How to survive in a recession?

 


Like any smart investor, we like to keep some money that is very liquid, like available with a few clicks. Our bank for checking and savings account is Chase Manhattan Bank and we love them for the online banking options that they offer along with excellent customer service, but your money does nothing for you there. Their interest rates on checking and savings accounts are so low that it is depressing to see the statements at the end of the year.

That is when we signed up with ING Direct Bank. They offer interest rates that are like 10 times what you will get at a traditional bank and everything can be done online. Plus, there is no minimum amount and your money is not locked in for months as many CDs do.

So we got an email from them the other day and I thought I will share some of the tips that they have to stay financially strong in a tough economic environment:

“While we don’t have an Orange crystal ball, we do expect the economy to remain fragile through 2009. The best course of action for our customers is to be disciplined: avoid splurging; identify and cut out unnecessary expenses and save for what’s essential; and hedge against those tough times. We can all benefit by developing good spending habits: confront – and cut up – credit cards; use your home as a savings vehicle – not as an ATM; and establish and contribute regularly to an IRA or 401(k).”

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