This Day On The Street
Continue to site right-arrow
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
$1 buys you full access to ALL of TheStreet's Subscription Services! Learn More

Personal Finance Predictions for 2009

Some other changes you are likely to see at work are the reduction of business travel, freezing of wage freezes and cancellation of bonuses. Business perks that you currently take for granted can have a significant impact on your budget if you don't take their possible elimination into account. Look at what perks you do take advantage of that your company offers and consider what changes you'll need to make to your own personal finances if these are eliminated in 2009.

Deals will abound for those with cash. For those without debt and with a healthy savings account, there should be plenty of great deals to choose from. With most people severely cutting back on their spending, businesses will be forced to offer great deals to get customers in the door.

If you have been thinking about making a major purchase, this could be the perfect year to do so. If you have been planning a dream vacation, chances are that you can schedule it for a fraction of the price you would have had to pay in years past. If you have been planning a home remodeling, you should be able to find top-quality contractors charging much less than what they were during the housing bubble.

It may be that 2009 will be a fantastic time to get great bargains on virtually anything that you have been saving up for and a time to start taking advantage of the savings that you have accumulated.

Bargaining will become easier. One of the greatest money-saving skills you can develop will become even more valuable in 2009. Being able to negotiate is no longer limited to car dealerships and flea markets. The ability to ask for and receive a better price than that marked on the item's price tag should be easier as more places should be willing to do so to get the sale.

Understanding that you can negotiate the price of most products and services, often times by much more than you think, will allow you to get even better deals on the things that you need in 2009.

Many of the small businesses you enjoy will disappear. Businesses of all types are going to have a terribly rough 2009 with none more so than the local establishments. That trendy little shop that you love to browse and the little café with the fantastic desserts have a good chance of becoming casualties of the economy in 2009. If you have a little extra money to splurge, consider frequenting these establishments as it may be one of the last times you can enjoy your favorite store.

It's important to set aside a little time to consider likely events that you believe will impact your finances. While it is impossible to predict everything that will happen in the future, making quality educated guesses will place you in a much stronger financial position to weather possible problems that occur.

Jeffrey Strain has been a freelance personal finance writer for the past 10 years helping people save money and get their finances in order. He currently owns and runs SavingAdvice.com.
3 of 3

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!

Markets

DOW 17,879.35 +51.60 0.29%
S&P 500 2,072.11 -0.72 -0.03%
NASDAQ 4,806.6980 +19.3810 0.40%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs