Times are rough and we all have been affected by what's been going on with the economy. If you happen to have been hit harder for instance you've lost your job and it looks as if you're not even going to have enough money to be able to get food to feed your family, don't give up hope. There are some ways that you can get over this and survive this financial crisis. However, you can't sit around moping about it, you need to take some action in order to be able to get your financial situation stable again.
You are going to need to sit down and figure out just how much money you really do have. This means you will need to add up any and all money you might have in a checking account, savings account, retirement plans, 401k, and any other sources of money that you might have.
Next you need to figure out how much your assets are worth. This would mean your car, home if you own one, furniture and anything else that might be considered as property and has value.
Once you have done these two things you will need to sit down and write down all of the bills that you have and this should include:
- Car payments
- Credit cards
- Mortgage or rent
- Other loans
You will also need to include things like insurance, health and car, your utilities an other bills that you might be paying like a cable or Internet bill.
After you know where you stand with your debts one of the first things you should do is to see how the debts compare to how much money that you have on hand. Once you have figured this out, you may want to go a head and contact your creditors and let them know of the situation that you find yourself in. This would be a good time for you to try and negotiate with them to see if they can lower your payments in order for you to afford to be able to pay the bills. Most creditors would rather get some money than no money at all.
You are also going to have to figure out how you are going to change your spending habits and this needs to be done as soon as possible. Like right now, after you finish reading this. You need to make sure that all of your excess spending is completely stopped as well as stop buying the expensive or brand names. You need to cut down on all of that. You should also consider getting rid of your cable service and if you can't get rid of your Internet at least go down to a lower speed for a less expensive payment.
When you are in a situation like this you will need to completely cut out going out to eat and budget your grocery spending as well. By not going out to eat you can save yourself hundreds of dollars. When you shop and go with all generic brands and stay away from expensive meal planning, you again can save hundreds of dollars over a period of time. Make sure that you only buy things that you absolutely need and hold off on buying anything frivolous.
Sit down and start making a plan of action for finding a new job. With as bad as the unemployment is out there it's probably a good idea that you look for any kind of work, even if it's not at the same pay scale that you are use to. Finding some source of income for the time being is what is most important.
If worse comes to worse and you have an extra room, you might want to consider renting the room out so you can get a little bit of extra income in. However, be extremely careful when doing this, unless you can find someone you know that is in need of some place to stay.