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PRESS RELEASE
Thursday, July 30, 2009
How Will You Survive the Recession?
CCCS of Greater Dallas offers tips and free workshops to survive a poor economy
Dallas - July 30, 2009 - While some have said the recession is starting to subside, unemployment numbers continue to rise, with currently 9.5 percent of the country out of a job. The rate is predicted to hit 10.5 percent by the end of the year, the highest it's been since 1982. With these increasing numbers, consumers continue to worry about the stability of their job, and what the loss of income could do to their financial well-being.
"While our country faces continuing uncertainty, consumers should remain prepared for the worst while also planning for a stable future," said Todd Mark, vice president of education for Consumer Credit Counseling Service of Greater Dallas. "We are teaching the importance of saving in addition to changing spending habits so consumers can find new ways to save."
CCCS of Greater Dallas has provided the following tips to identify critical areas of your budget that should be addressed during the recession.
Review your monthly expenses. While you may have plenty of money to cover your expenses now, think about what the loss of an income would mean to your family's finances. Start cutting back on expenses like eating out and put that money into savings. You'll be glad to have extra money later whether it's for an emergency or to spend on something noteworthy.
Consider the industry in which you work. Many job sectors are more vulnerable to layoffs during the current economic climate. While you are employed, set aside any extra money to save up at least three months of emergency savings to get you through a job loss or any unexpected event. A great way to save extra cash is to put any unexpected money like a tax refund or raise directly into savings. If you treat the money like you never had it available to spend, you won't miss it when it's in savings. Also, start researching other companies and industries and begin networking. It's always good to know your options before you actually need them.
Stay current on your mortgage. If money is tight, always pay your mortgage or rent first, car payment second, utilities third, food fourth, necessary insurance fifth and everything else comes after that.
Change your shopping habits. While it may be hard, shop the discount chains instead of the gourmet grocery stores; cancel your unwatched premium cable channels; stay in for lunch; buy generic clothes rather than expensive brand names. Also, keep track of every dime you spend. You'll be surprised at where you spend your money. This log can determine ways to cut costs.
Quit charging if you have debt that needs to be paid. If you lose your income, you certainly don't want to deal with credit card debt in addition to your necessary monthly bills. Quit charging immediately and pay your bills on time to avoid increased interest rates and late fees. Focus on paying as much as you can to your credit card so you will have less to worry about if you lose any income. Look at the bigger picture - those credit lines may be necessary to use in the case of extended unemployment. Having less debt means you have more credit to fall back on once you've exhausted emergency savings.
Pay attention to your credit card bills. Given today's economy, many creditors are cutting credit lines and raising interest rates. Be aware so you know what you have available in case of an emergency.
For more information on surviving the recession, or to inquire about free workshops available to consumers, corporations and nonprofit organizations, contact Todd Mark, vice president of education for CCCS of Greater Dallas, at (214) 540-6810 or tmark@cccs.net
About CCCS of Greater Dallas
Consumer Credit Counseling Service of Greater Dallas, Inc. is a nonprofit, community based credit counseling and debt management service. Established in 1974, CCCS Dallas and its affiliate offices provide financial education and counseling to consumers in-person, by phone, or Internet through their 24 locations in four states. CCCS Dallas is a HUD accredited counseling agency and serves as one of nine counseling agencies supporting the 888-995-HOPE Hotline. The agency is also a member of the National Foundation for Credit Counseling (NFCC), the nation's largest and longest serving national non-profit credit counseling network. To learn more about CCCS Dallas' free seminars or the agency's services, visit www.cccs.net.
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