Oklahoma City was recently named by Forbes Magazine as the most recession-proof city in the United States, with the magazine citing the city’s falling unemployment, strong housing market and solid growth in manufacturing, energy and agriculture. That’s great news for our members living in this area, but few people are exempt from rising prices on staples such as food and gasoline. Many tax payers already have their tax rebates in hand, which the government hopes they will spend to stimulate the country’s sluggish economy. We encourage our members to consider spending this (or any) extra cash wisely. TFCU Financial Education Program Manager Cynthia Campbell offers these suggestions for smart spending of extra money:
- Pay down high interest credit card debt.
- Start or add to an emergency fund (three to six months’ living expenses).
- Invest it for the long term in an IRA or other long-term vehicle. There are some great buys out there.
- Beef up your child’s college fund.
- Schedule the car for maintenance. A well-maintained vehicle will save money over the long run.
- Do something special for yourself (weekend get away/massage/nice dinner, etc.).