Content Overview 
- Summary
- Step 1. Create a Net Worth Statement and a Cash Flow Statement.
- Step 2. Examine your income
- Step 3. Examine your expenses.
- Step 4. If after eliminating your non-essential expenses, you still have more outlay than income, prioritize your debts.
- Step 5. Create a payment plan for your unsecured debt.
- Step 6. Renegotiate as much of your debt as you can according to your plan
- Step 7. If you still have a short fall, look for money including from loans against assets. Consider bartering
- Step 8. As a last resort, sell assets - perhaps even your residence.
- Step 9. If you need help through these steps, consult with a professional.
- Step 10. If nothing else works, consider starting a bankruptcy proceeding.
Ten Steps To Consider In The Event Of A Financial Crunch Or Crisis
Step 2. Examine your income
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If you work:
- Look at what we call your "Real Earnings" -- how much you really earn when you add up all the time really involved in your work and all the expense involved. The odds are you will find ways to decrease your expense, and possibly free up time for other pursuits -- including earning extra money.
- Is there another job you can do for your same employer that pays better? You can't be discriminated against because of your health condition. See: How To Increase Your Income If You Are Working
- Would a job for a different employer earn you more?
- You cannot be discriminated against when seeking a new job.
- How To Review Benefits From Your Current Employer Before You Agree To Change Jobs
Consider taking a part time job.
- The internet has opened up an array of jobs that can be done part time.
- To learn more about potential part time jobs, and about letting your full time employer know about the job, see: Part Time Jobs . You can Work From Home.
Do you qualify for an income because of disability?
- Perhaps you qualify for Social Security Disability Income or Supplemental Security Insurance.
- If you have Disability Insurance, or your employer has a disability program, can you qualify for it? If so, see Disability Insurance: The Claims Process
- Do you qualify for a veterans income?
If you are not working, see:
Look at your investments and bank accounts.
- Is the money in a bank account earning the maximum while still remaining safe?
- Is your mutual fund investment still earning you the same rate of return it once did?
- Consider Borrowing Against Certificates Of Deposit Or Other Term Bank Accounts
- If you have a retirement account, can you borrow against it, or perhaps withdraw money (with or without a penalty)?
- For additional information, see: Investments 101: An Overview
If you own your residence:
- consider renting a room to travelers
- consider renting part or all of your home
Financial assistance may be available for your health care costs or at least the health care costs of your children. There is assistance available for a variety of needs, including help to pay for insurance premiums, including Medicare premiums, co-pays and deductibles. See: Financial Assistance
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