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 like to personally thank Ken for all his help in helping me to find a job. On June 1st I was released from my job of 11 years. I was unsure of what my next steps would be. I haven't been through an interview in years and I felt like I was unprepared. Ken took the time to help me step by step. He first gathered all my personal information and work history. He built a resume from all of that information and articulated my accomplishments in a way I never could have. He sent me tips on what to wear, questions to ask, and called after my interviews to see how it went. He gave me support and encouragement when I was at my absolute lowest. I couldn't have asked for a better recruiter! Thank you again Ken! Thanks, Again, KenGeneral Manager, Logan's Road House, Chattanooga TN
  • Ken Schreifels was a great help during the whole process from start to finish. He was with me every step of the way with tips and words of encouragement. If I had any questions or concerns, no matter what time of day it was, he was there to answer it. I would recommend Ken to anyone. Thank you, William  I Would Recommend Ken to Anyone Looking for a New JobGeneral Manager, Fuddruckers, New Jersey
  • David Israel was a pleasure to work with and was instrumental in helping me find an excellent career opportunity .

    David was extremely professional and took the time to really listen to where I was in my career and what I was looking for. As a result of the work he did to connect me with the right opportunity, I was able to obtain a great starting salary and great benefits as well. I would highly recommend David’s services to both job seekers and employers. Josh Axmacher David Israel was a pleasure to work with!
  • Tim was nothing but helpful from the start!

    I was originally contacted by Tim as a reference for someone who used to work for me. He must have recognized that I myself was a good fit, because within a few minutes the conversation turned to me applying for the job.  He was always pushing for me. He was there to help with everything, every step of the way, and was in constant communication. He played a massive role in me landing an amazing job with an even better company. I can't stress enough how awesome this guy was. Tim will coach you through the entire process and be your biggest advocate. He has a lifetime of experience and knows exactly what companies are looking for. A+, 10/10, two thumbs up, 5-stars. Thanks for everything Tim! Brock Kinley Tim was nothing but helpful from the start
  • Tim was very patient and thorough when going through the process of trying to find employment for me and my skills. I appreciate the time and effort he put in for me and I would recommend Tim Walker & Patrice and Associates to anyone looking for great opportunities. Carolyn Floyd Tim was very patient & thorough!
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