Tag: managing money in tough times

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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 …

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Stretch Your Food Dollars at Home

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, …

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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 …

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What are Your Resources?

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 …

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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.

 

calculator

 

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 …

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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 …

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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.

 

calculator

 

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 …

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Teaching Children Coping Skills

TEACHING CHILDREN COPING SKILLS

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 …

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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
…
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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…

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