what adjustments would you make? I was looking at a discussion about this elsewhere, and most people said things like “give up cable”, or “stop taking vacations”. This puzzled and kind of amused me because serious financial hardships aren’t going to be solved by giving up cable and canceling a vacation. I think one would need to do some of the following: Move in with relatives Take in a roommate Try to sell some things Get a part-time job (or start cleaning houses, babysitting, etc.) Check on eligibility for social service programs including utility assistance, food stamps, and food pantries How about you?
Serious financial hardship ?...well the first thing I'd do is take in a paying room-mate..or 2...if it looked like it was going to be a long term situation!! If it was to be a Short term situation I'd sell a few things...perhaps even the car if things were very bad..but I'd try and hold onto the internet connection for as long as possible!! I
I can't imagine my situation changing unless soc sec stopped, I guess I would move in with my daughter. Selling things would only help for a bit. I have a room at my daughters now anyway, guess Id rent a storage unit and pay for that and live there. I'm there half the time anyway. Not live in the storage unit, just put my things in there. Worded it wrong.
Those are good ideas.... but so were the other ones about things like giving up cable... because if someone can't make those sacrifices on a smaller level, they probably won't be able to handle the bigger things. So... well that's only to say that those other people's answers didn't amuse me at all. Because I've been there years ago, and that's exactly the type of thing that helped pull me out. You mentioned selling some things... but isn't that short-term money while giving up monthly payment things would be extra cash each month? Okay, example... what I did back then was give up cable ($60/mo) and give up landline phone ($40/mo) and get a TracPhone for $100 a YEAR instead of a cell for... ??? what? $50 a month? Right there would be at least $150 a month that I put onto the devil credit card to pay off little by little. And cable/phone is a LOT more than those numbers now. So... go ahead and be amused at my answers, too, if you must but I've been there... mega thousands in "serious financial hardship" and pulled out by doing those exact things. Today, we're totally debt-free and in decent financial shape. Something like moving in with relatives never came up as an option in my mind because I made the debt, I was going to get myself out of it without handouts. Your getting another job idea and checking eligibility idea are very good ones. ***EDITED to say that I saw @Chrissy Page 's answer about moving in with her daughters and I'd move in with mine now, too, if need arose... my answer was for when I was facing it, and going "home to mom and dad" wasn't an option.) My two and a half cents. Feel free to give change.
I wouldn't mind living at my daughters and she would love it. My room has its own bathroom and even a balcony. There's a TV in there too. We have actually talked about this. They would rent my house out. I wouldn't have to pay for food or utilities, just my insurance. I'd actually save money. They have internet and the premium cable package, etc. I could also travel more to visit my son and other grandsons and sister and mom and I could stay longer because I wouldn't have the house to worry about. Only downside in the whole thing is getting along with my SIL.
When my husband and I moved to an apartment from the comfort of their ancestral home, we were on dire financial straits. Our first impulse is to cut on costs. Starting with the utilities, particularly electricity, we slept early to save on the lights. For the food, we had fish and vegetables mosf of the time not for health reasons but for budgetary constraints. It was a hard year for us and fortunately the strain on our finances eased up and we were able to get back to our normal lifestyle. With that lesson in life, we learned how to avoid getting into debt. We only borrow money that we can surely afford to pay back. It's nice to think that we will be paid up with the house mortgage in a few months from now so we will extra money from that installment that we need not pay anymore.
Serious financial hardship....well, moving in with son and new wife is not an option. I could sell my condo and go to a subsidized retirement community apartment where rent is based on income. Or, I could get a reverse mortgage as long as I had enough for condo fees, etc. and stay here.
I already live with one of my daughters and can easily cope on my state pension anyway, but would have to give up most of my vacations/travelling. In the past I have been penniless at times and once was offered a house-sit the other times I couch surfed till I sorted my life out. I did one time briefly move back to live with my mother, which was a bad idea as the old dynamics of mother/son kicked in
I agree with Mari, giving up as many recurring monthly expenses as possible is the first step. If you still owe on an automobile sell it and buy an older model if you have to have a car. There is a huge difference between wants and needs. A second job has been suggested and that's good if possible, but lately people have a hard time finding a first job.
Serious Financial Hardship...............sure hope it NEVER happens to us! Awe, just give me $100 and sit me down at a $1 slot machine, problem solved (LOL). But, it could happen.
Good responses. Earlier I said I was puzzled and kind of amused at replies I saw (elsewhere) that suggested simply giving up cable would solve serious financial hardship. Anyone not appreciating my comment most likely has a different definition of serious financial hardship than I do. To me, serious financial hardship means having trouble paying rent/mortgage, utilities (gas and electric), and coming up with money for food and transportation. That can be the result of medical expenses, job loss, a fire and no insurance – things like that. Sure, canceling cable or giving up mani-pedis, or buying generic brands won’t hurt but it’s not going to go far towards solving the problem. I was reminded of a movie I saw back in the 70s “Fun with Dick & Jane” with George Segal and Jane Fonda (later remade with Jim Carrey and Tea Leone). In the original movie the husband gets fired and wife says she’s going to give up her membership in the Book of the Month Club. Well………okaaaay.