The economy has me really really concerned. Partly because I work in an investment bank, which so far, hasn't had any mass layoffs and I currently work in a revenue generating department. But I'm still a bit fearsome.. enough to keep me up at night at times. It doesn't help that I don't enjoy my job at all.
My only outstanding debt is a mortgage from condo purchased 6 months ago. Reason I bought it was that I got a good deal and if worse came to worse, I'd be able to rent it out and cover just about my entire mortgage. Furthermore, I have a room-mate who pays me rent+half-utilities.
Now, if $hit did hit the fan and I stopped receiving all income tommorrow including my room-mate's, I currently have around 5 months of living expenses saved up (that is mortgage+minimal expenses). This obviously increases every month and with the tax-returns and additional income next year, I project that I will have a full year of living expenses saved up. This does not take into account the mortgage insurance I have that covers the mortgage for a year in case of job loss.
I've seriously cut back on leisure expenses. I haven't bought new clothes in like 3 months. I've been trying to do a better a job at cutting back on my gaming/gadget expenses. In fact, I am going to try not to buy games in the near future. The only thing that has me worried is Christmas
.. last year, I spent $1.5k during Christmas.
I've been trying to see if I could cut anywhere else. I'm thinking of getting rid of cable but that would not save much because of the package deal.
I've also been updating my resume and applying to new jobs just in case.
Anyone else have any tips or want to share their experiences of how they are coping with the economy?
My only outstanding debt is a mortgage from condo purchased 6 months ago. Reason I bought it was that I got a good deal and if worse came to worse, I'd be able to rent it out and cover just about my entire mortgage. Furthermore, I have a room-mate who pays me rent+half-utilities.
Now, if $hit did hit the fan and I stopped receiving all income tommorrow including my room-mate's, I currently have around 5 months of living expenses saved up (that is mortgage+minimal expenses). This obviously increases every month and with the tax-returns and additional income next year, I project that I will have a full year of living expenses saved up. This does not take into account the mortgage insurance I have that covers the mortgage for a year in case of job loss.
I've seriously cut back on leisure expenses. I haven't bought new clothes in like 3 months. I've been trying to do a better a job at cutting back on my gaming/gadget expenses. In fact, I am going to try not to buy games in the near future. The only thing that has me worried is Christmas
.. last year, I spent $1.5k during Christmas.I've been trying to see if I could cut anywhere else. I'm thinking of getting rid of cable but that would not save much because of the package deal.
I've also been updating my resume and applying to new jobs just in case.
Anyone else have any tips or want to share their experiences of how they are coping with the economy?
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