Credit and budgeting tips [Jan. 2009]

Credit and Budgeting Tips

Have you recently lost your job? Need help creating and maintaining a budget? Are you concerned about your credit in today's rapidly changing markets? Where do you start? Do you need an action plan?
Developing a budget and managing your credit are even more important today than ever before. Be sure to check your credit report at least once a year. For a free yearly report go to www.annualcreditreport.com.
"Money is one of the most important subjects of your entire life. Some of life's greatest enjoyments and most of life's greatest disappointments stem from your decisions about money. Whether you experience great peace of mind or constant anxiety will depend on getting your finances under control." Robert G. Allen
Listed below are some steps to help you get started.
Evaluate your spending habits
It's easy to spend money on things you don't really need. Now is the time to decide what is necessary and what you can do without. It's best to have a plan and discuss it with your family members so everyone can contribute to jumpstarting your action plan.
List your fixed monthly expenses
Housing Utilities - telephones, electricity, gas, water,
and garbage Food Transportation - car payments, public
transportation, gasoline, car maintenance and repair Other Basic Expenses - including child care, child support, insurance, clothing, gifts, vacations and pet care

List your sources of income
Unemployment insurance Savings Checking account Any additional income
Consider sources of additional income
Work part-time while you look for full- time work
Work part-time while you attend school to update your skills
Have a yard sale Collect old debts Swap services - babysitting, yard
maintenance, typing, doing taxes, music or dance lessons Clip coupons Car pooling - grocery store shopping, after school activities, sports event
Have
Questions?
There are 53 Georgia Department of Labor Career Centers. Each office is equipped with high-speed internet. Go to www.dol.state.ga.us to locate an office near you.
GEORGIA DEPARTMENT OF LABOR
MICHAEL L. THURMOND, COMMISSIONER

Credit & Budgeting Tips

wellness. From the NFCC web site

Creditor Action Plan
Create An Action Plan To Include All Of Your Creditors

located at www.nfcc.org users can receive practical individualized plans for debt reduction by telephone, in-

Name of Creditor Account #

Balanced Owed

Minimum Monthly Payment

Due Date

person, or via the internet in English and Spanish. Users enter their zip code, and enter a distance radius, to

locate member agencies. The search

engine allows you to choose a nearby

credit counseling service to contact

for assistance. A search by state

produces a list of all credit counseling

agencies in the state of Georgia.

Having trouble making your
minimum payments?
Contact your creditors immediately Ask for a payment arrangement plan Call and write to explain your situation
(send correspondence by certified mail and request a return receipt) Don't promise more than you can reasonably afford to pay Don't ignore bills and past due notices

Money Smart www.fdic.gov
The Money Smart CD-ROM available in the resource area of your local career center is a friendly and easy to use learning tool that teaches the 10 modules of the Money Smart curriculum. The modules include advice on opening a checking or savings account, managing credit cards, setting up budgets, improving your credit history and more. Each module generally takes between 20-30 minutes to complete. Users receive ongoing feedback and, upon successful completion of

If your expenses are greater than your income, some spending changes need to be made. Only you can decide where to cut your expenses, but you might want to get some professional advice. Where do you go from here? Check out these additional resources:

each module, can print out a personalized certificate of completion. An online version is also available at www.fdic.gov in English and Spanish. The modules include advice on opening a checking or savings account, managing credit cards, setting up budgets,
improving credit history and more.

For local help, just enter your zip code at the following websites: United Way (http://211. org) or the Salvation Army (http:// salvationarmyusa.org).

Consumer Credit Counseling Service (CCCS) www.cccatl.org.
Whether you are facing an immediate crisis or

National Foundation for Credit
Counseling (NFCC) www.nfcc.org
From the GDOL web site, www.dol.state.ga.us tab to Job Seekers, select Explore Career Options, and Plan Your Job Search, then select Cope with Change. NFCC offers credit counseling, debt reduction services, and education for financial

just want to learn how to improve your financial health, CCCS can help! Go the "Get Help Now" box for information on foreclosure, debt, credit cards, bankruptcy, and budgeting. Email or call their representatives for answers to additional questions.
Check at your local career center for CCCS workshops on money management.

Visit our website at www.dol.state.ga.us
Equal Opportunity Employer/Program l Auxiliary Aids & Services are Available Upon Request to Individuals with Disabilities
DOL-4456 (R-01/09)