WHAT TO DO IF MONEY GETS TIGHT – REWORK YOUR BUDGET

You can’t afford to spend as much as you did when you were employed. Your primary source of income no longer exists. Write down your expenses and differentiate between what you must spend money on as opposed to where you want to spend money. Contact your internet, cable and phone providers to see if you can obtain a discounted rate. Contact your insurance company to see if there are ways to reduce your home or auto insurance rates. If you live alone, consider a roommate. Eliminating unnecessary expenses will give you some extra breathing room while you are conducting your job search. Once you’ve identified expenses you can eliminate, rework your budget. Review any emergency fund money or savings you have and figure out how long it will last.

TRACK AND PRIORITIZE ALL SPENDING Write down everything you spend in a month. Then list your bills in order of priority. Paying your mortgage or rent and your utility bills should be on the top of your list. Trim your grocery bill by shopping at discount stores, use coupons and buy generic items.

CONTACT CREDITORS Your creditors can become your ally especially if you have a track record of paying your bills on time.

  • Call your credit card companies and ask for a lower rate or transfer your balances to obtain a lower interest rate.
  • Check to see if you’re paying for credit insurance that would make payments for you for a specific timeframe.
  • Institutions who have granted you loans will often defer payments for a period of time and add them on to the end of your loan if you have a track record of prompt payments.

GUARD YOUR ASSETS If at all possible, refrain from the temptation of tapping in to your retirement funds. This could result is large financial penalties. Use your home equity with caution. You home equity is protected in bankruptcy court, so you want to guard your home at all costs. A bad credit rating is a burden you would have to bear for a time, but losing your home could be a far worse scenario. Conduct research to see if it is possible to refinance your mortgage.

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What Clients Say About Patrice & Associates

  • I would recommend Darryl to any candidate!

    Darryl Jackson did a great job providing the resources and the tools I needed to land a great job. He was patient, knowledgeable, and willing to go the extra mile to ensure that I was successful.     Thank You So Much! Jalen Hannah I would recommend Darryl Jackson to any candidate!
  • Allison Sullivan was fantastic in finding me a wonderful position!

    She was very professional and upbeat! My background was a perfect match for their opening and their remote position, in my field of expertise, is exactly what I was looking for! I could not be happier!
    -Lisa Williams
    Allison Sullivan was fantastic in finding me a wonderful position!
  • Colleen Casey is the BEST!

    Thanks to Colleen Casey of Patrice and Associates, I will be starting a new, more rewarding chapter in my life!  Because of Colleen’s deep dedication and hard work, accomplishing this could not have been any easier.  Thank you for all that you have done!
    Thanks,
    Justin Whitcomb
    Colleen Casey is the BEST!
  • Corina is amazing!

    Corina is a true hospitality professional. She does her research on the candidate, and client to insure both parties are the right fit for each other. She gives great advice and makes a personal connection. I will go to Corina and Patrice & associates for all future needs.
    Thank you again!
    Nick Gonzales
    Corina Mack is amazing!
  • Brenda Falusi helped place me at my dream job!  

    She was a great resource, providing interview tips, customizing my resume and cover letter to fit the role. She also gave possible interview questions, using historical data. She was my hype person, my coach. She is superior to any other recruiter I have used.
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    Marcus Lage
    Brenda Falusi helped place me at my dream job!