Catching My Breath and Hoping for Better Economic News

February 21, 2009 by  
Filed under Blog

It’s been a busy week for our government economic planners but nothing that they have announced has instilled confidence in the markets.  Just the opposite seems to be true.

I have had a busy economic week as well, posting my thoughts here and at Go To Retirement,  I have also continued doing my bit as a volunteer tax returner.  This weekend I am hoping to catch up on some other parts of my life and try not to think about all of the bad economic news.

I wanted to mention a couple of things of possible interest.

First, over at Go To Retirement I wrote a piece on ways we are cutting expenses to avoid having to cut our lifestyle.  There is also a link in that article to a great list of cost-savings tips compiled by the AARP.

Over at the Lazy Man and Money blog, I wrote a guest post on how to help your parents cope with damage to their retirement nest egg.  If you have parents in that situation, it might be worth your time to read.

Pinyo at Moolanomy wrote a piece on reasons why you should not pay off your mortgage early in a bad economy.  This was interesting to me considering that this is exactly what we did last week!  Pinyo has some valid arguments but some of them are based on assumptions that may have been valid a year ago, but perhaps not now.

As a follow-up to my article earlier this week on how to be your own financial planner, I was reminded of an excellent resource for using financial calculators in your life and business.  Certainly the use of such calculators is helpful if not critical to putting together savings, debt reduction, and investment components of your plan.  The site is It’s free.  Check it out.

I haven’t finalized my thoughts on the President’s mortgage rescue plan. I have been thinking about that subject and plan on publishing something tomorrow.  For now, let’s just say there are plenty of unanswered questions.

Have a great weekend and join me in hoping for some glimmer of good economic news next week.

Image credit:  Rodolfo Belloli

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3 Responses to “Catching My Breath and Hoping for Better Economic News”
  1. MasterPo says:

    Regarding cutting expenses, my wife and I have taken a deep hard look at what we can cut. In short – not much! We already scaled waaaay back on eating out (not that we go to fancy resturantes anyway when we go out but even the local diner can now be $40 for the two of us for dinner). We’re cancelling our Netflix and XM radio subscriptions. And probably won’t be taking any trips more than a couple of 3-day local weekends.

    But that’s it.

    There’s nothing else we can cut back on.

    Can’t cut back on electricity, heating oil (I aleady keep the thermostat at 65 max even on the coldest nights!), insurance, repairs, food, medicine, transportation (travel to/from work mostly these days), etc.

    So anything we do cut back on like Netflix and XM is merely reducing pennies compared to the dollars we are hemoraging these days just to survive.

    I’ve read many articles on cutting back and they all say the same things. Just pennies would be saved by comparison to the real dollar costs.

    Any further ideas would be helpful.

  2. There is nothing either good or bad. Only thinking makes it so.

    Mr. TML – You don’t need to hope for better news, all you have to do it look for it. You’ll find it.


  3. Pinyo says:

    TML – congratulation on paying off your mortgage. I guess my title is a bit misleading since I geared the article toward people who are prepaying but can’t quite finish off their mortgage. Whith this in mind, I think it’s better to hold on to the cash as part of their emergency funds given the economy.

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