Are we in the clear?

28 09 2011

As we prepare to begin the United State’s new fiscal year Oct. 1st, the question remains. Are we in the clear? We have been through a lot financially in recent years. We’ve had a recession, bailouts, and the United States Government nearly closed down. Public employees and military families’ livelihoods have continued to hag in the balance as policy makers debate budgetary reform. The dust seems to have settled, but it is better to be safe than sorry. Here are a few tips from USAA’s article Another Government Shutdown Still in the Cards. 

1. Emergency Fund

Start setting aside $50, $100, or as much as you can each pay period into a savings account to build your fund with a goal of three months of living expenses set aside.

2. Prepare a Barebones Budget

This will help free up money to build the emergency fund, and it will help you to see exactly how much you need to make ends meet.

3. Increase your income

Have a garage sale, and use the money to add to your emergency fund, or for those really wanting to make an impact, get a second job.

It can be exhausting feeling like you are constantly looking over your shoulder to watch out for the Financial Crash Monster. It’s easy to feel like the worst has passed and all can go back to as it once was. Hopefully we will learn from the lean years so that we don’t overspend in the fruitful years and wind up in this mess over and over again.

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