I'm not sure of everyone else, but I know for me finances are something I was raised not to talk about. Well, I'm going to break that taboo now, but it's not to complain about my situation, it's to help others understand what they can do if they find themselves in a similar situation.
So finances are tight. December brought the dreaded deadline of student loan repayments beginning. Personally, I thought I'd have a fairly easy time making payments, but to my dismay I have found that making those payments is tighter than things were since I started college. But I've learned some interesting things along the way.
1) When you find yourself having a hard time making payments, contact your lender. When I found myself unable to make the minimum payment on my credit card a few months ago, I talked to my credit card. Maybe because of the economic downturn, or maybe they really are nice people, whatever the reason they were happy to talk to me and give me a couple of options so they didn't have to file a report with credit agencies. I ended up setting up a payment plan with them which they automatically deduct a regular amount from my checking account every month. They also froze my credit card so I can't spend anymore (a very good thing for me!). While I'm locked into this payment plan for a year, they have lowered my interest rate by half. And more good news... a month after I started making payments they called me and offered to give me a new card after the year is over at an even lower interest rate.
2) Check out what your options are. I researched one of my student loans websites on what options they had for making payments that might be more friendly to my budget and found out a lot of information. Also, you can find out a lot of information by calling them.
3) Make a budget. It might be very hard to stick to a budget at first and you have to be committed, but the rewards are good in the long run. and you learn a lot about what you can do without.
4) When you feel overwhelmed, stressed, or blue about your finances, count your blessings. It can be very easy to think you're spiralling down into a deep dark pit of no return financially, but take a step back when you find yourself heading that way. I feel this way quite often and at the percipice of feeling bad and anxious I take a moment and breathe. I put things in perspective and remember... I have a roof over my head, a paying job, water, electricity, usually enough food to last me a while (even if I don't want to eat it), a running car, and the list goes on. Remembering Maslow's basic needs (in the heirarchy of being happy) are fulfilled goes a long way in easing the anxiety. Also, it helps me to remember that there are many people suffering in the country with the way the economy is, and I'm a very very fortunate person for the ability to fulfill my needs on my own and not be asking for assistance that others need much more than I do.
5) Call a friend or relative. Tell them your situation and ask them to help you with solving it. This doesn't mean you need to ask them for money, but it does mean they might have advice for you. Maybe they'll feed you once a week and send you home with leftovers. Who knows. I know almost everyone in my life and myself included would help someone were we in the position to help them out.
I hope this helps you. Right now, its the best way I can help others. Yeah, the economy is pitiful and the consequences of it are worse. But we can all pitch in and help each other out, even if its just a kind word or advice, and we'll all make it through this to the other side and have a long fruitful future in front of us. peace, and take care!
