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

  • Amy is genuine, honest and has a passion for what she does.

    Amy contacted me in a time where I was unhappy where I was but wasn’t doing anything to change it. She was very informative and if she didn’t have the information at hand, she got it. She revamped an old resume making it more about achievements than responsibilities. She coached me on interview tactics before multiple interviews and was there to talk about them afterwards. Every conversation we had felt more like a friendship than business. She is genuine, honest and has a passion for what she does. She also helped boost my confidence through the entire interview progress. Whatever she is doing, she must be doing it right because I got the job! Thanks Amy for a life changing experience.
    Sincerely,
    Shawn Ware
    Amy is genuine, honest and has a passion for what she does.
  • I really appreciate Tim for all his handwork and consistency.

    He saw a lot of potential in me which allowed me to apply for a higher position than I had first intended. Although the process wasn't easy he was still very honest and trustworthy. I am very grateful to have received his guidance. I really appreciate Tim for all his handwork and consistency.
  • I want to thank Tim...

    ...for all the time he spent helping me acquire my new career. He has helped by assisting me with redesigning my resume and keeping in contact with me throughout the entire process.  His actions showed that he really cared and wanted the best for me. Thanks again, Dominic Almanza I want to thank Tim
  • I would 100% recommend Ross

    I cannot begin to thank Ross and Karen enough! without the two of them I wouldn't have even known about the position! The interview process was quick, easy and simple. After only a short week I was in a position I knew I was going to love forever and it was all thanks to them! Ross has been so good about following up with me even after being hired, asking how my experience has been, what hours I'm working etc. and to top it all off Ross even sent me a gift card thanking me for working with him. I would 100% recommend Ross to anyone looking for a career in the industry!
    Cheers,
    Bayley Ferreira
    I would 100% recommend Ross
  • I had the pleasure of working with Doug Lockwood

    Doug was extremely professional and was very easy to work with. He was quick to respond, made himself available anytime I had a question, and was always checking in through the entire process. He coached me through the interview process by sending over necessary documents to read over on my own time, giving pointers on the phone, and talking through details. You can tell Doug cares for each person he works with. Even after getting the job, he is still checking in to see how things are going and making sure all is going well. I would recommend Doug to anyone when looking to start their career or looking for a career change. He was a great resource to have when needed.
    Thanks,
    Tony
    I had the pleasure of working with Doug Lockwood