Financial Security for All Archives - Page 36 of 65

May 30, 2019May 30, 2019

Meeting Your Insurance Needs

MEETING YOUR INSURANCE NEEDS

When your income or personal situation changes,
review your insurance coverage. If your income
decreases because of a layoff, illness, disability,
divorce, or death of a breadwinner, you may find it
extremely difficult to pay insurance premiums. If
this happens, you should first determine your
minimum needs for insurance. Then, call or write
your agent to check into a different payment plan
that allows you to keep your coverage. Or,
investigate plans with lower premiums.

Insurance …

May 30, 2019March 23, 2021

Sizing Up Your Financial Situation

Sometimes unforeseen events in life challenge us. Regardless of the reason, you need to take charge during these challenging times.

SIZING UP YOUR FINANCIAL SITUATION

Sometimes unforeseen events in life challenge us. They may include unemployment, downsizing, a disability, natural disasters, divorce, or widowhood. Regardless of the reason, you need to take charge during these challenging times. When faced with reduced income or increased expenses, you need to develop a spending plan to help pay your bills. If your income …

May 30, 2019May 30, 2019

Coping With Stress

COPING WITH STRESS

Unexpected income changes are among the most
stressful events a person can experience.
Unemployment, a disaster, divorce, or the death of
someone you love can be personally devastating
and can trigger the same reactions.

Personal Crises Are Stressful

In a personal crisis, you may feel tense and angry.
You may have mood swings and find yourself
lashing out at others. Feelings of frustration can
lead to family arguments. You may feel depressed
and discouraged. These feelings may …

May 30, 2019March 19, 2020

Making the Most of What You Have

When your family income drops suddenly or
expenses unexpectedly increase, your first concern
may be how to pay your bills and meet your day-today
expenses. It is also important to look at your
total financial picture and determine which assets
you might use to meet family obligations.

Determining Your Net Worth

A net worth statement is a financial balance sheet.
It is a calculation of your assets (what you own)
minus your liabilities (what you owe). Preparing a
net …

May 30, 2019March 23, 2021

Controlling Spending

When the family faces reduced income, take
immediate action to stop all excess spending.
Whether your situation is temporary or extended,
you need to get the most for your money.

Studies have found that many families do not
adjust their lifestyle for about six months after
their income is reduced. That six months of
ignoring the situation can bring disaster. When
you take charge of your financial situation
immediately, you are making a positive
contribution to your family’s well-being …

May 30, 2019May 30, 2019

Managing Stress in Financial Crisis

Sources of Stress

Prices rise but your income stays the same
Cut‐backs, layoffs, or other restructuring creates job instability
You feel frustration with family members’ spending or debt
You have medical, automobile or household expenses that pile up
An unexpected event or crisis creates money problems for the family (illness, death, divorce, etc.)

Take Care of Your Body

Try to eat a healthy and balanced diet.

Take time for an enjoyable physical activity to relieve stress.

Get enough sleep. We …

May 30, 2019May 30, 2019

Deciding Which Bills to Pay First

DECIDING WHICH BILLS TO PAY FIRST

When you do not have enough money to cover your family’s basic living expenses and pay all your creditors, you face some difficult financial decisions.

When family income is reduced, your spending habits must change. The sooner you change, the more likely your financial problems can be lessened. Your family should be part of the decision-making process, since their cooperation is essential to carry out the plans.

When your bills exceed the money available …

May 30, 2019May 30, 2019

Making Extra Money

Odd Jobs

Think about the type of skills or equipment you have that others may need. Can you change the oil in their car? Make a birthday cake? Clean their gutters?Consider that your time may be helpful to others if you have free time when they do not. You can find odd jobs in the classifieds section of local newspapers or web sites like Craig’s List.

reading paper

Bartering

Trading goods or services with others may not yield cash, but it …

May 30, 2019March 23, 2021

Stretching Your Food Dollar

Grocery shopping can be a real challenge,
especially if you are on a limited budget. However,
food is a flexible budget expense which can be
reduced when money is tight. By planning ahead
and managing your money wisely, you can still serve
meals which are appetizing, easily prepared, and
nutritious.