It starts with a good budget

In The Trenches Eating

When we are in the trenches everything needs to change and the sooner we are able to EMBRACE THE CHANGE, the sooner we can get back on our feet. Eating is a major area since it is one of the few that we have control over. So here are some In The Trenches meals.

Spagetti
Macaroni and Cheese
Chili and Cornbread
Breakfast for dinner (one of my favorites)
Stews and homemade soups
Tatertot casserole

Add these to your menu once or twice a week and your costs will go down. Already eat like this? Me too. Some of my favorites. Eating economically does not have to be miserable.

And, when was the last time you had a PP&J sandwich or oatmeal for breakfast?

What does this have to do with financial management? Everything. Our goal is to provide for our family while we are tightening the belt. Our quality of life may not need to be diminished, just our spending.

Keep your integrity

When you are in the trenches there may and probably will come a time that you will not be able to meet all of your obligations and committments. Times have changed and as much as you may want to pay all the bills that come in there are some that you cannot pay. In earlier entries I talked about setting priorities and keep the best, sell the rest. For those committments that you simply can't follow through with above all else keep your integrity.

If you cannot make your car payment and do not foresee that you will be able to in the near future than speak to your creditor. Find out your options. Can you sell it? Will they renegotiate? If all your possible solutions do not pan out then clean up the car and turn in the keys. Don't make them track you down. You can only do what you can do but don't string someone else along or make promises you know you can't keep. Do you have to walk away from your home? Clean it up. Did you get laid off? Remember that this was necessary for the employer and go with a good attitude and keep your relationship such that they will want to hire you back if possible or give you a good reference.

This advise does not include those who would badger, bully, or seek deceptive means to get your money. Unfortunately some credit collection agencies and even worse, banks and credit card companies have resorted to these tactics and in fact profit from them. This is a different subject and my linked blog America For Fair Banking addresses this subject.

Do all you can to go the extra mile and keep your integrity. This downturn is temporary and what goes around comes around. After winter comes the spring and the hard times now can be turned to a blessing if we respond in a righteous way.

Comingling funds

One of the quickest ways to loose track of your expenses is to comingle your funds into all one pot. Pretty soon all of your good planning is messed up and you just can't figure out why. How much did I pay for food this month? Why is the business not making a profit? There are as many ways to keep things straight as there are people but some of the most common are the ledger book, excel, color code your check register, or separate envelopes for various cash expenses. Figure out what works for you and if it doesn't, try something else. Unless you can keep track you don't have a clear picture of what's going on. This gets even more tricky when two people are dipping into the pot and have different priorities and habits. Above all, keep business and personal expenses separate. This is imperative as it affects not only your record keeping but tax preparation and other legal matters. This may seem obvious but it is so easy in a small business to have money in one account and not the other and the mixing begins.

The Chipmunk and the Bear

Once upon a time there was a busy little chipmunk who spent all his days gathering nuts and hiding them in little clutches so he would always have plenty to eat when the winter came. He scampered and scurried in his daily search and then would run to hide his treasure. There was only one problem with his plan.....

In the same neighborhood forest was a huge bear who lumbered along always looking for the chipmunks treasures and when he found them he would smash them up, stomp them down and rob all the nuts the chipmunk had collected. His appetite was unsatisfiable and his mission in life was to scout out, follow, and find out some way to steal the nuts from all the chipmunks in the area.

And, there was nothing the chipmunks could do. They were too little and the bear was too big. But wait, what is that in the distance? A bear hunter with all his dogs coming closer and closer.......