Today, television station WTAE-TV in Pittsburgh, Pennsylvania published an interesting online article about economic resolutions for 2009. They are as follows:
Resolution number one might be to start saving now. With all of the uncertainty in the job market, it makes sense to save six months’ worth of salary in case you’re laid off.
Second — put the plastic away and go on a debt diet. Credit card companies have been raising fees and interest rates and lowering credit limits, all of which could end up dogging your credit score.
Next, be ready to refinance. Interest rates on 30-year mortgages are falling fast, and by some estimates, could go as low as 4.5 percent in 2009.
A fourth resolution involves Wall Street and your retirement. The market took such a beating in 2008, many economists don’t believe it will go much lower. That means if you can afford it, it’s a great time to sock more money away in your 401(k) account.
Finally it’s okay to buy, provided you’re pouncing on real bargains.”The sales are going on are going to be remarkable. Retailers are literally dumping stuff now,” said Strauss.
Thanks to deflation those who have extra cash and job security can take advantage of lower prices on everything from electronics to new cars in 2009. Just be sure to avoid charging purchases.
2009 might also be the right time to look at trimming expenses. Take another look at your phone, cable and grocery bills to see if you’re paying for things you really don’t need.
