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WHAT can we do?

Home Prices are down. Retail Sales are down. Savings Account Rates are down. Mortgage Rates are down. What can we do to thrive in this downer of an economy?

Steven Goldman, Neighbor

Posted Tue, Oct 11, 2011 at 7:51 pm CT|Updated Tue, Oct 11, 2011 at 10:17 pm CT

Over the past few years the Mortgage, Real Estate and Banking Industries have and still are all being hit extremely hard. Home Prices are down, Retailers are down, Interest Rates Banks pay Consumers are down and Mortgage Rates are down.

Sounds bad, very bad. But… that last part, Mortgage Rates are down is actually a very positive thing! Mortgage Rates are down to the lowest they have been in over 30 years!! Now is the time to buy a new home or refinance into a lower rate Mortgage Loan?

Well, regarding those other negative items, let’s look at what we can do….

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Now more than ever we all need a Budget. No matter how much money you have or think you have, you can always revise your budget and cut or streamline where you can.
Have a Budget already? Terrific. If not, sit down and write out a real, true Budget so you know where you are financially.

If your Home Property Value is increasing and your nest egg is not shrinking, I truly applaud you for your wise investment and money management skills. You are really one of the very few.

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Most people today have bills piling up, declining property values and minimal or even no nest egg or emergency funds. Sounds really bleak. But there is time to get out of this situation. Here’s how:

1. Most importantly, pay yourself first!: Set aside a comfortable amount from each pay check (say 10%). These are Emergency Funds only!

2. Keep all your Mortgage payments on time.

3. Pay all credit card and loans on time. If you can pay a bit more each month, do so as it will payoff these debts faster as cost you less interest.

4. DO NOT CHARGE on Credit Cards unless necessary. If you must use them, then charge and pay it off as quickly as possible.

5. Cut out the frivolous spending. Ask yourself “do I really need that now?”

6. Use Coupons whenever possible. There are many on-line coupons (like CouponMom.com) or contact me for my FREE Monthly Preferred Client Coupons featuring local restaurants and businesses. (My Contact info is at end of this Blog!)

7. We all enjoy eating out, but do so in moderation. Cooking at home brings the family together. Get everyone involved. Have friends over for a potluck. It is amazing what one night of fun and laughter with friends and family will do for your spirits.

8. Refinance your Home Mortgage (Primary, Vacation and Investment Properties)

9. Look at selling your Home and downsizing. Home Prices are very low and with Interest Rates also very low, now is the perfect time to buy a new home!

Mortgage Rates are at an all time low!! The time has come to look at refinancing or maybe even downsizing and buying a new home. Take the time to review all your options. Don’t waste any more time thinking about “woulda, coulda, shoulda!” Consult with a Professional Mortgage Loan Officer today to find out what your options are. Save money monthly to rebuild your nest egg and safety net, strengthening your financial security. Or use these savings to pay off your debts faster. Whatever your reason, make the call and just do it!

Makes sense right? Of course it does. We all can tighten up a bit.

Our Economy will improve, housing prices are starting to rise and we will all be
able to save more for those rainy days and future needs. We have all been in situations that seem hopeless, but a ray of sunshine always comes thru in tough times. Look for this ray, grab on, follow it and you will be on the path to a brighter, stable financial future. Careful spending, continuous savings and smart money management will help us all through these tough times.