-
May 12, 2008 4:00 pm US/Eastern
-
Digg |
Facebook |
E-mail
|
Print
3 On Your Side: Surviving Recession
PHILADELPHIA (CBS 3) ―
Foreclosures, layoffs, recession, the economy has seen better days.
But even if you think it's all out of your control, there are some money moves you can make to be sure you're still standing, no matter what comes your way.
It's all about eliminating the wants so that you can cover your needs.
This economy has hit Quentin Thomas harder than most.
"I've lost a job and been laid off three, four times now," said Quentin.
He's working two jobs these days to make sure his bills get paid. But that's not all he's doing.
"I went ahead and sold off a motorcycle. I sold off different portions of furniture, and then, finally I went ahead and rented out my house," said Quentin.
Up next? Trying to refinance car, house, and credit cards at lower rates.
"If you're spending 18 percent on a credit card and you could get a 5.9 percent credit card, you're going to save money every month and you'll also see your balance go down faster," said Sheyna Steiner, with Bankrate.com.
Another way Quentin and others can save? See whether you're giving too much to Uncle Sam.
"The average tax refund is about two thousand dollars. It's a lot of money. You're lending the money to the government. Change your withholding so you're just paying them exactly what you need to," said Steiner.
Fortunately for Quentin, things are looking up. Experts say it is critical that you save a little from each paycheck for emergencies.
Experts say it is critical that you save a little from each paycheck for emergencies.
What used to be considered unexpected emergencies should absolutely be expected in this economic climate.
If you're saving bit by bit, you'll be better off when they hit.
"My situation has been drastically better now with my 2nd job," said Quentin.
What used to be considered unexpected emergencies should absolutely be expected in this economic climate.
If you're saving bit by bit, you'll be better off when they hit.
(© MMVIII, CBS Broadcasting Inc. All Rights Reserved.)