Families have been struggling to make ends meet in the midst of the recession, which has taken over almost every part of their daily lives. The recession has hit both low- and middle-class families and they have all had to learn hard lessons in cutting back and doing more with less when it comes to taking care of their families and paying the bills. When you add into the mix that many individuals have been out of work for extended periods of time, the news becomes even harder to bear.
Dealing with co-workers, commuting and punching a time clock are luxuries you may be taking for granted if you have been fortunate enough to have work. It's likely that during the first recession you took some belt-tightening steps and took a long hard look at your budget and learned to make cuts in specific areas. No longer do you go out to lunch with your coworkers - you're brown bagging it; no longer do you stop for a cup of specialty coffee - you brew yours at home. These were little changes that, while missing the luxury of the daily treats, can save you a lot of money. You also gave up movie nights and Friday dinners out in favor of movie box rental and making dinner together for a romantic time in.
Another change you can make is in your health and dental care coverages as well as your automobile and homeowner policies. Consider raising your deductibles and reducing some of the coverage items in your policies that you may have picked up before as luxuries. This could be a relatively painless way to save some money.
If there has been downsizing at your place of employment and you're concerned your department may be next, start funneling additional money into paying off your high interest rate credit and consumer card obligations. You will want to have as much cash available as possible in the event you get laid off.
If you have been paying into a retirement plan, you may be able to apply for a hardship loan against that plan, if necessary. Also, if you own a home and have equity built up, you may be able to take a home equity loan against it in the event you need cash. Taking loans against your home or your retirement plan should be a last resort, but it may be a comfort to know you have it available if you need it.
Dealing with co-workers, commuting and punching a time clock are luxuries you may be taking for granted if you have been fortunate enough to have work. It's likely that during the first recession you took some belt-tightening steps and took a long hard look at your budget and learned to make cuts in specific areas. No longer do you go out to lunch with your coworkers - you're brown bagging it; no longer do you stop for a cup of specialty coffee - you brew yours at home. These were little changes that, while missing the luxury of the daily treats, can save you a lot of money. You also gave up movie nights and Friday dinners out in favor of movie box rental and making dinner together for a romantic time in.
Another change you can make is in your health and dental care coverages as well as your automobile and homeowner policies. Consider raising your deductibles and reducing some of the coverage items in your policies that you may have picked up before as luxuries. This could be a relatively painless way to save some money.
If there has been downsizing at your place of employment and you're concerned your department may be next, start funneling additional money into paying off your high interest rate credit and consumer card obligations. You will want to have as much cash available as possible in the event you get laid off.
If you have been paying into a retirement plan, you may be able to apply for a hardship loan against that plan, if necessary. Also, if you own a home and have equity built up, you may be able to take a home equity loan against it in the event you need cash. Taking loans against your home or your retirement plan should be a last resort, but it may be a comfort to know you have it available if you need it.
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