We hear national reports about jobs, mortgages, unemployment and the overall economic outlook. We all know it looks bleak and few people I talk to have any confidence there will be any improvement in the foreseeable future unfortunately. But – what about your personal economic outlook? What can you do to help your personal financial situation? I just saw a great article. I’ll share some of the points I like – but I encourage you to real the full article, the link is posted below.
How to Survive a Personal Economic Collapse
With all that is being written about the national economic collapse, people seem to be waiting for some huge event.
However, for many North Americans, the collapse is here. This isn’t relegated to only lower income neighborhoods. As an article from a Cinncinnati new station stated, “Hunger doesn’t know a zipcode.”
For many people who were formerly financially comfortable, the economic collapse has already happened, in the form of a job loss, hours that have been cut back due to Obamacare requirements for employers, an exorbitant medical bill or other crushing debt, or simply an inflation rate that has outstripped your pay increases. Despite all of the warnings, many people are still going to be absolutely blindsided.
For many families, personal finances have reached a catastrophic level – they are left to make terrible choices:
- Which utility can I live without?
- Should I walk away from my mortgage?
- Should I eat something so I can work harder or should I skip meals so my kids have food?
- Should I use the grocery money to take my child to the doctor or should I wait and hope he/she improves without medical intervention?
- Do I risk the IRS-enforced penalties by forgoing enrollment in Obamacare or should I skip that whole grocery shopping thing so I can pay the monthly premiums and enormous deductibles in order to stay in the government’s good graces?
These are the kind of decisions that people across the nation are grappling with every day.
I’m talking about good people, hardworking men and women who have always been employed and paid their bills. A personal financial crisis does not just strike those stereotypical “welfare queens” with the long manicured nails, Gucci knock-off purse, and a grocery cart full of EBT-funded lobster.
I’m talking about the person next door, who seems to have it all together. I’m talking about that quiet family that sits two rows in front of you at church. I’m talking about that two-income family with two children and a car in the driveway that takes them to work and school 5 days a week. I’m talking about people just like you and me.
What is a personal economic collapse?
A personal economic collapse is a little different than the major crises you see all over Europe right now, where huge segments of the population can’t feed their children or stay employed. It is a crisis that just hits your family due to a given set of circumstances. (In actuality North Americans are on the brink of the kind of collapse that is occurring in Europe, but because of easy access to credit and a buy-now, pay-later society, many of us still have the appearance of prosperity.)
Here are some signs that you may be in the midst of a personal economic collapse:
- You can only afford to pay the minimum payment on most of your bills.
- The same dollar amount you used to spend on groceries doesn’t buy enough food to feed your family for the week.
- You can’t afford to go to the doctor when you’re sick.
- You are taking dangerous steps to “stretch” needed medications because you can’t afford the prescriptions.
- Your utility bills are past due and your power is in danger of being cut off.
- You skip meals in order to save money or to have enough food for your kids.
- You’ve lost your job or had your hours cut.
- You have lost property due to foreclosure or repossession (such as your home or your vehicle).
For ideas, tips and suggestions on ways to cut your expenses – and for more information on these topics – visit the link below…
1.) First you have to see exactly where you are.
2.) Rethink necessities.
3.) Reduce your monthly output
4.) Waste not, want not.
5.) Take control of your food budget.
6.) Reduce your dependence on utilities.
Read the full article – http://dcclothesline.com/2013/11/26/survive-personal-economic-collapse/