DEALING WITH A FINANCIAL EMERGENCY

 

Factors Affecting Financial Stress:

 

• Failure to have a plan.

 

• Lack of communication among family members.

 

• Inability to make difficult decisions.

 

• Feelings of uncertainty and lack of security.

 

Objectives of Financial Planning:

 

• To meet basic family needs.

 

• To meet contractual obligations.

 

Determine Priorities:

 

• Review financial obligations and determine what will have the greatest consequences for the health and security of your family.

 

• For most people, the home, utilities, car and insurance take priority respectively.

 

• Do not pre-pay your bills more than once a month. Reserve any lump sums received, for example tax refunds, insurance checks, or severance pay, use them to keep bills current.

 

Evaluate Your Financial Obligations and Home Budget:

 

• Immediately reduce expenses and stop charging.

 

• Complete the financial analysis worksheet in this packet to determine what your current expenses are and how they may be reduced.