What to do when you have big problems
i was reading an article that gave tips on what to do when you run into big money problems. Here are the suggestions it gives...
Know you are going to have to do things you dont want to do and give up things you want to keep.
evaluate the situation know how much is owed out and what is coming in. If there are more bills than what is coming in act fast.
determine where you can cut back....here is a list of places where you may be able to cut
Phone (cell and land line)
Cable or satellite
Cancelling subscriptions to magazines
Obtaining free or reduced lunches for your school age children
Increase your insurance deductibles and Remove any unnecessary coverage
Quit dining out
Determine if there is anything you can sell or cash in on examples
Borrow from your 401k
Sell a second car or boat
Cash in life insurance policies
Collect unpaid debts owed to you by friends and family
Cash in any Cds, investments, etc.
Sell jewelry and other valuables
Make sure your necessities are covered
food, shelter,utilities, necessities for your particular family, important loans (those that are needed to keep you going)
distribute any extra money between other bills
if you are going to be late call the creditor
work with creditors but know your rights
most important look for regular income (may have to take what you can get)
get organized, do what you say you will do, dont let emotions cloud judgements and learn from your experience so you can be prepared if it happens again.
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Re: What to do when you have big problems
Times in general are getting real tough. There is very little on the list that I could do to cut cost any more than I already have. We never eat out, we never eat junk foods. Our only entertainment is watching a dvd at home and new dvd's are borrowed form the library not bought! We canceled our trash service because it kept going up and this last quarter it was up to $94! We burn and bury now. As soon as DH retires we'll ditch our cell phones and just get one prepaid one to keep in the car for emergency use only. Our insurance is already bare bones. We put a pellet stove in and set our furnace to 60 and so far we've only had the furnace click on a couple of times when it was really cold and strong winds. When you find yourself making your own chips & crackers you know things have already gotten pretty darn bare bones! We also installed ceiling fans to move the heat through the house. A $500 Utility bill would kill me, I'd have to make payments that's for sure! Hope you make it through this winter!
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