Three Tips for Weathering a Recession

May 28, 2009
|In Primerica, Tips
|By primerica01

primerica_recession

The current economic downturn has many families worried about losing their job, struggling to keep up with bills and worried about the future. The outlook seems bleak – 11.6 million Americans are unemployed1 and third quarter 2008 foreclosures jumped 71% over the same time period the previous year.2

Primerica presents four tips to help your finances weather a recession.

  1. Slash and burn bills wherever possible. An easy place to start: auto and homeowner’s insurance. “Some insurers give long‑time customers up to a 10% discount, but that can pale in comparison with the savings from switching insurers. At least once every two years, get a quote from another insurer.”3
  2. Keep good credit. To keep that all‑important credit score attractive, make sure you pay your bills on time, limit the number of credit cards you have and avoid financing more than one big‑ticket item at once.
  3. Boost income. Start a part‑time business or work a few hours a week at a second job to get through a crunch. The Primerica Business Opportunity is a great way to do something enjoyable while earning extra cash each month. You can do the business part time or full time and work at your pace, on your schedule!4

Times are tough, but following these simple tips can go a long way to helping you and your family come out on the other side of the recession with your long‑term financial goals still intact.

  1. Kansas City Star, www.kansascity.com, February 6, 2009
  2. www.CNNMoney.com, October 23, 2008
  3. Money, November 2008
  4. In Canada, the part‑time option is not available in all jurisdictions and, where it is available, is subject to certain restrictions.
auto insurance credit credit score finance good credit homeowner's insurance insurance personal finance Primerica recession Tips
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