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Families who are just about getting by, are by far the fastest shrinking group in the Western world. So many people that were once the working class are now shifting upward into lower-middle class. And those that were lower-middle class are uprooting themselves into the well and truly middle-class zone.
However, if you’re a family looking to just get by week by week, everyone else’s progress doesn’t mean that much to you. The things that you’re worried about may be deemed small by other standards. Your concerns are: the kids, you and your partner, not using too much hot water, making sure you get enough of a run out of clothes before putting them in the wash, making sure you drive economically, finding the best deals for the weekly grocery trip etc. However, there will come a time when you must stamp your feet on the ground and say enough is enough.
It's time to organize and make sure we as a family can answer the door properly when debt comes knocking. Having certain plans in place that can buy you time and or decrease your bills and debts systematically is the cure to a prolonged frugal lifestyle.
Taking Family Loans
Times can get tough, and you may one day realize the money you have to spend just isn’t enough. But at the same time, if you allow the debt to rise, this will only exacerbate the problem. Meaning you’ll have less and less money to live on.
It's a rough and emotional time when you come to terms with the fact you need money from elsewhere. But before you go to a bank or professional loan company, see if your loved ones can help first. It's going to be awkward so preparing yourself mentally for this is something you should make time for.
Asking your relatives for a loan is, of course, the much safer and simpler option than any other form of lending. Sit down with a family member who you know might have the funds you need to get back on your feet or at least help you to get on the road to freedom. Explain the problems you’re going through and how your family would appreciate some financial assistance.
Make up a plan that mimics a professional payment scheme. Agree on the percentage of interest and the schedule and amount of installments and or repayments. Be mindful that family bonds are being risked and you should never take on something you cannot handle.
Urgent Payments
Knowing you’re in trouble means you at least have clarity of your situation. The amount of people who sleepwalk into an avalanche of debt is staggering. However if you know you simply cannot make an urgent payment right now, such as rent, car and or mortgage, you have to act quickly.
By in large the most popular form of money lending is a payday loan. The reason for this is simple, as all you need is a verified income and a basic checking account. With this particular company, you can get payday loans up to $1000 and even $5000.
If you have bad credit, you’ll still be accepted so don’t worry about a bad financial recent-history. The process itself is incredibly quick as it only takes 3 minutes so if you’re working on a tight schedule, this is what is referred to as a cash injection type of loan. Like other payday loans, if you cannot repay the loan in a lump sum, you can always renew the loan agreement by paying a fee. This will move the date of full repayment on further.
Older Kids Can Get Jobs Too
Parents should never feel as if they’re alone in financial troubles. Children are so intuitive, and they can actually comprehend complex situations; more so than you might expect. The culture of children has changed so much, they have gadgets that use the latest technology, and they’re exposed to the wealth of knowledge on the internet.
Sit them down and explain the financial troubles you’re suffering and that you would appreciate their help. Ask the kids to get summer jobs or work on the weekend. Even if they’re just in part-time low-wage employment, at least something is coming in. Household money troubles are a family problem; thus they need a family solution.
You never know the generosity of a family member, they may be the saving grace you’re looking for. Yes, it is a blow to your pride but if you can’t talk to your relatives about such a serious matter then what they are for? Even if it's just a trickle of money coming in, asking the children to work in their free time may have other lifelong benefits for them as well. On the other hand, emergency assistance such as payday loans is always welcomed when you’re in a catch twenty-two situation.
1/10/18 Oreo, our new puppy is doing pretty good on the potty training front. She will pee sometimes on command which is pretty good for an 11-week old pup. She still has accidents of course. She's just so darn quick. It is a work in progress!
Krystle Cook – the creator of Home Jobs by MOM – put her psychology degree on a shelf and dived into a pile of diapers and dishes instead. She is a wife and mother to two rambunctious boys, sweating it out in her Texas hometown. She loves cooking, DIY home projects, and family fun activities.
Because I grew up in a home with financial instability due to an alcoholic unemployed father my sister and I learned how to handle money. There was a lot of self deprivation in order to save out of any paycheck no mater how small. When I was putting 4 kids through private school and they were teenagers there was a lot of transferring to other credit cards that offered zero balance.
You had to grow up fast. My mother was an alcoholic too, but thankfully we didn’t depend on her to work. You knew what was important and made it work. That’s great!
How do I keep track of my finances? At least once each week (if not more often) my husband and I review our portfolio and credit card transactions to see where we stand and make decisions together.
Sorry I don’t believe in lending within families. I saw what it did with my parents , aunts and uncles and resentment. When my son’s needed money and they asked if I could afford it I made it a gift with no payment expected. It was very rare for them to ask. It had to be a particular hardship
Great ideas. We keep ahead by making sure we live within our means. We do this by spending cash only on food and other items such as hair cuts, dog food, etc. When that money is gone for the pay period, no more purchasing that items!
That’s a very good idea. I have some friends who are married and both work full time jobs. The way they keep ahead is by ensuring every bit of their finances plus some can be covered by the lowest paying job out of the two they have. This way, if one of them loses their job, there’s no huge change and upset.
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Because I grew up in a home with financial instability due to an alcoholic unemployed father my sister and I learned how to handle money. There was a lot of self deprivation in order to save out of any paycheck no mater how small. When I was putting 4 kids through private school and they were teenagers there was a lot of transferring to other credit cards that offered zero balance.
You had to grow up fast. My mother was an alcoholic too, but thankfully we didn’t depend on her to work. You knew what was important and made it work. That’s great!
I try to take time and think about my purchases before spending the money, especially big things. I also avoid sales-related parties.
I find sales parties annoying. You almost feel like you have to buy something whether you want to or not.
We stay on track by not buying anything that can’t be paid in full. Credit cards are great but if not paid in full. the interest will get you.
We pretty much do the same thing, Lisa. We use credit cards like cash most of the time.
How do I keep track of my finances? At least once each week (if not more often) my husband and I review our portfolio and credit card transactions to see where we stand and make decisions together.
That’s almost exactly what we do! It’s the only way to stay on top of things.
I am horrible at keeping track of our finances. My husband usually helps out with this.
Sorry I don’t believe in lending within families. I saw what it did with my parents , aunts and uncles and resentment. When my son’s needed money and they asked if I could afford it I made it a gift with no payment expected. It was very rare for them to ask. It had to be a particular hardship
These are great tips. I try to watch my spending and search for sales to save as much as possible.
Sales are a great way to save money on things you’d buy anyway. Just keep your eyes peeled!
Once a year, I think about my short-, medium- and long-term goals. Are each still relevant? How much does it cost?
This is a very good idea. Many people don’t think of putting together financial goals. They’re helpful!
Great ideas. We keep ahead by making sure we live within our means. We do this by spending cash only on food and other items such as hair cuts, dog food, etc. When that money is gone for the pay period, no more purchasing that items!
That’s a very good idea. I have some friends who are married and both work full time jobs. The way they keep ahead is by ensuring every bit of their finances plus some can be covered by the lowest paying job out of the two they have. This way, if one of them loses their job, there’s no huge change and upset.
These are wonderful ways to get out of an overwhelming situation. Thank you for the post.
I’m glad you found it useful. It can be an overwhelming time which can make it hard to make decisions.