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Prepare Your Financial Umbrella to Weather the Economic Storm
With job loss at its highest rate in more than two decades and financial systems crumbling, Americans are dealing with the aftermath of a perfect storm of economic events. According to a new survey, one in four people (25 percent) say they’re worried about losing their jobs in 2009, and there is no better time for consumers to batten down their financial hatches to prepare for that possibility.
“For consumers, part of weathering this storm will be ensuring that they have the proper financial umbrella,” says Lucy Duni, vice president of consumer education at TrueCredit.com by TransUnion. “There is no better time for consumers to put their finances in order and prepare for the possibility of losing their source of income.”
In addition to polishing their resumes and portfolios, current and future job seekers should make sure their financial reputation reflects their desirability as a potential employee, since the survey, commissioned by TrueCredit.com and conducted by Zogby International also revealed that nearly one in six human resources decision makers (16 percent) say their company uses a pre-employment credit report as part of the screening process for potential employees.
TrueCredit.com offers the following advice to consumers:
* Drop the Shopping Habit -- With unemployment rates skyrocketing, it’s time to examine your budget. Even if you aren’t worried about losing your job, sticking to a strict budget well within your means will create a safety net if something happens to your income.
* Stash Some Cash -- In the past, having enough to cover three-to-six months of expenses was considered adequate, but today, aim to stash enough to maintain living expenses for no less than six months. If you do lose your job, your savings will allow you to continue making your payments, and will help you avoid missing payments altogether.
* Live Within Your Means -- In addition to saving, you should make paying down debt a priority while you have cash coming in. In terms of credit card debt, shoot for carrying balances that are less than 35 percent of a card’s limit.
* Don’t Be Late -- One of the most important contributors to a strong credit history is paying bills on time. Regardless of your employment status, you should try to pay at least the minimum amount due on time each month.
* Limit New Credit -- Use restraint when applying for credit, as multiple applications over a brief period of time can negatively impact your credit score. In these tough economic times, you don’t want to appear desperate to lenders or potential employers.
* Know What Employers Are Seeing -- Monitor your credit reports to keep tabs on your credit history. If you lose your current job and need to seek new employment, your credit report is one of the factors that potential employers might check.
To learn more about managing your finances, visit the learning center at www.gotruecredit.com
Courtesy of ARAcontent
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