Living On Less

Publication Topics:

When Your Income Drops

Managing Your Credit

Talking to Your Family

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The United States continues to see a downturn in the economy and families are facing challenging financial situations. Families can work together to make it through these times. Purdue Extension specialists, other land-grant partners and government agencies offer resources for managing through this time of change.

News Stories:

February 1, 2002

Families should keep communication open during tough times

WEST LAFAYETTE, Ind. – Talking to your children is the most important way to help them deal with changes going on during tough economic times, says a Purdue University expert on child development.

"Children may not understand the details, but they see their parents' stress," says Extension specialist Judy Myers-Walls. If parents don't talk, children can imagine the worst. When parents don't bring up the subject children think whatever is causing the stress is taboo or inappropriate to talk about.

"Change causes stress. The amount of stress depends, in part, on how much of a change happens," Myers-Walls says. The larger the difference between what is expected and what actually happens increases the amount of stress.

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December 17, 2001

Ring in the new year with a budget resolution

WEST LAFAYETTE, Ind. – Due to the current economic slowdown, many are facing difficult financial situations. But a Purdue University expert says the first of the year provides an opportunity to critique how you handle your finances and develop a strategy to become a more informed consumer.

"Handling financial situations can be challenging at anytime; however, it is best to face the problems and work toward a solution rather than worry about it or ignore it," says Elizabeth Kiss, Extension specialist and assistant professor of consumer sciences and retailing. "There are common resource saving ideas that sometimes get overlooked that can be used during instances like these."

Kiss says the best way to approach the new year is with a spending plan. Start by adding up total net income from all sources last year. Include income from other household members if used for shared expenses, she says.

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Holiday spending made easier by budgeting

WEST LAFAYETTE, Ind. – While the thought of holiday spending may weigh heavy on many shoppers, a Purdue University expert says wise men and women will plan before they buy this season.

"Many people are concerned about overspending for the holidays," says Janet Bechman, Purdue Extension consumer sciences and retailing specialist. "To avoid this problem, set a holiday budget and keep track of what you spend. Include all the expenses you anticipate, such as gifts, food, entertainment, decorations, travel, holiday cards and postage."

Start by remembering how much you spent last year during the holiday season, Bechman says. Calculate what percentage of your annual income was applied to holiday giving and compare it to the amount you spent on bills throughout the year.

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