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Time to Dust off the Budget

By: Steve Johnson

3/19/2008 - 17 Comments

Most America’s have not lived on a budget for 20 years, if at all.  But, with the economic storm that is brewing, it’s time to dig the budget out of the attic and dust it off.

For young families, who have only heard about budgeting, it’s high time to start asking parents about how they lived in the 70’s – with high inflation and higher unemployment.  In 1979, inflation was 13.3 percent and mortgage rates were 18% in the early 80’s. That’s a far cry from today’s 6% interest rates, but it could be in the near future. 

Gardening To Control Food Expenses

As food prices spike, gardening will be making a comeback.  Gardening can save a family food budget up to $200 per month.  Gardening products could be the hottest item this spring and may even gobble up some of the tax rebate money. 

Budgeting is not exactly fun, but with the economy sinking, budgeting will be the primary tool used by everyday families to get a handle on reality.  Many families are still living in la-la land, planning their next vacation, home remodeling project and new SUV purchase.  The truth is that the US financial industry is the backbone of the entire world’s financial system.  If it goes – which is almost inevitable now - so goes the jobs. 

Budgeting is the only realistic and practical method that is widely available to help families manage their expenses.  I’m afraid there is no easy way to go through a recession, and a global recession has never before been experienced, so we have no similar historical event to look to see what the ending is going to look like. Budgeting can help families reduce expenses like food, energy, entertainment, transportation, education and mortgage payments.  If you haven’t created a family budget yet, I suggest you start – even if your industry is relatively safe. Their is a pretty good chance that you will need to help support other family members.

Here is an easy tool for creating a budget, Free Budgeting Tool.

Gold Trading Predict Escalating Problems

For years and years, conservative economists (like Ron Paul) have been talking about the problems of the US economic – while nobody was been listening.  Now, suddenly the financial industry leaders’ – who have lost their clients billions of dollars – are saying “nobody saw this coming”.   The truth is that the US economy has been living on borrowed money for nearly 40 years, getting farther and farther into debt, as big Wall Street firms have taken on more and more risk.  In every generation, there have been a few economists willing to tell the real story at the expense of being minimized by the big firms.

Gold has historically been a safe place to put money when the US economy is in trouble.  Gold has already tripled since 2000, but most interesting is the change in the daily volume.  In the last few days, the number of gold shares traded has doubling every day.  We could truly be at the beginning of one of the largest economic collapses in history. It's time to dust off the budget.  

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