Whether you are struggling to make ends meet or just trying to save a bit of extra cash, these tips are useful. Find ways to cut back and get help on making the tough decisions. Get your recession advice here!
MoneyTalks News recommends…
If you’re single and currently renting an apartment, downsize to renting a room, getting a roommate, or even a studio. This may also work if you’re a couple with no children.
If you have young children, you may want to have the children share a room in a two-bedroom apartment or have them share a space in a one-bedroom apartment.
And, before you write and tell me that your kids need space to run and play, don’t. We’re discussing the need to stay above the recession tide and your kids having a space to run and play in the house isn’t a priority at this stage in the game. This especially applies if you have very young children. They do not need their own bedroom. This isn’t about keeping up appearances to your children or family. This is about saving money and being able to literally keep food on the table. Of course, this is often a very uncomfortable reality for many but the sooner you embrace it the sooner you will move past it and understand that this is only temporary.
This will largely depend on your streams of income. How much, how often, etc…
If you can afford to do so, yes, pay the minimums to save your credit. Call your creditors and explain your situation and they may be able to work out a plan with you. If you can get on a program that makes your payments if you lose your job, do it. But ask your creditor if this is available before you tell them you can’t pay. Get on that plan, usually a little more than $1 per month, which they add to your balance.
Of course, if you have to choose between eating/shelter and paying a bank, the choice is obvious. The bank will be fine until you get back on your feet.
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