Tag: Expenses

Balancing Income and Expenses

Brenda Langdon, Family Resource Management Extension Agent

The 5 C’s are a great starting point to assist people who are struggling to balance income and expenses in economic good times or bad such as trying to reduce debt, ​establish an emergency fund, save for retirement, or reach a personal financial goal.

Control – As much of the situation as you can.  Recognize that it is natural to feel the effects of stress.  Developing and following a plan can reduce stress and help you maintain control of your financial position.

Communicate – Talk with family members about available income and resources.  Decide what the family needs now, soon and in a few months.  Then make a plan together.

Be Prepared to Change – To make it through the hard times, look for ways to reduce expenses, use the things you have longer, swap items with others, trade services.

Claim benefits that are due to you – Apply for unemployment, SNAP, utility assistance, and local resources as soon as possible.

Confer with creditors – Don’t ignore the situation.  If you can’t make credit payments contact creditors and work out realistic payment schedules.

By: Brenda Langdon