FINANCIAL PLANNING |
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Much of your concern during periods of unemployment will focus on financial needs. During this time of reduced income, you should make use of all financial assistance and counseling, career or personal.
As soon as you learn of a layoff or termination, you should quickly face the financial realities of your job loss. Your income will be lower. By developing budgetary plans early, you can forestall or avoid completely more severe spending reductions later. Once your spending plans are in place you will be free to concentrate on your job search activities. When preparing a budget, the following items must be considered:
Developing a budget is a difficult but necessary step to assess your financial situation and to control spending. Discretionary expenses should be cut to a bare minimum. Identify where your money is going. Prioritize your expenses, giving serious consideration to the basic necessities such as: mortgage or rent payments, utilities and property taxes, food and health care and transportation expenses.
Credit counseling services provide credit counseling money management, on a professional basis, to persons and families desiring or needing such assistance, thus aiding to stem the rising tide of bankruptcies that threaten the economic life of our nation. Crediting counseling services are not set up to pay people’s bills, but were founded to help counsel and aid people to solve their debt problems, avoid bankruptcy and discharge their delinquent bills. They were created to help families who, through no fault of their own, are suffering from unemployment.