Well, as is often the case, my own personal circumstance has resulted in the subject for today's email on job search advice. Call me a hypocrite if you will, but I will pass this along as the result of some recent mistakes I've made on the financial front that have resulted in a rocky month from the standpoint of my limited finances.
 
When living on a fixed income such as unemployment and/or your rainy day nest egg, I can't tell you how important it is to remain fiscally prudent, and know how to prioritize your bills and cut back on expenses, no matter how necessary and basic some expenses may be. Here are a few examples of do's and don'ts that you might want to consider:
 
1) DO call all of your creditors and explain your circumstance. often, your credit terms may have a provision for loss of income which may enable you to minimize and in some instance forgo, your installments. Take advantage of this when you can. In the worst case, at least you have advised your creditors and are in contact with them to make favorable payment arrangements should you get to a point where something can't be paid for a month or two.
 
2) DO pay off credit cards or loans that have minimal balances and don't use those lines of credits unless it is an emergency situation.
 
3) DO cut off or minimize luxury expenses. yes, you may need cable TV, but do you REALLY need all of those premium movie channels, and the extra converter boxes in the guest bedroom and the kitchen? Look closely at your cell phone usage, and make adjustments to your plan downward, when applicable.
 
4) DO take advantage of some of the competitive plans going on between telephone, cable and cell phone providers. There are some unbelievable deals to be had out there that can minimize your cost and maximize your coverage at the same time.
 
5) DO look at your car insurance, homeowners insurance and other policies and see if they are up for renewal. When they are, give careful consideration to your coverages. be sure that if your automobile or house are financed, that you at least have the minimum coverages needed in accordance with your loan terms.
 
6) DO NOT think about that vacation to the French Riviera. I don't care if you think you deserve it. You can't afford it.
 
7) DO NOT give into the kids who are constantly nickle and diming you for everything they "need". They need to understand the economics of the situation, in accordance with their age and ability to comprehend. You certainly don't want to scare them into thinking you're going broke, but let them know that things will be tight for a while. have your teenage children sit with you one night when you pay the bills. That's a real attention grabber.
 
8) DO NOT spend money on unnecessary things for yourself in order to make yourself feel better. Yep, that 32" HDTV is a great price, but you also need to put food on the table and keep the lights on in the house next month.
 
9) DO NOT take the family out for a nice dinner like you always do. Plan a gourmet meal at home, and get the family involved in it's planning and execution. It's less than half the cost of eating out, and the family bonding experience is priceless.
 
10) DO NOT take out additional credit in order to make ends meet. Be creative with what you have, and use it wisely.
 
I know all of the above is very over-simplified, and each of us have our own set of circumstances we must deal with. Use the above suggestions as exactly that. Suggestions. While many of us are already doing most, if not all of the above, it's always a good idea to remind ourselves that we can get by with less than we think we can.
 
I myself live a pretty austere lifestyle, and lately I got sloppy by spending money on a few things I shouldn't have, and it has cost me money that I could have used on more frugal purchases and necessities. Please don't put yourself and your loved ones in this same precarious position. If you live within your means now when things are tight, when you finally get back to a more reasonable income, these habits will stay with you and you'll find that your new income will stretch that much farther.
 
Peace!
 
Bob