Keeping a roof overhead is an important concern
when your income drops. If you rank your bills in
order of priority, chances are housing is at or near
the top of the list.
When you are under the financial stress of reduced
or lost income, one of the biggest expenses is
housing. Housing expenses include mortgage or
rent payments, insurance, taxes, household
maintenance and repair, utility bills, furnishings,
and cleaning supplies.
When income drops, careful planning can help you…
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 …
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
Food Shopping Starts at Home
Most of us can change our food spending habits in
ways that make each food dollar go further and still
improve nutrition. Before dashing …
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 …
People respond to a personal crisis with many feelings: anger, anxiety, outrage, self doubt. They may be hostile – lashing out at those closest to them. Or, they may become moody and depressed. Their tension may show up as restlessness, loss of appetite, loss of interest in sex, insomnia, and feelings of apathy and exhaustion. While some of these symptoms may be unpleasant, they are normal, predictable reactions of people experiencing a loss or critical change in their lives.…
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 …