What is the key to managing your personal finances successfully when you are facing unemployment? Where do you turn to find some help? Where do you begin?
Each of us has a different way of managing our personal finances. What I found is we also have varying degrees of understanding of finance. Even some well-educated people sometimes leave the issues and decisions on how to deal with their financial situation to other people.
When you are out of a job, it becomes critical that you learn and understand your situation and the various options that are available to address any specific money matters you have to deal with. How you manage your financial is critical to your survival.
Once you understand your situation, you need to find resources to help you, and educate yourself.
If you feel you are lacking the knowledge to deal with money matters, it is not too late to get educated. There are many inexpensive short courses on Business/Finance that are being offered in local colleges or by non-profit organizations. Even your local credit unions offer workshops on various money or finance topics.
Go to the library and check out business or financial books or magazines.
I also subscribe to Money Magazine or I go to CNNMoney.com and found that it is a good source of information on matters that I find critical. You can find a wealth of information in the internet. Yahoo Finance is one I go to sometimes to read up on specific money matters. Just make sure you check that the information you get is reliable.
I want to get as much information as I can so I can make appropriate decision on my 401(k), my retirement, credit cards, mortgage loans, etc.
I also subscribe to a few online financial and investment publications offered by Agora Financial . For example, I get a regular feed from Money Morning and Investment University. This is one way for me to keep up with what is happening in the economy or banking, and financial industry.
I get educated every time I read and will be able to use the information to address my current situation and protect myself financially.
I do a lot of research. For example, if you are faced with inability to pay your mortgage, research on loan modification or short sale before you go talk to a lender or mortgage broker. It is better to have some knowledge and understanding of your problem to prevent you from being taken advantaged of if you choose to seek help or advice elsewhere.
I truly believe that the more educated you are, the better off will you be in dealing with your loss of income. You will be able in the long run to confidently manage your personal finances without depending just on the advice of others. You are better prepared to survive the loss of a job.
The other thing you need to understand and do is to create a budget and learn to live with it. Budgeting is really important because with the loss of income, you really have to stretch and manage your personal finances well. I know I had a tough time making a shift from having enough to take care of my needs and my family's needs to always watching what we spend because of our limited resources. I was not into budgeting diligently. Budgeting can be a challenge when your resources are very limited but more so pressing now for this very reason.
On the next page, I will touch on budgeting as this is key to your unemployment survival.
As I have become more aware of our country's and other country's financial crisis, I also would like to share information from well-known financial leaders. I hope this will arm you with awareness, understanding, and knowledge to deal with whatever financial crisis that may come our way.
With the recent news on our economy and the effects of trillions of dollars of debt, it becomes more important that we educate ourselves. We are better prepared to protect our hard earned money and ride this financial crisis if we educate ourselves. I'm sharing some of the information here.
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