Financial Strategies For Coping With Tough Times -- Part Two
As mentioned in the previous article, blended families, along with everyone else, will sooner or later feel the destructive impact of the Wall Street meltdown. Many blended families are experiencing the personal anguish of financial strain, helplessness and generalized stress as the repercussions ramifications ripple through our economy.
Again, were not in a position to offer a bailout plan for our blended families, but here we offer some additional strategies to help you take action and feel more in control of your future as this economic fiasco plays itself out.
3. Enlist your kids in saving family funds. As the greening of the environment came alive with the participation of kids, so can kids be actively involved in trimming the family budget to help you feel more in control during this economic predicament. Tell them what is occurring without unduly scaring them and create strategies to make your family financially proactive.
* Encourage kids to look for alternatives to driving the family car, such as walk to a friends house or bike to soccer practice.
* Cook and dine at home more often and bring lunch to school. Many families on a tight budget say that the most surprising expense was dining out and take-out foods that cost them an extra $500 a month. There are many benefits to preparing meals and dining at home as well as saving precious dollars in todays uncertain economy.
* Encourage kids to recycle clothing and buy store brands over the much more costly designer brands.
* Combine errands, car-pooling and trips to conserve gas. Make outings a treat rather than the norm.
* Encourage kids to come up with new and unique ways to save money.
4. Be aggressive about cutting unnecessary spending from your budget. Make it a game to see how much you can save. Here are some suggestions to get you started:
* Eliminate the I-phone, look into competitive cell phone plans and make sure you arent squandering money on extra minutes charges or fancy ring tones.
*Take lunch to work.
* Examine the cable TV or satellite TV bill because you may have a plan with a lot of waste. Take out FREE movies from your local library.
* Cancel subscriptions for magazines you dont read or things you dont use.
* Buy kids clothing and holiday gifts out of season and on sale.
* Car pool or use public transportation, if available.
* Review homeowners and health insurance plans and make sure youre getting the most economical deal.
* Mow your own lawn and have the kids help rake up the leaves. Do your own house repairs and maintenance.
* Check out store brands and shoppers coupons.
* Pay down credit card debt and make it a rule to buy only what you can afford. Wait and save to avoid credit card debt.
* Save to take care of property taxes, holiday gift spending, vacations, and unforeseen expenses.
These are tough times and the most effective way to feel some sense of control is to take action with your own family. Think outside the box, engage the entire family and be proactive in your own home.
Sheena Berg, a blended family coach, writes for the FREE StepHeroes step parenting newsletter. Your heart been burned too many times by your step family? Read about our low-cost heart-burn relief: blended family coaching.
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