Perhaps you overspent your budget during the Christmas Holiday and may be having some financial problems. Even if you don’t experience any financial problems, it is always good to look and think about where you are spending your money. The first of the year is a good time to look at your spending.
Financial resiliency is the ability to withstand life events that affect your income and assets. Building financial resiliency is a step toward financial wellness, which is having the means to fully meet your financial obligations, feel secure in your financial future, and more freely make financial choices. Whether you are experiencing a financial setback, are in a period of financial recovery, or are establishing financial well- being, working to become more financially resilient is one of the best investments you can make for your long-term financial health.
Anytime you experience financial loss or strain, it can be difficult to get back on your feet.
Sometimes financial stress is the result of our spending choices or behaviors; other times financial setbacks can be out of our control. Unexpected financial loss may result from a number of things, such as a sudden medical diagnosis, divorce, the death of a family member, a natural disaster, or economic downturn like unemployment or recession. When financial choices such as high debt or low savings meet with an unexpected financial stressor, what results is a financial situation that feels impossible. Whatever the cause, know there are actions you can take toward financial recovery and wellness.
Rebounding from a financial setback takes time and intention. To establish financial stability, consider taking the following steps:
1. Evaluate your finances. Make a list of your assets (what you own) versus your liabilities (what you owe). While it may feel overwhelming at first, writing everything down can help you see the bigger picture so that you can develop a plan. Include monthly minimum payments, due dates, and total amount owed for any creditors.
2. Prioritize your financial obligations. As you consider your income versus expenses, rank your essential financial commitments such as shelter, transportation, utilities, food and medication. Then reduce where you can from any remaining expenses. Are there nonessential purchases you can eliminate? Things such as eating out, bottled water, turning off lights when leaving the room, etc. Look for other ways to save. For example, buying second hand or generic brands, purchasing specials, buying needed gifts when on sale and saving for the event.
3. Communicate with others when there is a problem. Begin by contacting your financial institutions and creditors to discuss forbearance or deferment options, shifting bill due dates and/or negotiating lower interest rates or debt repayment plans. Also talk with your spouse and children about the realities of your financial situation. For your household to become financially healthy, it will take everyone working together.
4. Ask for and accept help. Especially in the wake of the pandemic, many local, state and federal agencies offer financial recovery assistance. Seeking out and accepting help will allow you to meet immediate financial obligations while making long term plans to get back on your feet. Unsure where to start? Visit https://www.makinghomeaffordable.gov for mortgage assistance; https://www.careeronestop.org/for employment resources; https://healthcare.gov/ for health insurance coverage; https://www.benefits.gov benefit-finder to search for government assistance programs for which you may qualify, or https://www.211.org/ for community resources that can help meet the needs of your family,
5. Do things differently moving forward. As you make strides toward financial recovery, it is important to establish healthy financial habits. Creating a budget, eliminating debt, and saving for the future should be top priorities.
Educational programs of Kentucky Cooperative Extension serve all people regardless of economic or social status and will not discriminate on the basis of race, color, ethnic origin, national origin, creed, religion, political belief, sex, sexual orientation, gender identity, gender expression, pregnancy, marital status, genetic information, age, veteran status or physical or mental disability. University of Kentucky, Kentucky State University, U.S. Department of Agriculture, and Kentucky Counties, Cooperating. Our Pulaski County Extension Office will open Monday, January 3, 2022.
This is a great soup to serve to your family, and it is even better the second day. Remember you can always adjust a recipe to meet the taste of your family.
Vegetable Barley Soup
1 medium size onion, diced
1 tablespoon garlic powder
2 tablespoons olive oil
½ pound of carrots
28-ounce size of diced tomatoes
1 cup pearled barley
1 tablespoon dried Italian Seasoning
6 cups low sodium vegetable broth
1 potato, diced
1 cup frozen green beans
½ cup frozen corn
½ cup frozen peas
Heat a large pot over medium heat and add the olive oil, onion and garlic powder. Cook for 2 to 3 minutes. Add carrots, tomatoes, barley, Italian seasoning, and vegetable broth. Stir to combine. Cover with a lid and let soup simmer for 30 minutes. Add diced potato. Cook for 10 minutes or until potato pieces are tender. Add frozen green beans, corn, and peas. Stir and let cook for another 5 to 10 minutes. This will make 10-2 cups servings.
The following are some classes we will be having at the Extension Office during the coming month:
Healthy Living with Diabetes a ZOOM Class is held each Tuesday in January 11, 18, 25 on from 3:00 to 5:30. You can take advantage of these classes from your home. Register at www.LCDHD.org.
Cooking from the new Food Calendar, will be a class on Tuesday, January 18, starting at 11:30. The recipe will be One Pot Italian Tortellini Dinner.
A Personal Product Class, will be held on Wednesday, January 19, starting at 1:00 o’clock. You will learn how to make Dry Shampoo for your Hair, Hand Lotion, Lip Balm, and other products. This is free to homemakers and $2.00 to others. Call the office to register.
Cultural Arts Competition for homemakers will be held Friday, January 21. Homemakers should have their articles in for competition by Friday Morning.