Prevent Food Waste
• Cut down on the amount of food you throw away; freeze leftovers or use them in recipes like soups or casseroles. aInstead of thinking “leftovers” – think “planned overs.” Have a plan to use excess food from one meal, whether by using it within a few days or freezing it for the future.
• Take leftovers for lunch instead of eating out. Store properly to keep foods safe to eat.
• Before buying an unfamiliar food, …
An emergency fund is money set aside in a readily accessible savings account for unanticipated events such as unemployment, medical bills, and car repairs. A sum of money to cover basic living costs for three to six months is recommended.
Accumulating Liquid Assets
• These are assets that can be easily converted to cash.
• The majority of these funds should be in accounts that have easy access, like checking accounts.
• Regular or passbook savings and money market accounts …
Utility Budget Plans
You can work with your service provider so that your monthly bill is based on an average of the previous year’s monthly bills. This is usually called “level billing.”
However, if you exceed the budgeted amount, you could end up owing money at the end of the current year or your fixed payment will increase next year. In some cases, a utility company may make an adjustment during the year, if useage is greatly exceeding the estimated …
Importance of Communication
• When the family is facing tough times, family
members need to lean on each other more
than usual. Talk to each other respectfully and listen to
each other’s concerns.
• Conflict and disagreements are normal, especially when family members are stressed. Give each person a chance to share his or her view of things, without interrupting or judging. Keep an open mind and listen for new information and good ideas.
• In tough times, family schedules …
Doing Things Together as a Family
…for LE$$
Take advantage of local public resources:
• Spend time together at the park or local community festival.
• Go for hikes or bike rides.
• Go for a family picnic.
• Go swimming at the local pool, lake, ocean, or
springs.
• Take advantage of free programs offered by
the library, museums, and community bands
or orchestras, or other free community events.
• Check out books, music, and videos for free
from …
Adult children move in with their parents for a number of reasons, including economic hardship. As this move will change the parents’ household expenses, adult children have a responsibility to contribute to the upkeep of the household. It is important to talk openly and honestly about money arrangements before the adult child moves home. Be as specific as possible and put the arrangement in writing for all parties involved.
Costs of Maintaining Household
What is the current monthly cost for …
Many teens work for extra money but rarely are
their earnings used as a contribution to the
family’s economic wellbeing. Research of teen
employment reveals that costs for
transportation, clothing, and food away from
home actually increase with teen employment.
Involving teens in family problem?solving helps
teach them the reality of managing money and
distinguishing between needs and wants. Asking
teens to help with household expenses will need
to begin with an open sharing of a family budget,
income, and …
A spending plan or budget is a plan for spending and saving family resources to meet identified goals.
What is the type of expense?
• Fixed expenses occur on a predetermined
schedule and are for a set amount (such as a car
payment or rent).
• Variable or flexible expenses usually occur on a
predetermined schedule, but may change in
amount (such as a cell phone or utility bill).
• Discretionary expenses are ones that are
totally up to you …
An increase in the price of goods and services can be traumatic. When you have to pay more for things like gasoline, food and health care, other difficulties may arise, especially if you are retired and/or are living on a fixed income. Realizing that your income does not go as far as it used to, even in covering the basics, can be alarming.
An increase in the price of one essential product may trigger an increase in the price of …
