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Posted on October 11, 2008 by Sheena_Berg | Posted under Personal Finance
Financial Strategies for Coping with Tough Times -- Part One
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While banks and other financial institutions will avoid complete devastation with the rescue plan, the same is not true for many ordinary families experiencing the personal anguish of financial strain and powerlessness, that troubled feeling of loss of control over a situation you did not create and you are unable to correct. The result of the crisis for regular families is generalized stress as people are in jeopardy of foreclosure, ballooning mortgages, loss of employment, increasing gasoline costs, home heating oil, food costs, as well as monthly bills and credit card balances. Blended families face increased anxiety as they finance dual households and child support. Stress puts pressure on physical health with headaches, stomach aches, sleeplessness, anxiety, panic attacks, and depression. Relationships become strained causing tension and quarrels that increases the cycle of anxiety. And, when anxiety is unbearable, people often resort to unhealthy coping mechanisms such as alcohol, overeating, gambling or drug abuse. Unfortunately, we are not in a position to offer a bailout plan for our blended families, but we offer some approaches to help you to take action and feel more in charge of your fate as this economic nightmare plays itself out. 1. Take care of your health because if you arent healthy and able to care for your family, things will spiral downwards. Make sure you eat a nutritious diet, get plenty of sleep, exercise at least three times each week and seek professional guidance if you feel you cant cope on your own, or find yourself resorting to negative coping mechanisms. Try to keep financial news in perspective and avoid the roller coaster ride of the daily market reports. 2. Organize a family budget if you dont already have one, and review your budget monthly if you do. This forces you to know exactly what you are earning and what you are paying out. Often, couples have only a vague idea of their monthly expenses and are surprised at how much they actually spend on items like cellular phone service or eating out. Check out Free-Financial-Advice.net for practical advice on how to start the family budget process and how to save money on a number of everyday expenses including health and life insurance, cell phone plans, cable bills and reducing credit card debt. For the more tech savvy, go to Ehow.com/familybudget. Next time, well give you a list of ideas on enlisting your children in the money-saving adventure, as well as a big list of potential places your family can cut back. About The Author: Sheena Berg, a step parenting coach, writes for the FREE StepHeroes stepparenting newsletter. Your heart been burned too often by your step family? Read about our low-cost heart-burn relief: blended family coaching. WEBMASTERS: Using this article requires links to remain in place. |
Tags: BLENDED FAMILIES, DUAL HOUSEHOLDS, FINANCES, FINANCIAL ADVICE, ECONOMICS, CREDIT, DEBT, BILLS, STRESS, HEALTH, RELATIONSHIPS, BUDGET, COPING, INCOME,
