I have been blessed and I have never experienced a job loss before. So this is primarily theoretical question but an important one. Consider it an emergency drill. This is how I think I would handle the loss of my job.
Month: June 2013
As you seek to get your finances under control, it is quite possible you are running into trouble with a few categories on your budget. As I recall our own journey towards financial wellness my wife and I ran into that problem. For us there were 3 categories where the spending fluctuated greatly: groceries, restaurants, and recreation/entertainment.
But how do we define help in the case of friends and family in financial need? What happens when you get that phone call or e-mail saying: “I am in dire need of money”? Do we lend money as asked? Do we simply give it if we have it, regardless of the person or the situation? Is there a good time to say no to someone who says they are in need?
If you can’t control your money via a budget, you can’t build savings, you can’t pay-off debt, and you can’t plan for the future. However, it is quite possible that as you are getting started with the budgeting process you are running into some issues. Here are 5 Common Budgeting Mistakes and how to solve them.