So - has the current crash changed plans or lifestyle for anyone? I know for myself, I'm keeping a close eye on available cash and cashflow. Unfortunately its been an expensive year for me so cash is thinner than usual, and I'm getting married next year so it'll get worse. It's a precautionary thing for me, but I'm putting together a much more detailed cash forecast for next year. Never really had to do something to this extent as I've been fortunate, but I figure it's a very prudent measure... Depending on this forecast I may adjust wedding and vacation plans....
While my day to day isn't going to change, I think I will scale back on the discretionary spending. Not a bad thing to do regardless I guess.
A friend of mine just took possession of a house today. I hope to Jeebus he assembled his downpayment before the crash - waiting an extra week could have left him scrambing for 40% more. I cringe at the thought.
I've also applied for one of those 0% for 15 months credit cards. I'll balance transfer the cash off of it to a high interest account just for liquid access to cash. A hell of a lot less than my line of credit (0%!), only for emergency use, and a reminder to pay in 14th months time. The key of course, is not to touch this cash unless absolutely needed. Paranoid - maybe, but I'm pretty sure personal credit will have it's taps shut off next so better safe than sorry. Especially when it doesn't cost anything.
I make routine contributions to savings and while I'd love to DCA some of my existing investments... I think it's best to hold cash right now, especially with immediate needs for it coming up. I need to look into a TFSA for this year anyways, might as well just squirrel it up into one of those, otherwise the after tax return on a high interest account won't even make inflation...
|