It never crossed my mind that our country will one day face its worst recession in the economy. I have always thought of ours as a strong and stable one. My wife and I have spent the few weeks discussing over breakfast possible expenses we can cut in our monthly budget. Although we both have our jobs, we kind of have a big family (6 members) and so it is undeniable that the current recession is taking its toll on us. Not that I am complaining or what, I am just trying to point out that a small ¡°cut¡± might make a big difference.
We have learned in our discussions that we cannot make a cut on our food (except lessen dine outs) expenses nor in our education funds. On the other hand, our emergency fund needs to be filled in more than before. Suddenly like a ray of light in total darkness, we saw hope in our auto insurance quotes. I studied our insurance policy and talked to our insurer. Luckily, our efforts started to bear fruit. I learned that indeed, I can choose to change my insurance coverage to personal liability instead of going for full coverage. This is a sure way to lower my monthly bill but my insurer advices me to be mindful of my driving skills.
My insurer also advised me to include my teenage son in my auto insurance, not only will that action cut my expenses to almost 50% , since I am currently paying for a separate policy for him. Aside from that, my son can also avail of the discounts I am entitled to.
There are no ways for us to prepare for the unexpected. Yes there is a downfall in our economy. But my wife and I will not sit back and watch the recession eat away the future of our kids. We will fight in this battle, in pen and paper
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