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Posts Tagged ‘times tight’

So you’ve been laid off or your business is just not producing like it should. What do you do? Unfortunately, most families do not adjust their spending habits until six months after their income has been reduced and then often the first things to go are benefits such as life insurance, disability insurance, health insurance, saving for retirement, etc. After all you’ll only miss them if you need them. And really how can you prepare for the future when it’s a struggle to provide for your family now?

But is it?…

Stay Positive – Change Your Way of Thinking

A Family Affair

Think about what you CAN do

First of all you need to stay positive. Most often the ‘dread is worse than the deed’. Don’t think about what you can’t do, think about what you can do with what you have. Make ‘doing without’, ‘doing instead’. Substitute going to the park in place of going to the movies, and camping in place of staying in a hotel. Take advantage of ‘freebies’, such as concerts in the park, walking, bike riding, etc. Volunteer to help others. This will help you to appreciate what you have and help keep your feelings of self-worth from becoming despair.

Buying Only What You Need

Before making a purchase ask yourself:

Do I really need this or do I want this?
Can I postpone getting it?
Can I get it for less?
Can I make it or repair the one I have?

Make It a Family Affair

If you think you are protecting the family by not talking about your financial situation, you are wrong. They are stressed too though they may not show it. Call a ‘family meeting’ and discuss the need to cut back. Ask them for ideas on how they may be able to cut back and discuss the ways that you plan on cutting back. Most arguments between couples are concerning finances, but you can make it a means of bringing the family together. But, don’t expect too much too soon. Just as it will take time and effort for you to change your habits and way of thinking, the same is true for your family.

Get more financial advice at getfinancialadvice.com.

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