Every month you tell yourself things will get better, but after a certain amount of time has passed you realize it may not. If your family or you are experiencing a downturn in your financial picture, it may time to decide to make some serious changes. Studies have showed that in the last recession of the 90’s a huge majority of those that got laid off, did not recover financially to what they made. By being proactive you may save yourself a serious financial crisis down the road.
Should You Stay or Go: If you have found yourself trying to find a job in the area you live in with little to no success, it may be time to relocate. Many families are finding themselves leaving cities they grew up in because jobs in their fields are just not readily available. Do some research regarding where the hot spots are right now for your type of employment. You may just have to move to keep a roof over your head.
Sell The House: We may be in the worst housing recession this country has ever seen, but there are still people buying homes everyday. You may have purchased your home based on how well you were doing in the past years, but now as the decrease or lack of income may be playing a role, selling that house may be a smart move. Many people try to hold onto their home hoping things will be ok. But there has to be a point agreed upon by all parties, that if things do not improve selling the home and renting something cheaper may be a good idea. Check out the surrounding area you live in for rentals and their rates. If you have a family, keeping your children in the same school district may be your goal. Minimizing the expense of maintaining a residence can help stretch the income even more. Remember, in the future you can always purchase a home again.
Discuss the Finances: Hiding the finances from the family is the worst thing you can do. By discussing it and letting everyone know that it is group effort, things much less stressful in the house. This is a time to teach your children a valuable lesson about the real world. Life is all about ups and downs.
Look at Cost Cutting: Major corporations do it everyday and even have whole departments devoted to reducing costs and expenses. The same should go for your household. Do the kids really need all those channels on cable? Can you do without the land line at home? Can cellphone costs be cut? How about combining trips with the car for errands or places the kids want to go? Less buying out lunch and more bagging? Let teens get a part time job for their extra money. They are less likely to spend it on impulse items when they know its money they earned. Forget the housekeeper and let everyone pitch in. Make a list of all the items you spend money on each month and cut it down. Try using online coupon websites for savings.
Seek Counseling: For some people, who examine their finances, they may find that trouble is a lot closer to their door than they realize. Counseling about your finances may be a good decision. A counselor may decide that you are too deep into a financial position to be able to pull out. They may recommend credit counseling to try and consolidate your bills or even bankruptcy in a worse case scenario.
Examine your financial situation immediately, so you can make clearer decisions without the emotional turmoil than can happen as things get worse. Attacking it as a unit makes the decisions that have to be made much easier on all those involved. Your not facing this alone, as many other people around you, even some you know are dealing with it. Starting on this today, can prevent heartache and stress for tomorrow.