Recess is over!!

There's is recent evidence that the economy has indeed bottomed out and the recession is easing. That is promising news for us all, but we are still a long way from economic recovery. I think many, if not most middle class workers were humbled by this devastating recession because many if not most were ill prepared. This post will give insight on how to manage your money through a recession and how to make sure you are never ambushed by the effects of one again.

HOW TO START AN EMERGENCY FUND
1.Determine an amount needed.
2. Calculate your monthly expense
3. Build a budget worksheet
4. Open an account (but leave the money accessible. Its an emergency fund, so liquidity is key. Look for an account that offers a decent interest rate as well)
5.Determine how much you can afford to save
6. Save it!
7. Set up Auto deposit

FIND WAYS TO BOOST YOUR SAVINGS EFFORTS
1. Set up auto draft (very useful approach. It's easier to save if you don't see the money)
2. Hang on to your change (You would be surprised how quickly change adds up. Utilize coin stars and or coin wrappers.)
3. Save your rebates
4. Bank your raise (Don't view your raise as more to spend, view it as more to save)
5. Hide your money (CD's and savings and bonds are great because a portion of your money isn't readily accessible)

GET OUTTA DEBT
1.Assess your debt
2. Create a budget
3.Cut your spending
4. Start Saving
5. Attack your debt

With a little bit of concerted effort, we all can not only survive this recession; we can beat this recession. This is food for thought, you do the dishes...