financial crisis and individuals Archives - Page 2 of 2

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, 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, 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

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, 2019May 30, 2019

Debt Management in Tough Times

Debt management involves developing one or more strategies to help a debtor get that debt under control.

Should you shop for a lower interest rate on your debt?

• This can be a good option, if it substantially reduces your monthly payments and the refinancing is not too costly. Inquire whether other higher cost debts can be rolled into the lower cost loan.

What if you can’t pay your bills

• Prioritize your debt. Keeping a roof over your head …

May 30, 2019March 19, 2020

Accepting Your Feelings

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.…

May 30, 2019May 30, 2019

Having a Spending Plan is Critical

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 …

May 30, 2019May 30, 2019

When Prices Rise: Living on Your Income

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 …