Financial status: Understanding your financial status.

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Financial difficulties are common for anyone living from paycheck to paycheck. Living week to week is pretty much normal for many these days. We have all seen recently how dangerous it is to cut finances this closely. Many think living without enough money to make ends meet is just the way it is, and that it will always be this way.

If you are one of the many who never has enough money to pay what has to be paid, try doing things in a different  manner. Just for one month, attempt to spend money only for what is needed. Rent, electric, water, and food-these are things you must have.

How does this solve the problem? In the short run, it just gives you an idea of how much money you might have left if you are little more careful. In the long run, it may give you an idea of how you could put some emergency money aside.

Financial problems are very common in this economy. If you are blessed to still have employment, carefully review your finances, making adjustments now. There are usually things we can do without, or cut down on, such as television and telephone services.

List all the payments you make each month, including the expense of a newspaper, trash removal, etc. Do you make enough money to pay everything, and still buy food and fuel?

Next, look at anything you can get rid of-and be honest. You know what a frivolous item is, and you know what you do need to keep. Once you have an idea of where you stand financially, decide what you can put away each week. Even if it is $10 every week, this may add up to cover the next tire you need to purchase.

Financially strapped individuals may find relief by increasing the deductibles on their automobile, house, and health insurance policies. What about keeping the air conditioning in your home set at a higher temperature? Contact your phone service and review what changes can be made.

Do not overlook any benefits you may be eligible for, such as food stamps, childcare assistance, or state health insurance. Some areas also offer utility assitance once per year. These programs are funded by your tax dollars. If your are eligible, apply!

Consider contacting any credit card companies you have to see if you can get lower interest rates. Also, ask about transferring cards with higher interest to those with lower rates. Be sure to let any creditors you have know you intend to pay, but need lower rates, lower payments, whatever they can do for you. Remember, these companies want you to pay, and are usually willing to help you.

Financial changes may be part of everyone’s life for some time. Prepare for change as much as you can now.

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