4 financial management suggestions for the newly jobless
Jennie L. Phipps/MLive.com (Michigan online news)
28 August 2011
With the unemployment rate at its highest point in 2011, here are four financial management suggestions for the newly jobless from GreenPath Debt Solutions, a nationwide, nonprofit financial advisory firm, based in Farmington Hills.
Build a budget. Figure out how much money you have coming in, then subtract high priority expenses like your mortgage payment, car loans, utilities, insurance and money for gas. Next, take a look at the non essentials that you could strip away like cable TV, premium phone services, meals away from home, etc.
Calculate any shortfall. Figure out where your new bottom line is and decide what you can do to fill the gap.
Ask for help. If you can't make the payments on loans, call your lenders, including student loan servicers, credit card companies, and your mortgage company. Tell them you lost your job and ask if they will reduce the interest or lower the monthly payment.
Have a family meeting. Make sure everybody -- even the kids -- understands the need for an austerity plan. Ask each member to commit to doing something to get the family over the hump.
If you can't do this yourself, GreenPath offers assistance with repayment programs, foreclosure prevention and bankruptcy counseling.