Better Save Than Sorry
I saw this on an ING billboard on my way to work today and I love it. I don’t know about you guys, but the recession-like economy is starting to show its colors. At first, most of us just pretended it was bad, but didn’t really care. Then, maybe we heard of a friend or family member who was going to lose their job. By now, unfortunately we are seeing the effects on a daily basis. More friends and family are losing their jobs, many more are worried about the prospect of their job disappearing and many of us are wondering the same.
There are other signs that this downturn is more than just headlines on Sundays. McDonald’s sales are up while slightly higher priced restaurant numbers are down. Enough jobs have been lost to equal the entire state of Maine looking for employment. Our malls are seeing more and more stores with going out of business sales and more are shopping used. A large number of people are trying to free up money by selling their second cars. 401(k) loans are way up and don’t show signs of slowing. Credit cards are increasingly being used to pay off mortgages just to avoid foreclosure for another couple of months. Your original bank is probably not your bank anymore. Some actually know what the term “securitization” means now. There are now bigger lines at job fairs then at the DMV–this thing is for real and we better start acting like it.
Better save than sorry. We harp on the importance of a strong emergency fund all of the time. Everyone pretty much knows that they should have one, but it’s too easy to ignore this responsible thought. If there has ever been a time where reality is a teacher, the time should be now. If you find yourself still safely in a job and living as if this recession-like atmosphere doesn’t exist then I suggest tampering your spending and accelerating your savings. Just like the millions looking for jobs now, you never know what is going to happen tomorrow, next week, or next month. There are many things out of our control, but our spending habits are our own.
Are you expecting the average refund from the IRS this year of around $2,000? Better save than sorry. If you can jumpstart a non-existing savings with a couple thousand dollars, then you are well on your way to security. If at all possible, reallocate your spending and start putting a few extra dollars a month away, whether it takes a slight alter to your daily lifestyle or not, after all, your better save than sorry. $
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Comments
That is a good reminder! I feel fairly confident about my job, but the more I can stash away, the better.
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