Overcoming difficult time when it comes to your finance

 It is certain sometimes in life we’re bound to have good and bad times in our finance, however families that do best plan ahead prepare for the future. They also learn money-management skills and budget for their most important and necessary items. Even use their money carefully to cover such essentials as rent, food, medical care, and utilities; save for future expenses; and delay or give up other purchases that are not priorities. As a result, they have reserves to draw on in emergencies and know they can get through periods of difficulty.

However, sometimes no matter how well a family has planned ahead and managed its money, financial challenges arise. Unemployment and a decline in income affect all family members,

Not just the person with lost wages. Thus knowing how family members can help each other through the crisis is important. Here’re experts views on actions family members can take to keep the family healthy and strong.

Develop a financial plan together. Stress resulting from financial problems often leads to tension and conflict in other areas of family life. Developing a financial plan that family members understand and agree on how to alleviate stress and reduce emotional “spillover” into other areas.

The plan should be based on a review of all income and expenditures, and include ways for everyone to reduce spending. Most people tend to underestimate the amount they spend on various items. To get an accurate picture of your family’s spending, record all of your purchases, even the smallest amount, for 2–4 weeks. When everyone participates in developing the budget, each person is more likely to follow the plan and to control his or her expenses.

You also need to communicate the problem and solution with your family. Discussing problems within the family and brainstorming the way out together helps. Tackle one piece of the problem at a time so that you don’t become overwhelmed. Working together helps to relieve emotional distress and increase control over the situation. Including children in the discussions teaches them how to handle tough times in their own lives. Leaving them out does not “protect” children; it may instead make them feel isolated and increase their anxiety.

Listening to all family members without criticizing and working together to solve problems bring families closer together. Sometimes, you can find no cost and low cost ways to have fun together with your family, if you have to.

Maintain family routines and rules. Keeping family rules and routines (such as praying, eating meals, and participating in cultural activities together) provide stability and are reassuring, especially to children. Continue to have high expectations for children’s performances in school, in household chores, and in living within the family budget. Find age-appropriate ways for children to contribute to the good of the family. Children are less likely to engage in risky behaviors such as drug use when there is a continuing family structure and parents are interested in and involved in their lives. Couples also need to make special time

for each other, without the children, and enrich their relationship.

Give, ask for, and accept support. When family members support one another the family can survive even the most difficult crisis. Listen to family members who ask for support, either with their words, body language, or change in behavior. Tell your family how much you love them and say something positive to each member of the family every day. Be willing to ask for and accept help from family members, or others, when you need it. Encourage family members to do the same. Don’t forget that the person who is still employed also needs support. If Dad is laid off but Mom still has a job or vice versa, the person with more time may now have to assume more of the household responsibilities.

Foster a positive attitude, regardless of their work status or finances, parents should remember that their children can do well academically and grow up to be successful adults. During difficult times, children especially need to know that they are loved, that their family will be there for them, and that things will get better.

Finally, Keep hope alive by sharing stories about past difficulties. Remind your children that all families and individuals have talents within themselves and the ability to accomplish goals.  Emphasize these strengths to create a brighter future.