Unemployment Rate Continues to Soar

The unemployment rate has increased to 8.5% or 13.2 million Americans out of work. This also means that 13.2 million Americans do not have health insurance.

Now more than ever Americans must forever change their spending habits to ensure that they can survive a financial crisis. We don't know what the future holds for this country but we do know these things:

1. Buying things that you can't pay off in 3-6 months will lead to excessive interest and finance charges

2. Buying used vs. new will save you money

3. Living below your means will minimize the chances of filing for bankruptcy or foreclosure

4. Create an emergency fund with enough to cover monthly expenses for at least 3-9 months will reduce stress, anxiety, worry and minimize a financial crisis

5. Using a budget will help to track your spending, provide accountability and ensure you have responsible with your spending

6. Mimicking good spending habits will ensure your children practice good spending habits

7. Each time you use a credit card you are making the credit card companies rich and yourself poor

8. Saving for a rainy day does help

For now, we can only hope by the end of the year or early 2010 the country will have recovered and Americans will have learned a valuable lesson - save now or suffer later.