Personal finance in financial crisis

BlogHer Original Post

I've had one of those personal finance weeks that makes me appreciate that I am a personal finance blogger who can extol the virtues of keeping tabs on ones personal finances via the written word. And clearly I'm not the only one in financial crisis but for the record, I would be far cheaper to bail out than an international insurance company or a mortgage finance company. Ben Bernanke, call me!

But since we do not live in some communist and/or socialist and/or magical Utopian society where cash flows like water through a stream, here is a sampling of what some of my favorite personal finance bloggers have been writing during two weeks of epic financial crisis.

Stacking Pennies has meal ideas for the girl on a budget:

The first step in spending less on groceries is planning, but planning takes effort, time and thought. Enter Single Servings,
a monthly column which includes a weekly grocery list, recipes, and
ideas on how to prep on Sunday to set yourself up for an easy week of
good meals.

Dawn at Frugal for Life figures out ways to keep the cost of heating your home down in preparation for the chilly weather:

My mom always used to say “heat rises” this was an answer to statement
that I was cold and would need to put on slippers, sweater or a hat to
stay warm if I didn’t want to lose that internal body heat. All three
items that when put together make you very toasty in your home in a
matter of minutes. And as I write this I realize I am bouncing my legs
up and down to keep warm and should really take mom’s advice and go put
on my fuzzy slippers and maybe even a robe or sweatshirt.

And Frugal Babe decides what to do with money deposited into her Roth IRA:

So as of the opening bell tomorrow, I’ll own 115 shares of GEX. I love
saving, and socking money away for retirement. But picking funds is
not my favorite way to spend a day. Good thing I’m a buy and hold
investor - I like only having to do this once a year. I also had
$1800 sitting in my traditional IRA from contributions I made last
year, and I used that money to buy shares in PowerShares Global Clean
Energy (PBD).

As for me? I plan to remain status quo. What kills me about these crises and crunches is that people suddenly turn to ultimate panic mode. Suddenly they're hording their cash in their mattresses and purchasing canned goods and pouring extra droplets of gas into a paper cup to save for later. For most not much will change. It will feel like everything is going to hell in a handbasket and we'll all be broke by morning. I felt the same way and continue to feel the same way but that very tiny and rational part of me knows that these things hopefully won't last forever. My non-exisistent mortgage will be fine and my non-existent account with AIG will be just fine. And yet the media is able to instill fear into the minds of every one of us no matter how little we really have to lose we still feel as if things we never had will be lost forever. So I plan to remain optimistic and go on as normal; hording my savings in an ING account. leaving my 401(k) as is and buying new fall clothes because if I plan to remain employed, I must remain clothed while in the workplace. Then again; easier said than done.

Heather B. has exposed all of her financial issues as of late at her personal blog No Pasa Nada.

 

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