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Manage My Money During Job Loss |
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How to Manage My Money In a Bad Economy - Most American consumers for a first time are worrying about "how to manage their money" during a bad economy. Making wrong personal moves can immediately effect their personal finances and fall from a bad to a worst financial situation. Obtaining cash through credit cards, retirement plans or home equity loans could end up being a costly quick fix.
Using Credit Cards during a Job Loss - Don't continue to spend with credit cards during a job loss. The reality is that it typically takes a job seeker 1 month to replace $10M of lost income. So it can take 5 months to replace a $50M a year job.
Rather than contining to charge credit cards, you should identify ways to spend less. Cut down on these tyoe of expenses: too many restaurants, nights out at the movies... Buy Dunkin Donuts coffee instead of Starbucks coffee. Remember that "cutting back expenses is better than cutting out".
Sit down with your current bills. Most bills have errors, so look at your cable tv bills, cellphone plans and trade-down to lower-cost alternatives. |
