Finding the Best Plan of Action to Survive Tough Economic Times - WSFA.com Montgomery Alabama news.

Finding the Best Plan of Action to Survive Tough Economic Times

With the economy in crisis, Americans are concerned about their savings and finding the best plan of action right to survive these tough times. "It looks like the whole thing is falling down," said one.

We've always heard to save for a rainy day. Now, we're in a financial downpour and many feel like they're drowning. 

"There is reason for concern," concern but not panic says Fred Middleton a financial advisor with W.R. Taylor and Company.

He says if you have a solid plan in place, you're on high ground. But if you don't, it's time to get moving.  He says, "Everyone needs someone in their corner who is not emotionally tied to the money."

The best rule of thumb: Have six months worth of your salary in savings. Middleton says you should have, "Enough cash on hand in terms of money market or a savings account to see you through some rough periods."

Middleton says the worst thing you can do is cash in and stash all your money under your mattress. He says it will be a wild ride for a little while, but if you have a plan sit back and take a deep breath you will survive. "You'll live through this; we all will," he says.

Middleton also suggest to ask yourself "What can I live without?" He says many people have been living above their means and that has contributed to this economic crisis. So, only buy the necessities. 

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