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Living on One Income vs. Two 
With unemployment levels near record highs,* many American families are shifting from a dual income lifestyle to a single income – and fast. While layoffs and economic unease can be exceptionally stressful, the outlook isn't all bad. In fact, this may be just the motivation you need to implement a family budget, trim wasteful spending and devote more time to family. Even those who remain gainfully employed may benefit from spending less, saving more and taking a critical look at their finances.The changes you make now could reap powerful advantages long after the economy improves. In addition to gaining a better perspective on your personal finances, you may also realize just how adaptable, supported and strong you are. The following tips may help you put a positive spin on your situation and outlook. Draft a budget. We all know we should have one, but how many of us actually get around to making one? Well, here's your chance. Start by calculating how much money you have coming in, then monitor your spending to determine how much you have flowing out. Now you can decide what expenses can stay and which ones need to go. Involving the entire family can help boost your budget's chance of success. Trim wasteful spending. It will be simple – perhaps even liberating – to cut some costs. Slashing that daily latte and lunch out with co-workers will improve your fiscal and physical picture. Cancelling your rarely used gym membership and vowing to be more active outdoors may save you monthly dues and improve your fitness level. And swapping weekly evenings out with friends for a potluck supper at home could create a more relaxing and fun atmosphere for bonding. Hone your skills. If you were part of a mass layoff, your former employer may have money available to you for education or career development, such as classes to improve your skills or memberships in professional organizations. Even if there are no such funds available, this could be a great time to pursue a different career or interest. Consider freelancing or consulting from home, exploring the feasibility of being a stay-at-home parent or working part-time. Use online resources. In addition to being a mecca of job-hunting resources, the Internet can also help you save money on personal expenses. Sites like Craigslist.com, RetailMeNot.com and FatWallet.com** are a great way to find used items or coupons or discounts on new merchandise. Let Us Help Make no mistake: There's nothing fun about a layoff. But it can be an opportunity for professional, personal and financial growth. Here at Chaco Credit Union, we can help you survive the rough times and position yourself for success once the economy rebounds. To learn more about how we can assist you, call 518-785-3500 or visit www.chacocu.org. Chaco Credit Union promotes financial literacy through Dave Ramsey's Financial Peace University. Dave teaches how to save money, live on a budget, communicate about money, eliminate debt, find bargains and experience the joy of giving. Financial Peace University is a life-changing program that will give you the tools to make the right decisions with your money. You'll be empowered with the practical skills and confidence needed to achieve your financial goals and experience true financial peace. for more information visit www.daveramsey.com/fpu.
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| This publication does not constitute legal, accounting or other professional advice. Although it is intended to be accurate, neither the publisher nor any other party assumes liability for loss or damage due to reliance on this material. Images may be from one or more of these sources: ©Jupiterimages, ©Getty Images, ©iStock, ©SnapVillage. © 2009 Priority Publications, Inc. | |