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Mistakes in a Bad Economy

We all know the troubles the economy is currently having. Hopefully this will change over time, but until then you need to make sure you are watching out for yourself and your family. Now is the time to be extra careful and avoid making mistakes in this bad economy. The following are some common mistakes people have been making. Always pay attention to what is going on, because you can find ways on your own to make sure you benefit even though the economy is slumping. Do not get hurt. No matter who you think is to blame, you can watch out for yourself and succeed.

Taking Over Your Retirement Fund

In a bad economy people are looking for any source of money that could help them through this time. Well, most people have a nice little chunk of money at their disposal right in front of their eyes. Your retirement fund might be something that you are tempted to take money out of in order to help you through your troubles. Do not do it! This would be a bad economy mistake. This is just a short term situation that will hurt you in the long run, so the trade is not even. Also, you might face some penalties and fees if you withdraw from your retirement and do not pay back within a certain amount of time. It’s a double-whammy.

Being Wild with the Credit Card

A credit card is a great thing. This is something that can come through for you in a down economy because you do not have to pay back the money right away like you would with a debit card. However, this is something that is another short term solution with long term effects. You will need to pay back at some point, and you will also have to pay back interest. This interest can add up if you are not paying back on time. If you are going to spend then you must keep track of it and know how close you are to reaching your maximum. It might just be better for you to cut back on expenses then anything else.

Bad College Funding

If you fill out the FAFSA form then you are setting your child up for some great grants and aid help that will lessen the burden of the college tuition. A bad economy mistake would be to pay for college without any help. At least just fill out the FAFSA and see what happens. You need to be looking to save money at this time, so it would be a poor decision to let free money go by without even reaching your hand out. It will help you in many ways. This is even something you should do in times of a good economy.

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