My sister and I were talking today about the importance of being prepared. She is worried about losing her job, and about how she would provide for herself if that were to happen. She also talked about the possibility of not losing a position, but everyone losing hours in order to save people’s jobs.
As members of the church we have been counseled repeatedly to live within our means and to stick to a budget, and in these economic times it is even more important to begin doing these things. You can start by taking steps now to reduce the amount that you spend or owe to other so if you were to take a cut in hours it would not affect you as much.
This is also an excellent time to begin teaching your children these principles. You do not want to scare your children or have them become overly concerned about the economy, but you can teach them about the importance of thrift. It is also an excellent time to illustrate the consequences of poor financial decisions. This can be tailored for any age group with a much more in depth discussion with your high school student. It is a great time to teach basic budgeting, and bargain shopping as well.
This is also a time for family to draw together and support each other through the difficult times. For example you can hand your baby clothes down to your sister’s children or share the excess from your garden with your family. If you live far away from family, it may be more difficult to visit. You can find ways through video conferencing, and letters to stay close even without the visits. Families may move in together for a short while to share expenses and to help each other get on their feet. How have you prepared for these difficult times?
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