• Boost Finances In a Tough Economy

• by Amy Wilson

It’s been a tough year financially for many families due to a sluggish economy. In times like these, many people look for ways to cut costs and stash more cash to tide them over until the recession eases.

To get you started, here are three tips for boosting finances in a tough economy.

1. Make Positive Changes Last. Many surveys show that Americans are shifting their priorities in profound ways. For example, 63% say they are less materialistic, and 70% say they consider spending time with family more important than ever. Sixty three percent vow to no longer carry a credit card balance, and many are saving more – the personal savings rate has soared to 5.7%, the highest since 1995.¹ Once you adopt these changes, it’s a good idea to continue them even when the economy gets better.

2. Pay With Cash or Checks. People who pay with credit or debit cards tend to: buy more things, pay a higher price for them (sometimes twice as much) and become less aware of how much they’ve spent than those who pay with cash or checks.² You can avoid these pitfalls by putting plastic away for good. One way to get into the habit of using cash for everyday purchases is to set up a cash envelope system with one envelope for groceries, one for entertainment, etc.

3. Earn Extra Money. Start a part-time business or work a few hours a week at a second job to beef up a college savings or retirement savings account. Business opportunities, such as Primerica’s part- or full-time opportunity, are great ways to do something enjoyable while earning extra money each month.³ More information is available here: www.PrimericaBusinessOpportunity.com.

1 CNNMoney.com, June 1, 2009
2 Money, July 2008
3 In Canada, the part time option is not available in all jurisdictions and, where it is available, is subject to certain restrictions.

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Tags: business opportunity, economy, finances, part-time, personal finance, Primerica

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• Four Tips for Creating an Emergency Fund

• by Kerry Maffeo

With today’s volatile economy, creating an emergency fund isn’t just a good idea, it’s almost a necessity. Currently, 41% of Americans have no emergency savings¹, and almost half of workers live paycheck to paycheck just to make ends meet.²

Financial experts recommend having an emergency fund of at least three to six months’ savings. Primerica offers four key tips you can follow to start building a financial safety net.

1. Separate savings. One of the easiest ways families can start an emergency fund is to open a separate savings account or money market fund. Money in this account should not be withdrawn unless a true emergency – such as a major home or car repair, hospital or other large medical bill, etc. – arises.

2. Keep the change. Loose change left over from daily purchases can add up quickly. Make it a habit to save single bills and change and deposit that money into your savings account at the end of each month.

3. Keep paying yourself. As you pay off big debt or credit cards, it’s a good idea to continue to make those same monthly payments – into your savings account!

4. Earn extra cash. Start a part‑time business or work a few hours a week at a second job to beef up an emergency fund. Primerica’s Business Opportunity is a great way to do something enjoyable while padding the bank account. You can work at your own pace, on your own schedule, part-time or full-time!*

Starting an emergency savings account doesn’t have to be complicated. Save what you can and put extra away when you have it. Even starting small can make a big difference in the long run!

*In Canada, the part time option is not available in all jurisdictions and, where it is available, is subject to certain restrictions.
1 Parade, July 13, 2008
2 CNN.com, viewed October 14, 2008

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Tags: business, business opportunity, emergency fund, family finance, finance, money, Primerica, savings, Tips

Posted in Primerica, Tips |