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

  • Recruiters Find You Great Careers

    In working with Patrice & Associates, in particular with Sarah Straniero, I was extremely happy with how quickly Sarah was able to place me with my current employer. Sarah is a true professional and I would recommend using Patrice & Associates if you're looking for a career change.   Best in health, Mark Mueller Recruiters Find You Great Careers
  • Recruitment coaches help you think outside of your comfort zone.

    I was contacted by Joe about the job opportunity and at first I was against it. I was searching for something that was outside of my comfort zone and outside of the food industry. While talking with Joe he was so enthusiastic about the company that I said sure let’s give it a try. Joe was with me every single step of the way. From initial contact to me actually being hired he was there. He called/ texted me the day of my interview and encouraged me along the way. I was surprised and happy for his involvement to help me. I could always count on him for great advise and tips during the process. He shared my excitement each time I was contacted by the new company and followed my journey. He was always professional and was easily contacted when I had butterflies about me making the changes. I recommend Joe to any job seekers out there. He went above and beyond! Marqell Campbell General Manager SPJ Recruitment coaches help you think outside of your comfort zone.
  • Recruitment Coaches are Your Coach for Life!

    All I can say about Mike is he has always been supportive and a great mentor to me over the past 8 years.  First as my Director of Operations with Mimi’s Café he always challenged me to be a better manager and encouraged my growth by having me take on leading weekly kitchen manager calls for his market and trusting me to go into troubled locations and helping to turn them around.  Most recently when my time with Mimi’s was over Mike was able to help me secure the next step in my journey in less than 3 weeks.

    Sincerely,

    Bob Nawa

    Recruitment Coaches are Your Coach for Life!
  • Job Coaches Help Reach YOUR Target!

    Emily was amazing from start to finish. From reaching out in the beginning and making clear my options to scheduling the interviews and making sure that I was equipped with all the information and confidence I needed to impress the interviewer. She was in constant contact and was true to her word when she said she was here for me throughout the process. Thank you all for your help. Brian Smith Job Coaches Help Reach YOUR Target!
  • Hospitality Recruiters Make the Best Match for You in Your Next Job.

    I was extremely impressed with Sharon's attention to detail and to make me feel comfortable.  She was in my corner the whole time.  I think it is really great that she actually eats at the restaurants that I will be managing so that is encouraging because that means they have a great working relationship!  I felt that she knew exactly how to prepare me for the interview and the resume that was created was very impressive! Michael Talerico

    Hospitality Recruiters Make the Best Match for You in Your Next Job.