Here in New Zealand & around the world job cuts are happening weekly, our family isn't immune to it - Brent's NZ owned company he works for are facing hard times - their first step has been to cut costs, wages being the biggest companies expenses. All staff are down to 4 days a week.
Hearing the wives reactions to the men going home telling their families was sad, some wives in tears - knowing they aren't going to be able to weather the storm.
If I could advise it would be to face reality - sit down as a couple & look at the state of your finances. Don't blame just look and be honest. Both parties need to be in the picture of where you stand. It could be a very stressful time so try not to get emotional or blame. An email came through from Scott Pape @ Barefoot.com.au yesterday - a lady had emailed him sharing she had clocked up $53,700 in credit card & personal loans - and has nothing to show for it - she spent it on her grown up children & grandchildren on THINGS. Her husband was not aware. In this scenario I also blame the husband - both parties should know what is happening with the finances not just one.
List all your debt then
Rank them from urgent - ie overdue
Work out which is costing you the most- ie highest interest rate.
Work out which one has the smallest balance.
List all your credit & assets
If your debt is frightening you - is there anything you can sell?
The market is against you - but you may have items you can get a good price for.
Have a garage sale or start listing things at night on Trade Me (Like Ebay) It's amazing what people will buy. This will help bring immediate relief and maybe help if you have overdue notices.
If credit card debt is a problem do stop using the cards now - you can put both of your cards in a bowl of water & freeze them - they have to thaw to use - and then both partners have to agree to their use if in an extreme emergency you need it. But I'd urge you do not use them.
Contact your bank and explain your situation they might help buy putting a freeze on the interest rate.
I'll share tomorrow a next step - just facing the facts can be the hardest thing ever for some partners. - Do remember it is only money & relationships & families mean a lot more.
Do not go to be on an argument.
Subscribe to:
Post Comments (Atom)
1 comment:
Thanks Leanne. My grown son hoped we could come for Easter. I felt so mean, I seem to stretch myself for these family occasions but have to remember to be sensible.
Post a Comment