Having a Spending Plan is Critical
Debt Management in Tough Times
Freeing Up Money from Services
Saving Money at the Gas Pump
Stretch Your Food Dollars at Home
Stretch Your Food Dollar: Keep Food Safe
Doing Things Together as a Family for Less
Keep Lines of Communication Open
Tips for Teens: How to Contribute to Family Needs During Tough Times…
Losing a job or otherwise experiencing a loss of income is a challenge in the best of times. In the current economy, it is essential to MAP OUT a plan to get back on your feet again. The PowerPoint presentation, fact sheets, and activities below are designed to help you MAP OUT your plan.
When the money gets tight, it is important to know what resources you have. Resources can be described as assets (time, money, energy), materials, or capital (other funds) which can be used to accomplish your goal.
What are your financial resources?
• Make a list of all of your assets, or everything that you own.
• Distinguish between financial assets (bank accounts, investments, retirement accounts, etc.) and physical assets such as cars, home, or personal possessions.
• Which financial assets …
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 …
A net worth statement, sometimes called a financial statement, measures wealth or how much we are worth – at one point in time.
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 …
Children are capable of learning and utilizing coping skills that will help them through difficult situations. Adults frequently become so preoccupied they forget that tough times have an emotional as well as a financial impact on their children. Children depend on their parents for emotional security. When parents are tense, upset, and inattentive, it disrupts the flow of normal activities.
Losing a job or income affects all members of the family. It can mean sudden lifestyle …
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…
