Coping With Reduced Income

616 views

Published on

This presentation gives simple strategies for coping with reduced income.

Published in: Economy & Finance
0 Comments
0 Likes
Statistics
Notes
  • Be the first to comment

  • Be the first to like this

No Downloads
Views
Total views
616
On SlideShare
0
From Embeds
0
Number of Embeds
1
Actions
Shares
0
Downloads
0
Comments
0
Likes
0
Embeds 0
No embeds

No notes for slide

Coping With Reduced Income

  1. 1. CopingwithReduced Income<br />25/02/2010<br />1<br />UAPB Cooperative Extension - Family Resource Management Program<br />
  2. 2. Whyisthis important?<br />When income is reduced:<br />Research shows that many families wait three to six months before cutting their expenses.<br />During this period much of the damage may be irreversible.<br />It is important to take immediate action and be willing to make some hard decisions.<br />25/02/2010<br />2<br />UAPB Cooperative Extension - Family Resource Management Program<br />
  3. 3. In this workshop we willdiscuss..<br />How to decidewhich bills to pay first <br />How to handlebills you can’t pay<br />Strategies for spending less<br />Reducing stress<br />Helpingchildrencope<br />25/02/2010<br />3<br />UAPB Cooperative Extension - Family Resource Management Program<br />
  4. 4. Deciding which bills to pay first<br />25/02/2010<br />UAPB Cooperative Extension - Family Resource Management Program<br />4<br />
  5. 5. Size up your situation<br />List every bill and the payment amount.<br />What will affect your family's health and security most?<br />Whatwill you lose if the bill is not paid?<br />Do you owe child support, back taxes, or student loans? <br />Do you have outstanding balances on credit or charge card accounts? <br />25/02/2010<br />5<br />UAPB Cooperative Extension - Family Resource Management Program<br />
  6. 6. Set Priorities<br />Housing<br />Utilities<br />Food<br />Transportation<br />Medical Care<br />25/02/2010<br />6<br />UAPB Cooperative Extension - Family Resource Management Program<br />
  7. 7. Handling bills you can’t pay by talking to creditors<br />25/02/2010<br />UAPB Cooperative Extension - Family Resource Management Program<br />7<br />
  8. 8. Where to begin..<br />Determine how much money you have to pay the debtsyouowe.<br />Contact yourcreditors and explainyour situation. <br />Negotiaterealistic plans<br />Reducedmonthlypayments; Reduce or drop late charges; Refinance loanat a lowerinterest rate; Payinterestonly; Deferpayments; Request permission to sell item.<br />25/02/2010<br />8<br />UAPB Cooperative Extension - Family Resource Management Program<br />
  9. 9. Collection Calls<br />Keep a record<br />Remaincalm<br />Dispute debts in writing<br />Do not panic about threats to ruinyourcredit rating<br />Stop persistent calls <br />25/02/2010<br />9<br />UAPB Cooperative Extension - Family Resource Management Program<br />
  10. 10. Strategies for spending less<br />25/02/2010<br />UAPB Cooperative Extension - Family Resource Management Program<br />10<br />
  11. 11. CuttingExpenses<br />Make a spending plan<br />Cut flexible spending<br />Food<br />Utilities<br />Phone<br />Cable or satellite TV<br />Householdupkeep<br />Transportation and vehicle upkeep<br />Clothing and personal costs<br />Education and recreation<br />Child care, elder care<br />Before buying ask yourself..<br />Do I already own one or know someone else who does?<br />Can I do without it?<br />Can I substitute something else that costs less?<br />Can I use my own skills to make it myself<br />Can I buy it later<br />25/02/2010<br />UAPB Cooperative Extension - Family Resource Management Program<br />11<br />
  12. 12. Reducing stress<br />25/02/2010<br />UAPB Cooperative Extension - Family Resource Management Program<br />12<br />
  13. 13. Reducedincomeisstressful<br />Recognizeyour feelings.<br />Talk withyourfamily.<br />Use your support network.<br />Take mental and physicalhealth breaks.<br />Make the most of your time.<br />Seekprofessional help if necessary.<br />25/02/2010<br />13<br />UAPB Cooperative Extension - Family Resource Management Program<br />
  14. 14. Helping children cope<br />25/02/2010<br />UAPB Cooperative Extension - Family Resource Management Program<br />14<br />
  15. 15. Spendingdecisions affect the wholefamily<br />Talk withyourfamily about your situation.<br />Let them know youneed to change yourspending habits, and explain the choices.<br />Involvethem in decidingspendingpriorities.<br />Listencarefully to eachperson’sconcerns.<br />25/02/2010<br />15<br />UAPB Cooperative Extension - Family Resource Management Program<br />
  16. 16. Discussion and Questions?<br />25/02/2010<br />UAPB Cooperative Extension - Family Resource Management Program<br />16<br />
  17. 17. UAPB Cooperative ExtensionFamily Resource Management ProgramRita D. Conley, Extension Specialist<br />25/02/2010<br />UAPB Cooperative Extension - Family Resource Management Program<br />17<br />conleyr@uapb.edu<br />870-575-8805/7211<br />http://www.slideshare.net/conleyr<br />

×