This is a New Pattern Overcome Financial Crisis
The financial crisis did not go down? Perhaps the choice of how to overcome old patterns still apply. Move immediately to a new pattern that has been widely applied in recent years, especially since the recession, to rejuvenate your financial condition.
Old pattern: Setting up a reserve fund worth three months of expenditures.
New pattern: Setting up a reserve fund of six months worth of expenditures.
The reason: the macroeconomic conditions in a country affected the pattern of a person’s finances. When the recession hit, you should prepare for more liquid funds. Because the macro financial crisis impact ominous, like a high chance of layoffs, or a limited credit limit.
Old pattern: Negotiate with your credit card company to get low interest rates.
New pattern: Conversely, do not ever deal with the credit card company when the recession hit.
The reason: When you pick up the phone to contact them with the intention of asking the ease of low interest rates, the opposite is true. Credit card companies take advantage of this opportunity to re-evaluate your debts and raise rates or reduce the limit.
“If you still want to contact them be sure to prepare with all the gaps that may be utilized credit card company,” advises Maureen P Kelly, a certified financial planner in Quincy, Massachusetts. Make sure you are free from potential loopholes, such as a history of late payments.
Old pattern: Choosing an investment mix for the long term.
New pattern: Monitor investment portfolio once a year.
The reason: The market is vulnerable during a recession you should reevaluate your investment allocation routine every year.