In our society we have become accustomed to being extravagant with resources. These resources cost money. If a family wishes to cut expenses, there are usually many ways in which to do this.

If you find yourself “over-extended” and have tried financial counseling, spending plans, reducing your payments, and/or paying more than the minimum amount due and still cannot make headway in repaying your debts, bankruptcy may be an option worth investigating.

Life’s emergency situations require advance preparation and planning. The first step is organizing your papers and communicating with appropriate individuals.

People respond to unemployment with many feelings:  anger, anxiety, outrage, self-doubt. They may be hostile -- lashing out at those closest to them. Or, they may become moody and depressed. Their tension may show up as restlessness, loss of appetite, loss of interest in sex, insomnia, and feelings of apathy and exhaustion. While some of these symptoms may be unpleasant,
they are normal, predictable reactions of people experiencing a loss or critical change in their lives.

When people go through any type of change, the change may trigger a period of grief and feelings of loss. When people become unemployed, they may feel a loss of identity since Americans tend to describe themselves in terms of their job. Any change means grieving for what was and coping with what is to come.

All change produces stress, even “good” changes such as marriage or vacations. Sometimes it is hard to perceive the stress of “good” changes but easy to understand the stress caused by negative changes such as job loss. Common stressors in a transition are fear and uncertainty. For example, some of the fears a person may have about unemployment include fear of failure, the inability to manage debts, and the inability to learn new skills. The uncertainty of the job market may also be an issue.

What do you do if your current income just isn’t enough to pay monthly expenses and debts? Putting your bills in a stack and paying them until the money runs out won’t work. You have a legal obligation to pay all of your creditors. Not paying bills will affect your credit report and credit score. It can even involve court action. Not paying some bills may have greater consequences than not paying other bills.

Losing a job affects all members of the family. Adults frequently become so preoccupied they forget unemployment has an emotional, as well as financial, impact on their children.

Sometimes, through no fault of their own, parents find themselves without a job. A factory may close, sales may be down or health may fail. Whatever the cause, unemployment affects everyone in the family.

When times get tough you can’t afford to let your health decline! A sound body and mind are the most important resources you have to help you make hard decisions and seek solutions to difficult problems. The formula for good health is really pretty simple - exercise, eat a healthy diet, and get enough rest and sleep. Let’s take these one at a time.

Faced with a reduced income, many families wait six months or longer before they reduce their spending, accumulating debt and unpaid bills. Families need to cut back on spending right away by developing a spending plan to help pay their bills and living expenses.

Many people try to hide financial problems from themselves or family members. Not facing problems can be very destructive because the worry and stress caused by financial uncertainty and lack of cash may be worse than the financial problem itself.

People experiencing unemployment report they feel better if they have the support of family and friends. Your informal support networks are the personal ties you have with others.

Are your finances out of control? If making credit repayments has become difficult, there are steps you may take to improve the situation.

Many senior adults are finding it hard to live on their fixed retirement incomes and are looking for ways to supplement those incomes. For some, the largest asset they own is their home, but they do not want to sell their home and move. For these individuals, there is an option called Home Equity Conversion (HEC).

Home Improvement scam artists often show up at your front door. This scam is happening more and more. Seniors, those living alone, and victims of weather-related disasters are among those most commonly targeted.

Whether you own or rent a home, manufactured home, townhouse, or condominium, a good way to protect your home against certain types of loss is homeowner’s insurance. Homeowners with mortgages are required by their lenders to have homeowner’s insurance.

What have you got to show for the money you make each month? Do you have good health, two cars, a home, a large savings account? Or do you seem to have a pile of debts and no assets?

If you are having trouble making your monthly mortgage payments, you may be able to protect your home, but you must act immediately. Your action may prevent the loss of your home through foreclosure. This Fact Sheet will give you an overview of your options to avoid foreclosure, but it is only the beginning. If you are in serious financial difficulty, you should seek professional assistance and/or legal counsel to best protect your investment and your home.

Whether it is a house fire, a hurricane or tornado if the disaster will make it difficult to  get an accurate accounting of what you have. The recent victim of a house fire made  the following suggestions.

• “Take the time NOW to inventory your home. The inventory needs to include the  item name, description, make, date purchased/age, model and/or serial number,  and purchase price. Take pictures and /or video and make comprehensive lists of  EVERYTHING you own. Nothing is insignificant. The more items a person can list  and refer to “see photo” the better. The lists need to include everything (down  to how many pairs of socks you own) and should include brand name, age of item, and purchase cost. Update this  annually. I don't know why insurance companies don't require this or offer this service, but they should do both.

How much life insurance do you need? This publication will help you determine if you need life insurance, and if so, how much you need

Life insurance pays a death benefit to the stated beneficiary at the death of the insured. When the insured dies, the beneficiary of the policy files an insurance claim.

Term insurance is basic life insurance. It is the easiest type of policy to understand. A life insurance company will charge a dollar amount, known as the premium, to provide the beneficiary with a tax-free cash benefit if the insured dies in that year.

Universal-life insurance was created to address many of the problems associated with whole-life insurance.

Did you know that over 11 percent of the U.S. population is age 65 or older? Did you also know that this figure is expected to increase to 20 percent or 25 percent percent of the population over the next 50 years?

Medical-expense insurance, often referred to as health insurance, has become a big issue for many people. The costs associated with health care have been increasing, and if you find yourself in poor health, the cost of obtaining the care you need may be alarming.

Money problems are common. When we manage it, we can make it last longer.

Does your paycheck always run out before the next payday? Is it possible you could be wasting a few dollars each month?

Do you know where your money goes each month?

Did you finish the credit account list last week? A credit report will list all accounts. Credit reports cost $9 for each. But after November 2005, you can receive all of your credit reports each year for free from one place. To receive a report, copy this form 3 times and fill it out.

This week, your task may take some guessing. First, fill out the income chart to figure your monthly income. Second, without looking at your spending logs, write down how much you spend on each item in a month.

Congratulations! You have kept your spending log for a whole month. Now take all 4 logs and figure out what you spent last month.

Have you ever passed a check cashing store and wondered what kind of things happen in a business like that? Well, one thing stores like that do; is write people payday loans. Often people in need of these quick loans are not fully educated about the way they work. The purpose of this fact sheet is to help consumers better understand how payday loans work, and the pros and cons of using these services.

A baby needs a lot of things, but not as many as some businesses would like to sell. Information in this series of fact sheets includes what you and your baby will need when leaving the hospital and at home‐ including clothing, crib and other furniture, car seat, and safety items.

Your baby will spend a lot of time sleeping. It is important to make sure that the crib is safe and where your baby is comfortable.

Neither cloth nor disposable diapers have been shown to be healthier for babies. The choice depends on how much time and money you have to spend on diapers. If your child will be in day care, most centers only accept disposable
diapers. Studies show disposable diapers keep the baby drier and help maintain a normal skin pH. To avoid problems when using cloth diapers, you have to change the baby more often and use diaper liners.

You will need to take your baby home from the hospital using a car seat. Taking the baby with you presents many changes. The important thing to remember is that the baby’s safety should come first.

Often the most enjoyable activity while waiting for baby is purchasing clothes. It is important to keep a couple of things in mind when making purchases. The most important one is to provide your baby with comfort! The second is that babies grow fast. This fact sheet will help you understand comfort and safety, choose fabrics, and read labels.

They appear like magic. The mailers, magazines, catalogs, e‐mail, and phone calls multiply as your baby’s arrival date gets closer. It seems that the marketers and con artists know your baby is on its way almost as soon as you do. Everyone has something to sell to make your baby smarter, healthier, safer, or wealthier than all the other babies. Deals for products that sound too good to be true probably are. You will also get many coupons and specials on photos, etc. Remember that a coupon only saves you money if you would normally purchase the item.

One way to help yourself stick to a budget is to keep your records in your wallet or purse. The example below shows how to set up a pocket budget guide. You can easily see at any time how much is left in your budget for the month in any flexible expense category. A pocket budget guide will help you adjust your spending plan to make your money go where you really want it to go.

Most people consider refinancing their home mortgage to take advantage of lower interest rates and reduce their monthly mortgage payment. Refinancing a mortgage means paying off your old mortgage and signing a contract for a new loan. Whether to refinance your mortgage is a difficult question to answer, and should be based on the following considerations:

If you are a renter in Virginia, you have rights and responsibilities under the Virginia Residential Landlord and Tenant Act (VRLTA). It is important that you know your rights and responsibilities under this act.