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.

Back

What Clients Say About Patrice & Associates

  • Ed Liedke is amazing to work with! 

    He asked questions about my career preferences to find me the best opportunity out there.  Ed Leidke provided the best practices to guide me through the hiring process and nail the interviews.  I would definitely encourage others to utilize his expertise to find the career of their dreams.              

    Thank you Ed!

    Dusty

    Ed Liedke is amazing to work with! 
  • Ed Carroll was an absolute JOY to work with! 

    Our initial call was extremely casual which made me so much more comfortable talking with him.  He stayed in touch and updated me for every step of the hiring process.  He placed me with a company that is a great fit for both parties.  I could not have asked for a better experience!      

    Thank you, Ed and Patrice and Associates!

    Beyond Thankful,

    Rebecca M.

    Ed Carroll was an absolute JOY to work with!
  • Jobs & Recruitment News - Patrice & AssociatesPradnya Kulkarni was a pleasure to work with 

    She was very patient with me and always very informative.  She always seemed to be in great spirits when I talked to her on the phone witch encouraged me to keep going.  She did such an awesome job!  Highly recommend.

     

    Many thanks,

    Henry T.

    Pradnya Kulkarni was a pleasure to work with
  • Working along with Carlie Knauer was a pleasure! 

    Carlie was always very helpful in assisting with finding my new current job! She is a hard working professional that maintained contact with me throughout the entire process and provided me great guidance all together.  Thank you, Carlie!    

    Kind regards, Isabella

  • Bruce Leininger is TOP NOTCH! 

    He is nothing short of a true asset to Patrice & Associates!  Your company should clone him!!    

    Thank you

    Dave Morrison

    Bruce Leininger is TOP NOTCH!