Money Management During Times of Crisis: I

: Chris Lee Law Firm

  Filed under: Money Management

money managementIf you’re facing foreclosure or some other financial crisis in 2013, then you should know that you’re not alone. Unfortunately, the great foreclosure wave that has taken control of the real estate market over the last few years has not yet come to an end. Sure, hope may be just around the corner, but that doesn’t help you with your current foreclosure situation. Here are some money management tips that you can put into action now to help you avoid credit debt and the threat of foreclosure.

3 Essential Tips

  • Create a tight budget. You might think that changing your spending habits in a time like this is a trivial or insignificant measure in these dire times. While you’re right that saving an extra hundred dollars every month probably isn’t going to help your home tread water, it is an important step in the right direction. We’re big believers in the idea that every little penny does count when facing foreclosure.
  • Next, look for expenditures that can be cut. Cable television? Dance lessons? Live like a pauper now so that you might live like a king in the future.
  • If at all possible, look into taking on a second job or freelancing your skills. Again, this isn’t the kind of life you want to live forever. But working 70 hour weeks for a couple of months might be enough to help you catch up on your mortgage and push back the foreclosure date by a few months while you come up with a better strategy.

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