Look on the bright side

My income is fixed with very little savings. I constantly read about all the layoffs. Should I have a more optimistic approach?

Q. I am a single male in his early 30s. I am deeply troubled about the impact this recession may have on my job and lifestyle. My income is fixed with very little savings. I constantly read about all the layoffs. Should I have a more optimistic approach? — Dale, B.C.

A. The media does a great job reporting bad news because it’s what many tune in for. What’s more interesting: “100 families lose jobs, homes, must live in homeless shelters” or “Mom buys new mini-van to drive kids to dance class”?

Personally, I see the glass as half full. However, optimism is not a bubble that is oblivious to world economic issues. This may be an opportunity to look closer at your work ethic, organize priorities and formulate a contingency plan.

Individuals cannot eliminate the anxiety of losing a job, or how to pay next month’s mortgage, but can take steps to manage stress: Sit back and take inventory. Create a budget or review your monthly cash flow. Be objective and cut unnecessary expenses. Start a savings account for rainy days and take a sincere interest in your job.

– Henry Choo Chong, CGA, can be reached at choochonghcga@yahoo.ca and
416-485-5225.