As the economy continues to fight its way back, many Americans who managed to hold onto their jobs still fear that history will repeat itself, according to the USA Today.
Anyone with a job that could potentially be done by a robot or a computer is looking over their shoulder now more ever, and, while the forecasts might be improving, the long-term outlook could be perilous for many people.
“Although most economists expect the U.S. job market to register at least small gains this year, many Americans who have a job still fear losing it,” the USA Today reported recently. “Many who don’t have a job fear they never will find one. And many in both camps worry that the recession, which officially ended a year and a half ago, speeded up the inevitable changes in the workplace.”
It’s simply the nature of our economy to experience an unstable job market, according to some experts.
“The U.S. economy churns a lot, more than in most countries,” said Harry Holzer, a Georgetown University government professor and co-author of Where Are All the Good Jobs Going. “A lot of jobs are created and destroyed, and it creates a lot of anxiety. In a recession, the insecurity is even worse.”
Source: USA Today, January 13, 2011, “The changing face of American jobs; It’s a tense time for many workers as career paths fade away and others emerge.” http://www.usatoday.com/printedition/news/20110113/1aunemployed13_cv.art.htm
At a time when so many families have been forced to change their way of life, Primerica offers new hope for people to start dreaming again.
“The nation’s financial crisis is altering Americans’ way of life from the home and the workplace to the highway and the altar, according to the 2009 Census data,” The USA Today reported recently.
The impact has been felt throughout our society:
Median household income fell 2.9% in 2009, the second consecutive annual drop as the cost of living continues to rise.
One of eight housing units was vacant in 2009, a sign of the soaring foreclosure rate.
The share of women 18 and older who are married slipped below 50% for the first time ever, “an adaptive response to response to the lack of jobs and economic uncertainty,” according to a demographer at the Population Reference Bureau.
Primerica offers people the opportunity to start a business – with the freedom to build the way they decide, with no restrictions on the earnings potential. Many choose to simply earn a little extra money part-time, while others begin a new full-time career.
“Our business does real good during good times,” Primerica Senior National Sales Director Jim Meyer said. “Our business does great during poor economic times.”
The time is now, and people need a game plan and a financial education like never before.
Source: Recession’s impact on us, USA Today, September 29, 2010
Economic woes and an increase in consumer prices have made sticking to a budget even more difficult for families across North America. People who were already struggling financially under the burden of debt and poor savings may be feeling the pressure even more intensely now.
Primerica presents six tips to help you have more and spend less.
1. Cut energy use.
Simply sealing a home properly can help you eliminate 25% of your heating and cooling costs.1 Many utility service providers provide free or discounted energy audits. If this option isn’t available, you can always go the professional route, or do a self‑check using the steps found at Energy Stat.
Another way to prevent leaks is to add insulation, use caulk, spray foam and weather stripping to seal leaks around windows and doors, and in attics and basements. Plug devices with standby power, like TVs and stereos, into a power strip so they can be turned off all at once.
2. Spend less on groceries.
With the cost of virtually everything at the grocery store going up, this is one budget area you can’t afford to ignore. Coupon clipping can help you keep more money in your pocket (a household of four that uses them strategically can save 25% a year), but this is only effective if you use them for items you already use or need.2
Warehouse clubs can be a good source of cost effective purchases, but you have to weigh the benefits against potential negatives: the tendency to eat more because the food is going bad, and the potential for impulse shopping (many stores put electronics and other goodies out front). Did you know that you can save up to $1,200 annually just by cutting half of your unplanned purchases?3 It’s all about making a list – and sticking to it!
3. Trim entertainment costs.
When eating out, skip the drinks, and instead of ordering two entrees, order one appetizer and split a meal. Or dine out during breakfast or lunch, when the entrees are typically cheaper. Movie tickets now top $10, so hit the matinees instead for discounted admission. Join the local theater’s loyalty club for freebies, get discount tickets in the local Entertainment Book, or head to the drive‑in, where tickets are usually cheaper.
4. Improve gas mileage.
The easiest way to spend less on gas is to simply use less of it. Consolidate errands into one trip, or walk to the grocery store instead of driving. Speeding or braking sharply and frequent lane changes cuts fuel economy by 35%.4
5. Shave car insurance.
Most insurers will shave prices for anti‑lock brakes, having an accident‑free record, taking a defensive driving course, or using the same insurer for both auto and home coverage – adding up to as much as 25% off a your premium.5 Shopping around for competitive quotes is a great way to potentially save.
6. Boost your income.
Costs are rising across the board and a few extra dollars each month can go a long way to relieving the financial pressure of a weak economy and higher expenses.
Business opportunities, such as Primerica’s part‑ or full‑time opportunity, are great ways to do something enjoyable while padding the bank account.*
While you can’t control rising costs, changing a few habits can help you hold onto more of your cash!
*In Canada, the part‑time opportunity is not available in all jurisdictions.
1 Money, July 2008
2 Kiplinger’s, August 2008
3 Money, July 2008
4 Kiplinger’s, August 2008
5 Money, July 2008
The current economic downturn has many families worried about losing their job, struggling to keep up with bills and worried about the future. The outlook seems bleak – 11.6 million Americans are unemployed1 and third quarter 2008 foreclosures jumped 71% over the same time period the previous year.2
Primerica presents four tips to help your finances weather a recession.
Slash and burn bills wherever possible. An easy place to start: auto and homeowner’s insurance. “Some insurers give long‑time customers up to a 10% discount, but that can pale in comparison with the savings from switching insurers. At least once every two years, get a quote from another insurer.”3
Keep good credit. To keep that all‑important credit score attractive, make sure you pay your bills on time, limit the number of credit cards you have and avoid financing more than one big‑ticket item at once.
Boost income. Start a part‑time business or work a few hours a week at a second job to get through a crunch. The Primerica Business Opportunity is a great way to do something enjoyable while earning extra cash each month. You can do the business part time or full time and work at your pace, on your schedule!4
Times are tough, but following these simple tips can go a long way to helping you and your family come out on the other side of the recession with your long‑term financial goals still intact.
Kansas City Star, www.kansascity.com, February 6, 2009
www.CNNMoney.com, October 23, 2008
Money, November 2008
In Canada, the part‑time option is not available in all jurisdictions and, where it is available, is subject to certain restrictions.
