The University of Tennessee Extension
While this economy poses huge challenges for households on the financial edge or those who have lost income, it can provide unique opportunities for frugal households who have saved enough through the years to have cash on hand. If you have such savings that are yielding only a small percentage in Certificates of Deposits or in interest-yielding savings accounts, and you continue to have a stable income, you may want to consider judicious spending during this economy.
Here are some things you might consider doing with extra cash that can improve your financial situation in the long run. If you evaluate carefully what you can afford, you might also do your small part to jump-start the slumping economy.
Invest in your home. The downturn in commercial home building has freed up first-rate builders and landscapers who are now willing to work on much smaller projects than they would have considered at the height of the building boom—and for a premium price. If you’ve been putting off home repair, renovation or maintenance now is a good time to move forward.
Purchase a reliable automobile to replace any vehicles nearing the end of their useful life. While we normally don’t consider an automobile a “real” investment, there are great deals to be had for buyers who have cash available. If it saves you paying a higher price later on a car you can keep for several years, now’s a very good time to buy.... read the rest of the story by Subscribing now.