The formal definition of a recession is a period of two quarters of negative Gross Domestic Product (GDP) growth. However, I’m sure you don’t need a dictionary to tell you you’re feeling the financial squeeze.
Prices for food and fuel, two commodities you can’t do without, are up dramatically. Wages are stagnant, unemployment is on the rise, and credit is increasingly harder to get.
The best way to prepare for the economic downturn is by getting your finances in order. It’s time for you to take a hard look at current debt obligations, as well as any anticipated large expenses. No one ever regrets being prepared (just ask a Boy Scout), and NOW is none too soon to address riding out a recession.
Here are some suggestions to help you prepare:
Make yourself invaluable at work. It is never a good time to lose a job, but when jobs are scarce, you want to make a special effort to hang onto the one you have. Be sure to have a good attendance record, be willing to take on extra tasks, and complete projects on time. Some industries, such as those associated with housing, are more vulnerable than others, but anyone would be smart to prepare for the worst by updating their resume. NOW is the time to begin networking to discover what opportunities are out there. If you are laid off, file immediately for unemployment benefits.
Investigate health insurance options. If you are laid off, knowing your health care options in advance will put you ahead of the game. Many companies allow you to continue on their plan for a limited number of months. However, this is usually at a very high rate. Know in advance if you can be added to your spouse’s plan, or visit with an agent about stand-alone plans. Doing so will prevent any gaps in coverage.
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Categories: Financial Education & Counseling · Uncategorized
Odds are that you made all sorts of resolutions on January 1, 2009. Many people wanted to lose weight, some promised to quit smoking, while others made an oath to correct the financial wrongs of yesterday.
Since we are now almost half way through February, now is a good time to review your financial resolutions to see if they have gone down the drain as in years past, or if you’re making progress toward your goals.
- Have you paid for your holiday 2008 purchases? If not, and you’re still charging, your debt is growing faster than the national debt. (Honestly, the government borrows money cheaper than consumers can.)
Why bother? Paying off credit card debt is one of the smartest moves you can make. With credit, you promise to repay debt with income you have yet to earn. Thus, having no debt provides freedom to use future income as you see fit. You can use the money as you please, choosing to invest or save, or earning interest instead of paying interest. It also lowers your credit utilization ratio which improves your credit score.
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Categories: Financial Education & Counseling
Pre-Purchase Homebuyer Workshop – Part Two
6:00—9:00 PM
If you are interested in owning your own home, this program will take you through the process.
Topics include:
Advantages and disadvantages of homeownership
Steps in buying
Credit
Down payment assistance programs
Shopping for your mortgage loan
What price home can you afford
Shopping for interest rates
Predatory lenders
The home inspection
Insuring your home
Home maintenance and home safety
Foreclosure prevention
Pre-requisite – Part One
Categories: Upcoming Events
Pre-Purchase Homebuyer Workshop – Part One
6:00PM-9:00PM
If you are interested in owning your own home, this program will take you through the process.
Topics include:
Advantages and disadvantages of homeownership
Steps in buying
Credit
Down payment assistance programs
Shopping for your mortgage loan
What price home can you afford
Shopping for interest rates
Predatory lenders
The home inspection
Insuring your home
Home maintenance and home safety
Foreclosure prevention
Cost of workshop is free
Register for class here:
(Cost includes both Tuesday and Thursday classes)
Categories: Upcoming Events
Building and Maintaining Assets
6:00PM-8:00PM
Topics include:
Strategies to increase personal savings
Acquiring homes, retirement accounts or life insurance
Understanding how assets increase household stability
Overview of how assets decrease econonomic strain
Idenitfying predatory lending practices
Financial tools and resources
Cost: $25.00
Register for class: Pay at Workshop
Register for class: Pre-pay on site for Discount
Categories: Upcoming Events
Post Bankruptcy Financial Education
Personal Financial Management
9:00AM-11:00AM
Post-Bankruptcy Financial Education Classes include:
An overview of the steps to rebuild after bankruptcy
An overview of how to decide between wants and needs
An overview of budgeting, saving and goal setting
An overview of credit reports, credit scores and rebuilding your credit
An overview of consumer laws, predatory lending, identity theft and insurance
A course book, money management tools, handouts and brochures
There is a $50 per household fee for Pre-Bankruptcy, which can be paid in cash or by money order. This fee is subject to change per individuals’ specific situations. Fees are payable at time of counseling.
Register for class: Pay at Workshop
Register for class: Pre-pay
Categories: Upcoming Events
Credit Management Workshop
6:00PM-8:00PM
This program will give you a basic overview of credit,and how to manage it.
Topics include:
Understanding what credit is
How to establish/re-establish credit
Understanding a credit report
Understanding credit scores and how they are used
How to correct errors on your credit report
Making smart credit choices
Credit bureaus and resources
Cost: $25.00
Register for class: Pay at Workshop
Register for Class: Prepay Here for a Discount
Categories: Upcoming Events
