Many of us would describe ourselves as street smart, or perhaps book smart. But how many of us can honestly say we are money smart?
With the failing economy, now more than ever, people across the nation are reevaluating their financial standing. Karen Chan is an extension educator at University of Illinois Extension, specializing in consumer and family economics. According to Chan, having a written plan will give people a realistic sense of the economic situation.
“Do a budget or a spending plan where you’re listing out all of your kinds of income and all of your expenses,” Chan said. “When you’ve done your budget, you may be able to sit down with your family and say ‘Here’s what we used to spend. We can’t spend that much any more. Together we need to decide which of these things we can cut and which we can reduce.’ If your family is operating as a team, it should be easier on everyone.”
If someone is now living on only a fraction of what they used to earn, this is the time to prioritize our spending.
“One of the things you ask yourself is what are the consequences if I don’t pay this particular bill. Let’s look at a car loan for example,” Chan said. “If you need that car in order to hold a job, that’s probably a bill that you need to make a priority.”
Although paying one bill and disregarding another can potentially hurt us, there are ways around the system.
“It’s best, if you know that you’re not going to be able to make the payment, to call the creditor ahead of time,” Chan said. “Some of them will work with you. Some won’t, but you won’t know that until you call
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