How safe is your money in a wartime economy? The Stock Market continues to be shaky at best. Last week, it set a new record for the largest weekly loss ever. Investors have been very emotional since the terrorist attacks.
News on Six reporter Paul Serrell looked into the financial mood of Green Country. Bush: "It will not end until every terrorist group of global reach has been found, stopped and defeated." Talk of war in Washington and the talk of layoffs in the local airline industry have many people looking to protect their money. Phillip Allen says he just bought a new house for his growing family. But admits he's not going to fix it up right away. "With the market the way it is and everything, we're just king of being thrifty I guess."
But experts say if people cut back on spending for houses, cars and other things it could lead our nation into recession. Financial planner Mike Maizee knows people are worried, but warns them not to panic. "It's always hard to stay with a disciplined approach when we get hit with unexpected risk. We know however from history that those that stick with sound long term disciplines are rewarded for their patience and diligence."
But what if things look really bad for your personal situation and you're not sure how you'll make ends meet in the months ahead? You might go to the Consumer Credit Counseling Service for help. Counselors like Mary Thomas will tell you to start budgeting and learning everything you can about your money, so you can control it better. â€œManaging money needs to be as much a part of your routine as how you get dressed in the morning. It just has to be. It just has to be." Especially in uncertain times like these.
One way to track your spending is to write down everything you buy in a notebook. You may be surprised to see where your money's going and how much of it you're wasting.