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Surviving the Slow Economy
Tips for Navigating Turbulent Financial Times By Teri Brown
Don't Eliminate All the FunWhile you may be cutting back on some of the entertainment your family is used to, don't eliminate all the fun.
Though the Picketts have worked hard not to let their financial stress affect their family relationships, it isn't easy. "We do have times when the kids want to do something or need something, and we have to postpone it or say no because of no money," Pickett says. "They are a bit tired of hearing it, but are doing better at understanding."
According to Deborah Taylor Hough, author of Frugal Living for Dummies (For Dummies, 2003), cutting back on entertainment doesn't have to mean cutting out entertainment all together. Many local libraries now offer free movie rentals, and discount movie theaters are becoming more popular.
Taylor Hough believes that family fun and togetherness is one way to keep the stress of cutting back from rupturing family ties. "Frugal living and family entertainment often feel like terms on the opposite end of the spending spectrum,"Taylor Hough says. "But if money's tight, it's important to plan some fun into those sunny weekends and summer vacation, otherwise life can get a bit dull, and frugal living can seem more like a straight-jacket rather than a means to help you reach your financial goals."
Taylor Hough also suggests that you rediscover the joy of taking walks together as a family. "Whether it's taking a stroll around the neighborhood every evening after dinner or walking a local nature trail, it's a great way to spend some time together and get a little exercise in the process," she says.
"The safest place for someone's money is in their own accounts," Cavazos says. "We recommend that people invest in themselves and their financial futures by building an emergency savings fund equaling three to six months worth of income. This can be the difference between survival and disaster in the case of unemployment, major illness or other financial hardships. The biggest mistake that families can make is not saving money for a rainy day. By continuing to incur debt and limit savings, consumers are placing themselves in a precarious and vulnerable situation."