As Home Sales Fall and Unemployment Still Up, What Can You Do To Save?
Posted by Shannon Suetos on January 28, 2010 in Financial Services [ 0 Comments ]
Many Americans are still struggling in today’s economy. People are still a little leery to spend money and the housing market isn’t seeing much improvement. The National Association of Realtors said on Monday that existing home sales fell 16.7 percent in December to an annual rate of 5.45 million units.
Anna Piretti, an economist at BNP Paribas states that, “Today’s numbers clearly indicate that the rebound in housing demand observed so far has been largely supported by government programs and therefore that the recovery is far from becoming self-sustaining.” With no jobs it is hard to pay a mortgage payment. California, which has been hit hard in recent years, has lost more than 1 million jobs in the past 2 years.
But it isn’t all doom and gloom. A new year also brings new hope, and many Americans are getting their financial situation in order. American Express Spending and Savings Tracker has reported that 89 percent of people they surveyed said they have set a clear financial goal and, will most likely plan to save $14,000 this year. So how can you jump on the bandwagon and save money in 2010?
One way is to examine any debt you may have accumulated. Debt is something many Americans face, and stress over. A debt management program might be beneficial to you. The government is also making strides to try and help you manage your debt with aid from the Credit Card Act of 2009, and new regulations from the FTC, which will go into effect as of 2011.
Another way you can save money is to make smarter purchasing decisions. Going out to eat and going to the movies can add up fast if you do it often. Instead, cook at home and spend more time with friends and family at home. You will be amazed at how much fun you can have in your own home, and at little or no cost.
If you are a small business owner, you need to take into consideration not only your businesses debt, but your own as well. It is harder today to get a loan than in many years, and banks are looking closer at your personal credit when deciding if you will get a business loan or not. Making sure you stay in business is crucial to not only yourself, but your employees as well.
It won’t happen over night, but the economy will slowly get back on its feet. It might stumble here and there, but we are hopefully no longer in the up hill battle. The best most of us can do, is make smart purchasing decisions and look into a debt resolution program if needed.