I got a sad email from Candi yesterday (name changed to protect the innocent):
[blockquote]Help, I have been layed off and will no longer be able to keep up on the mortgages (2) or bills. Family of 5. Husband works still but I made so much money previously that our income is cut more than in half. I was told by someone that the world is going to h*ll and we need to sell everything and stock up on food and prepare to just survive. I am afraid for us.[/blockquote]
The easiest way out is to simply move to Belgium and sell your children You’ll make money while reducing your cost of living. I joke (don’t even try it’s illegal), but in times like this I try to remind myself that laughter is free.
I did list some ways to save money, but here are some more ways to save on clothing, movies, music, television, and books, razors, hobbies, gas, housing, groceries, and almost anything on the Internet.
I’d focus on some of the big things. I don’t want to go all Suze Orman or Larry Winget on you, but the two mortgages is a problem. Are you at least renting out one of the places? Some income to offset the mortgage is better than none. Can you sell one, even if at a loss?
I don’t have a lot more information to work with here. One thought is that if you have new cars of significant value you may be able to sell them and pick up servicable cheap ones (a used Kia or something). It will get you from point A to point B and either put money in your pockets or reduce your payments. Another thought is to look at refinancing the mortgages at today’s low rates. If the homes lost a lot in value, it might not help, but it’s worth looking at.
I don’t know what Candi’s job was or what her prospects are going forward. It’s hard without knowing a profession or region. I just hope she isn’t the only lumberjack living in New York City or a similar situation where you would expect jobs to be extremely rare.