I was thinking in this box of cereal financial safety plan for people that have depression. I came up with 20 tips to follow.
1.- Immediately take all credit cards out of your purse.
2.- Select only 1 form of payment.
3.- Save 10% of your monthly income and every 90 days, buy anything you want! Every 3 months get play money.
4.- Make sure you clean your environment and release all you do not use… clothing, objects, boxes, tools... get light! donate, donate, donate...
5.- If you cannot pay rent, give 30 days’ notice to leave property and search for temporary place to stay. do not wait...! make sure you reduce from expensive rent or mortgages to smaller responsibilities. get light!! Get rentals insurance to prevent any loss in case of an incident in the property you are renting.
6.- If you cannot pay credit cards, please, make sure you get credit cards consolidated. do not file Bankruptcy. Let a debt consolidation handle your credit card payment distribution.
7.- If you cannot pay your car, sell it. Do not wait. Chances are if your car is new you can sale it faster if your car is old you can sale it even more faster!! Get Light ASAP. If your car insurance is too expenses, make sure you consult for a temporary solutions.
8.- Food, I recommend getting into a system or health controlled portion so you eat or you do not overeat. Many time cooking is a challenge, you simple do not want to do it... get involved in a health related system. shakes or pre planned meals to control cost and nutrition value... eating is crucial to get help!
9.- During Depression time pass so slow...
every day is torture. Please make sure you are drinking water.
Every glass of water imagine you get $100 cash!
10.- Budget wise, income should be divided:
10% Play Money
10% Credit Card
10% Retirement savings
5% Charity + community work
55% Living expenses... Rent, car, food, clothing, etc.
If your income is less than your expenses, get support with a free financial needs analysis...
Chances are you need to get a job (That is ok. for sure someone can help find a source of income BUT you need a good resume, a great presentation and help with your attitude... all of that can be worked out)
But please in the mean while
track, control and reduce expenses...
sale items and get debt under control...
11.- Take a vacation local... yes you must travel inside the city like a tourist.. find out places that can help you get entertained under budget. you need more than ever be exposed to new things. But in an affordable way.
12.- Every month buy a silver dollar eagle to nurture your treasure box. This little habit can build the habit for saving in a pleasant way.
13.- Join a group that can keep you motivated even when you do not want to move...! Network in groups that follow a topic that you like.
14.-Before your doctor add in you medical history that you suffer depression, apply for Permanent Life Insurance and Long Term care insurances. chances are, you are young and in case your health is not compromised you can have coverage in the future. and you need to have a plan that can save cash for you expenses and pay for long term care, in case your health gets seriously compromised.
15.- Keep an eye on your FICO. Make sure you get a clear idea of your FICO Score to be able to rent or buy in the near future. Sing up for a free service and keep a 700 plus FICO. If you can not reach this consult a professional.
16.- Keep track of rental history letters from Landlords recommending you. This will facilitate your future rental process.
17.- If you own a home and owe taxes or monthly payments, make sure you find help... You must decide between keeping your head in the sand or see an action plan. If you owe any kind of tax, please make sure you get assisted by a professional before IRS moves forward...
18.- If you qualify for any government benefit program like unemployment, disability, food stamps, medical ... Please apply! in your health and human service Agency closets to you.
19.-Make sure you have personal documents in order: Passport, SSN cards, Deeds, etc
20.- Prepare a Will and a Living Trust to protect Assets and your health. Get help of a professional. Having legal order is important because you want to have the rights to decide. You need to name people that will help you to make your desire a reality.
If anyone you know is suffering Depression and has financial challenges, please let me know.