Building an Emergency Fund

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.

 

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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 …

Freeing Up Money from Services

Worried man and woman.

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 …

What is Your Net Worth?

A net worth statement, sometimes called a financial statement, measures wealth or how much we are worth – at one point in time.

 

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What are your assets? Assets include cash and other items of value that can be converted to cash. Some assets are more difficult than others to convert to cash. Be careful not to overvalue personal belongings, such as televisions and furniture as these often lose value over time.

 

• How much do you have in cash or …

Things You Can Do When Money Is Short

 

older couple biking
  • Think about things you have been spending money on that you can do without – movies,magazines, music, gas, sodas, etc.
  • Think about ways to earn money – baby-sitting, pet sitting, mowing lawns, delivering papers, etc.
  • Think about ways to stretch the money your family does have – sew or mend clothing,garden, baby-sit for younger brothers and sisters, prepare meals, etc.
  • Turn off the lights, television, stereo, and other small appliances.
  • Take shorter showers to cut down on the hot

Keeping a Roof Overhead

 

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…

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 …

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.

shopping

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 …

Sizing Up Your Financial Situation

Image:Woman with bills feature.jpgSometimes 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 …

Tips for Teens: How to Contribute to Family Needs During Tough Times

If your family is going through tough times
financially, consider ways you can contribute.

Asking your parent(s) to talk with you the family budget and being
willing to take some action to help is the first
step to gaining respect and to demonstrate
responsibility as a family member.

teen with cash

Cost?savings things that you can do to help with family expenditures are:

• Turn off lights, televisions, or other
electronics when not in use.

• Take shorter showers to cut down on …

Doing Things Together as a Family for Less

Doing Things Together as a Family
…for LE$$

Man and boy

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 …