Simple Ideas to Help You When You Face Financial Hardships
Dealing with Financial Hardships When You Have to Take Time Off from Work
Many families today are only one paycheck away from financial hardships. When you are caring for a child with special needs, and trying to hold down a job, you worry what will happen if you have to take time off work when your child is ill.
Your life is likely already stressful; we do not have to tell you that. The added stress of not knowing how you will pay the rent/electric bill/ water/phone or put food on the table can send you over the edge, especially at a time when you are also worried about your child.
How do you manage to keep afloat during these challenging times?
Hopefully, you can use some of the tools below to help meet your financial obligations.
Where Do You Begin When Facing Financial Hardships?
The best thing that you can do right away is to sit down and evaluate the situation. Start out by making a list of all expenses for the next week and month. Prioritize these expenses and number them in order of importance and when they must be paid.
What can you put off for a month or longer? Perhaps you can call your credit card lender and explain the situation or ask for a lower interest rate or term extension. You never know what they can do, or will do, until you ask.
Speak with your landlord, mortgage holder, auto loan company about payment options. You may be able to restructure your loan. Perhaps you can pay a portion of a bill at a time, rather than the full amount all at once. Utility companies will also try to work with you when you ask.
Can you get rid of some of the extra cable or satellite stations while you get back on your feet? Many people can cut their cable bill in half or buy a $10 antenna and “cut the cable-cord” completely.
Look to see where you can save money, whether it means eliminating outside meals or that designer coffee you buy each day.
Finding ways to save money and lower your expenses is crucial. If you use a cellphone, maybe you can cancel your landline. Most of all, make the calls. Avoiding the expenses will not make them go away – it will only worsen the situation.
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