While there certainly is a lot of doom and gloom out there with regard to the economy, it doesn’t mean that you are going to have a terrible time with your personal financial situation. In fact, if you plan carefully, you will find that there are plenty of opportunities out there for improving your personal finance situation over the long haul.
Here are some things that Free From Broke suggests that you can take advantage of right now:
- Lower home prices (and interest rates).
- Desperation by car dealers to make sales.
- Other sales from retailers.
- Lower credit card rates.
- Chance to change your spending habits.
- Cheaper gas.
- Bargains in the stock market
Personally, I am excited about the stock market opportunities. I’m not a hard-core investor by any stretch, but I do have a retirement account. And, rather than pulling out, now is the time to increase my contributions. I can buy more shares for the money, and when the stock market recovers, I’ll be in good shape. And I’ve been taking advantage of retail sales (but I’m not ready to buy a car).
Warning, though: Lower credit card rates should not be an incentive to spend. Instead, use the lower rates to your advantage by paying more of the principal down. If you want to survive the recession, you need to stop accumulating debt, and do what you can to reduce how much you owe.
Miranda Marquit writes for the Personal Finance Corner.