Tips to Stay Ahead of the Recession

Five tips to stay ahead of the recession, and avoid economic stress.

1. Avoid impulsive shopping

2. Pay yourself from your paycheck each time you get paid

3. Compare prices before you make a purchase

4. Shop in bulk whenever necessary

5. Make a budget, and use it to manage your monthly spending

Try the above suggestions for three months, and come back and share your experience on my blog.

Wesley Palmer, MBA



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Savings Vs. Spending

It seems that some economists are confused about whether spending or savings is the cure for our ailing economy. Essentially, both spending and savings play an integral role in economic growth. Nevertheless, spending stimulate the economy, especially, spending on manufacturing, and key infrastructure.

It must be noted that consumer spending is good, for it denotes consumers' confidence. However, in a time of recession consumers should not engage in wanton spending, rather, they should carefully balance their spending with moderate savings to insure against such misfortune as temporary layoffs, reduction in work hours, and other recession-borne issues.

Wesley Palmer, MBA
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The Unemployment Rate and its Consequences

Unemployment rate in the United States is on track to reach a staggering 10% by year’s end. This is certainly not good news for Americans. As a result of this news, consumers are "retrenching"—they are saving more and spending less.

Banks are reporting a significant increase in account holders' savings for the almost a year, which means that consumers are not stimulating the economy enough for any sustainable economic growth. Prolonged retrenching will actually stifle economic growth, thus, we need to see a quick improvement in employment. An improvement in employment and a decrease in unemployment rates will increase consumers’ confidence and will encourage spending.

This is a prime opportunity for the American government to help. The government needs to create new jobs and subsidize key sectors in order to change the present economic doldrums. Aside from strengthening the economy, which is a good thing, such a move would increase American's faith in their government and their financial futures.

—Wesley Palmer, MBA
http://www.wezpa.com

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