired of hearing about how awful the economy is and how things will probably get worse before they get better. While this may all be true, it doesn't help us much in terms of our own financial situations. So I thought I would share some practical advice about what we can do now to ensure that our families survive the current economy.

One big thing that we can all do right now is to watch ahead for the unexpected in terms of major expenses that might really do us in. With unemployment due to rise and goods and services to go higher in cost, the last thing that we need are a major expenses that could be the last straw that really sinks us.

Now is the time to prepare and head off those sorts of disasters.

Take a look around your home and your belongings. Do you have something that is likely to sneak up on your and demand a lot of money. Some examples are older appliances that are likely to break, an older furnace, or a car that is barely getting by. Be proactive now to seek out solutions for these possible money disasters. For example, you might do some research now for a refurbished washing machine. You could purchase a full service contract with an oil company that includes regular cleaning, maintenance and repairs on your furnace. You could look into a new car or make arrangements to share a regular commute to work or to the store.

Another area to examine is credit card bills. If you have large credit card bills, this is a recipe for disaster. Get those credit cards under control before they become an unexpected crisis. Make an effort to pay down as much as you can now, or seek a credit counselor to help you consolidate, so you won't be in for any trouble later. You could use your clean credit later to pay for food and other necessities if really needed.

Mary Ann Romans writes about everything related to saving money in the Frugal Blog, creating a home in the Home Blog, caring for little ones in the Baby Blog and now relationships in the Marriage Blog. You can read more of her articles by clicking here or subscribe to the blog using the subscription box on the right.

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Learn more about Mary Ann Romans

Mary Ann Romans is a freelance writer, wife and mother of three children. She lives in Pennsylvania with her husband, the kids and a 16-pound cat.

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