Managing Your Money in Challenging Times

Track your house expenses – identify those areas that need to change, implement a realistic budget for the family, and then stick to it to stay on track with your financial obligations.

Talk openly and honestly with your family about how you can work together during these challenging times.

Always keep lines of communication open with your lender. As soon as you know you may have difficulty meeting your loan payments, contact your creditors to arrange a plan, or contact an FFEF counselor to obtain help to work out a payment plan with your creditors.

Use your credit card wisely -only put on your credit cards what you can afford to pay back the same month. Don’t use credit cards for every day expenses. This will only make things harder.

Protect your credit score – review your credit report at least once a year to check for identity theft or inaccuracies; call an FFEF counselor to get a CSR (Credit Score Review).

Keep an emergency fund worth three to six months of your monthly expenses. If you don’t have an emergency fund, try to start one.

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Don’t try to cut costs by canceling your insurance – Keep up with your insurance payments, and your protection against medical costs or major loss of personal property, like your home or car.

Learn about money. Financial literacy has never been more important than now. Get as much information as you can, and make sure you use all your resources.

 

Find other Financial Tips on our web site at www.accesseducation.org

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