Financial Advices
Finance

Tips on Developing a Recession-Proof Lifestyle

by Nancy Osborne, COO of ERATE®

Jul 23, 2008 - The U.S. is currently experiencing the biggest hike in the cost-of-living increase since the early 1990s.  In response, many consumers are modifying their behavior at a pace not seen since the 1970s.   As home prices have steadily fallen in recent years, consumers in the U.S. are feeling poorer as they watch their main asset slide in value, along with their net worth.  Here are a few tips offered by weseed.com's Jennifer Openshaw recently on an appearance of ABC's Nightline.    

Refinance at Today's Low Rates!

1) Take in a Border/Rent out a Room

• could increase your monthly income by $300-$700 per month
• ask people you know for tenant referrals
• run a background and credit check on all prospective tenants

2) Make Coffee from Home/Don't Buy Bottled Water

• avoid an expensive latte or cappuccino buying habit
• use tap water or filtered water

3) Transportation

• take public transportation as much as possible
• ride a bike – dual benefit of cutting fuel expenses and getting exercise
• buy a motorized two wheel vehicle - reduces fuel expenses and cuts insurance costs

4) Use a Programmable Thermostat

• heat and cool your home only when you are home or shortly before you return
• could save up to 30% on your energy bill

5) Eating & Dining Out

• eat at home as much as possible
• pack your own healthy lunch from home
• split an entrée when eating out at a nice restaurant

6) Bundle Your Connectivity Services (cable, phone, DSL)

• get a flat rate
• use an internet phone service

7) Cut Back on the Credit Cards

• use only one card –  ease of tracking expenses  
• ask for a lower rate , you may be surprised by how easily they say yes

8) Shop, Study & Swap Online

• save money on gas by shopping from home
• take courses online rather than driving to a campus
• barter whenever possible by swapping goods

9) Get a Library Card

• rent DVDs, videos, CDs and books for free
• look into online services and databases available for free with your library card

 

Other Articles:

Economic Reports: Consumer Price Index

Federal Reserve Chairman Ben Bernanke Gives Economic Outlook

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Nancy Osborne has had experience in the mortgage business for over 20 years and is a founder of both ERATE, where she is currently the COO and Progressive Capital Funding, where she served as President. She has held real estate licenses in several states and has received both the national Certified Mortgage Consultant and Certified Residential Mortgage Specialist designations. Ms. Osborne is also a primary contributing writer and content developer for ERATE.

"I am addicted to Bloomberg TV" says Nancy.

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