Foreclosure and Loan Modification Blog

5 Ways to be Ready for Whatever the Economy Brings

[fa icon="clock-o"] Tuesday, December 10, 2013 [fa icon="user"] Jake Sterling [fa icon="folder-open'] understanding credit, financial worksheet for loan modification


Classic_alphabet_numbers_5_at_coloring-pages-for-kids-boys-dotcomRegardless of how the economic landscape progresses in the coming months, there are certain steps consumers can take to safeguard their own financial well-being. Nonprofit firm InCharge Debt Solutions advises following these five steps:



1. Reduce your debt – Paying for debt instead of life's necessities (food, shelter, utilities) is counterproductive, particularly during a recession. Take steps to pay down your debt as much as possible before another downturn.

2. Create an emergency fund. Even if you only have a small amount of "extra" money every time you receive income, put as much as you can away.

3. Cut your expenses. It is amazing how many things you can save on when you really put your mind to it - cable, insurance, entertainment. There are always ways to cut back.

4. Be a better employee. Work harder, do more at work, become more visible and more valuable to your employer. Who knows, you may get a raise or a bonus!

5. Do a financial inventory – Have a certified professional evaluate your financial situation, budget, and spending habits, and develop a strategy to help you deal with whatever the economy throws at you.

Source: InCharge Debt Solutions


Reprinted with permission from RISMedia. ©2013. All rights reserved.


Download a Personal Budget Worksheet


Jake Sterling

Written by Jake Sterling

Jake Sterling is Amerihope Alliance Legal Services' Homeowner Liaison. He helps to bring awareness and teach homeowners about foreclosure defense and options to save their homes.

About this Blog

Amerihope Alliance Legal Services is a leading loan modification and foreclosure defense law firm with attorneys licensed in 5 states. We have helped over 7,000 homeowners fight back and keep their homes.

Click to Read Our Super Loan Mod Success Stories

Our goal is to provide valuable information to help homeowners who are trying to obtain a loan modification or to stop foreclosure. You may schedule a free consultation at any time.

Subscribe to Email Updates

Lists by Topic

see all
Quick Foreclosure Quiz

Foreclosure Process Handbook