Tag: oil spill

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Meeting Your Insurance Needs

MEETING YOUR INSURANCE NEEDS

When your income or personal situation changes,
review your insurance coverage. If your income
decreases because of a layoff, illness, disability,
divorce, or death of a breadwinner, you may find it
extremely difficult to pay insurance premiums. If
this happens, you should first determine your
minimum needs for insurance. Then, call or write
your agent to check into a different payment plan
that allows you to keep your coverage. Or,
investigate plans with lower premiums.

Insurance …

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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 …

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Deciding Which Bills to Pay First

DECIDING WHICH BILLS TO PAY FIRST

When you do not have enough money to cover your family’s basic living expenses and pay all your creditors, you face some difficult financial decisions.

When family income is reduced, your spending habits must change. The sooner you change, the more likely your financial problems can be lessened. Your family should be part of the decision-making process, since their cooperation is essential to carry out the plans.

When your bills exceed the money available …

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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 …

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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 …

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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.

man at table

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 …

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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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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 …

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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.…

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Having a Spending Plan is Critical

A spending plan or budget is a plan for spending and saving family resources to meet identified goals.

money and records


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 …

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