What is the best economical move for teh everyday American?
I will be upfront with you, I am no economist. But I am an average American who is worried about what I am hearing in the news about the economy. Ie: the value of the dollar, Mortgage crisis, fed droping rates, Price of oil, price of wheat, etc.
We are an average family of 4.5 people (baby on the way!)
We currently have $1000 in EXTRA cash right now. My husband is opting for new living room furniture. But with the gloom-and-doom recession looming, I wonder if we need to be wiser with our $$. Should we SAVE, SAVE, SAVE as much as we can for a “rainy day”, or should we kiss that $1,000 goodbye and throw it into paying down our Credit Card Debt as fast as we can? Buy a bunch of Flour and food storage?
I just wonder what the SAFEST course of action is for any American family right now, with the way the economy is headed.
It is always wise to have extra cash in an emergency fund, especially when you have children and a baby on the way…you just never know what could happen. So, if by extra cash, you mean in addition to the emergency fund, then you should pay down your debt. If you don’t have an emergency fund then this money should be kept for emergencies.
I don’t think it is necessary to stock up on food though (besides, even flour expires…so you might be out money in the end if you have to throw food away).
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