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Tag: recession

Tips to avoid debt and divorce in recession

Tips to avoid debt and divorce in recession

General
In these tough economic times, how do you get your finances on track and save your personal relationships? When couples enter into a relationship, many don’t discuss finances, how to budget or have a savings plan. Elena Jara is the education coordinator at Credit Canada, a non-profit organization that provides money and credit counselling to people who are in financial difficulty. “Many of our clients have come in to our offices and due to financial strain are considering separation or divorce.” One of the biggest problems, says Jara, is that more often than not you are dealing with two different personalities. “It’s very important that you sit down with your partner and figure out a style of money management.” Jara recommends that couples follow these four steps to avoid h...
Unemployment effects and ways to solve money problems

Unemployment effects and ways to solve money problems

Career
Recently a growing number of Americans have experienced job loss due to recessions, downsizing, and business restructuring bent on financial survival. Loss of employment and financial difficulties rank amongst the more severe stressors that people encounter. Economically our jobs are all on fault lines, the financial outlook for many is grim and for some devastation has already been felt. It is a difficult time of year regardless of your employment or lack of but when you lose a job mere weeks before Christmas and the New Year it is felt that much harder. Emotional Stress and Unemployment Research since the 1930s reveals that unemployment has major effects on individuals' and families' emotional and physical health. Researchers have found strong relationships between unemployment...
Budgeting tips during economic downturn or recession

Budgeting tips during economic downturn or recession

Finance
Budgeting is a necessity these days. It is becoming more apparent every day. Seventy percent of America is coming up short on bills, rent, and food at the end of the month. The economy has suffered a huge hit. Everyone knows this. This recession has not rebounded like economist have stated. America still has an unemployment rate that is entirely too high. There is a lot of talent that is still out of work. All of this has put America in a huge crunch. I say this because if you do not know exactly how much money you have, and how much debt you have, then there is no starting point. We are going to change that. You have got to get organized. Put all of your bills on the table. This may need to be done every day when you are just starting out. Go through your mail everyday. Know what y...
Some self-employment jobs booming during recession

Some self-employment jobs booming during recession

Business
The self-employed, like everyone else, are feeling the weight of the recession on their shoulders -- at least, some of them are. A few self-employment industries are booming while others are struggling to make ends meet. Maybe now is the right time for some work at home professionals to branch out into new (read: money-making) career fields? Professionals who are already thinking of making a change may want to gravitate toward the few self-employment jobs that are growing in spite of the financial crisis. Struggling for Self-Employment Many industries are declining as more people struggle to meet their financial burdens and strive to find new ways to make money. Many self-employment jobs attached to the housing industry, for example, are markedly down. Real estate agents, constru...
How to recession-proof career with education

How to recession-proof career with education

Career
Wondering how to recession-proof a career is on many minds today. This is a result of the current state of the economy and the high unemployment rate in this country. Fortunately, some employment has bright areas, while others are searching for the light at the end of the tunnel – a recovering economy. As a result, many people are exploring continuing education opportunities for improving their job skills. Enrolling in continuing education programs provides the best opportunity to learn the latest trends in a career field, along with improving on the foundation of current employment skills. This is important regardless of trying to recession-proof a job or not. Employers retain employees who are aware of the latest industry trends which facilitate increased productivity and improve ...
Global financial crisis promotes frugal living

Global financial crisis promotes frugal living

Finance
The media is rife with stories of the negative impacts of the Global Financial Crisis, but there have been many new developments of a more positive nature that do not get coverage in the tabloids or gain airtime in the electronic media. Upside to the GFC - Lower Interest Rates Increase Housing Affordability Interest rates are down, considerably. The cost of a mortgage is well down on the rates being charged just eighteen months ago. Monthly repayments on variable mortgages are lower in line with lower interest rates, and if the repayments have remained the same the principal of the loan is reduced as the interest component of the repayment is a lesser proportion of the monthly installment. This allows the homeowner to get ahead, and create some contingency to delay payments for a whi...