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3 Best Tips for a Financial Damage-Control

by Alice C. Woodhouse
June 23, 2009
Lay-offs and downsizing isn't breaking news anymore as companies are uprooting employees left and right. Things are looking up, but there are still several companies stinging from the financial blow of this economic recession. Think your company might just make some cuts along the way? Here are tips to control the damage:

1. Implementing A Damage-Control Budget - Budget is implemented in your household, but you need a stricter one that will ensure to absorb money more than it spends away. Getting laid off is a huge turn-around for your budget, and will put a halt to all that regular income you're getting to pay bills, provide food and all others. If rumors are circulating in the office water cooler about possible lay-offs, it's time to fuel your emergency savings account, keep a lookout for possible ways you can increase income while still employed and adapt a stricter budget that has fixed costs, though with lower spending margins until you find yourself in a more stable footing.

- Start documenting expenses and root out the leaks and draining

- Cut back as much as possible. Cut back what you can live without

- Adapt a frugal lifestyle (even just for the time being!)

- Plan for impending costs all the time and avoid getting into debt as of now.

2. Do Damage Control by Alerting Creditors - Financial troubles plague all individuals or families, and creditors do recognize that. Before you're already down deep in it, talk to your lenders and creditors to discuss the options you might have. During this economic downturns, all credit companies phone lines are buzzing with negotiations from their clients. Talk to a representative that can help you address the problem with your payments and if you're considered, you might just leave their office with a lower interest in your loans and other forms of credit or have your payment extended.

3. The Damage-Control Priority Payments - Bills are bills and most of the time you pay one on time and end up not having enough to pay the other. From mortgages and rents to car payments, insurance and other forms of credit, you're almost up to your ears with it. Sometimes it's hard to pick between paying insurance premium and paying for the car. It makes you risk one in favor of another.

- Good rule of thumb is to pay first all your living expenses. Necessities like rent are not to be trifled with as it can risk having you chucked out of your shelter.

- Pay for your groceries with cash or debit. Lower the grocery bill as much as you can.

- Utilities are also top necessities, as well as your insurance. What comes next are the credit and loans.

Doing damage control before the crisis starts helps you equip yourself for the worst and prepares you for the uncertain future bit by bit.

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3 Best Tips for a Financial Damage-Control




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