Financial Crisis Management Counseling

Facing the challenges of Facing the challenges of reduced incomereduced income Loss of income spawns many challengesLoss of income spawns many challenges Financial counselors can helpFinancial counselors can help Human tragedies precipitate income lossHuman tragedies precipitate income loss Loss of income causes loss of hopeLoss of income causes loss of hope Women bear the bruntWomen bear the brunt

Rebuilding the strength Rebuilding the strength to move forwardto move forward

Recovery requires positive readjustmentRecovery requires positive readjustment Professional help is advisedProfessional help is advised Positive thoughts can produce positive Positive thoughts can produce positive

actionaction Positive interaction helps rebuild Positive interaction helps rebuild

emotional strengthemotional strength

Positive communication Positive communication

Sincere interestSincere interest CompassionCompassion ComplimentsCompliments ChallengesChallenges ExpectationsExpectations

Words do motivate!!Words do motivate!!

Developing plans for Developing plans for financial recoveryfinancial recovery

Notify creditorsNotify creditors Sit down with members of household and list all Sit down with members of household and list all

expenses – determine which can be reduced or expenses – determine which can be reduced or eliminatedeliminated

Develop revised written budgets, control spendingDevelop revised written budgets, control spending Use new credit only for absolute necessities that Use new credit only for absolute necessities that

cannot be delayedcannot be delayed Take steps to regain employmentTake steps to regain employment Make use of community resourcesMake use of community resources Take care of yourselfTake care of yourself

Family Family

Values, Traditions, GoalsValues, Traditions, Goals

Values & TraditionsValues & Traditions

What are family values?What are family values?

What are family traditions?What are family traditions?

Why setGoals?

GoalsGoals

Ends toward which effort is directedEnds toward which effort is directed Short term goalsShort term goals

Specific behaviors and outcomes to Specific behaviors and outcomes to accomplish in a relatively short timeaccomplish in a relatively short time

Long-term goalsLong-term goals Broad statements giving overall direction to Broad statements giving overall direction to

one’s lifeone’s life

RulesRules Make sure it is a goal that you wantMake sure it is a goal that you want A goal can not contradict any of the other A goal can not contradict any of the other

goalsgoals Develop goals in the six areas of your lifeDevelop goals in the six areas of your life Write goals in a positive instead of a Write goals in a positive instead of a

negativenegative Write goals in complete detailWrite goals in complete detail Set goals high enoughSet goals high enough Write them downWrite them down

Now What?Now What?

Sharing you goals with others?Sharing you goals with others? Review goals dailyReview goals daily For each decision, ask yourselfFor each decision, ask yourself

Does it take me close to, or further from my Does it take me close to, or further from my goalgoal

6 areas to define goals6 areas to define goals

Family and homeFamily and home Financial and careerFinancial and career Spiritual and ethicalSpiritual and ethical Physical and healthPhysical and health Social and culturalSocial and cultural Mental and educationalMental and educational

Family and HomeFamily and Home

Family TimeFamily Time What do I want my kids to remember most What do I want my kids to remember most

from this year?from this year? How can we spend meaningful time together? How can we spend meaningful time together? Are there specific issues in sibling Are there specific issues in sibling

relationships on which I would like to work? relationships on which I would like to work? Is there a child or a parent who will need Is there a child or a parent who will need

greater support from the rest of the family this greater support from the rest of the family this year?year?

Children’s DevelopmentChildren’s Development What are my child’s greatest strengths? What are my child’s greatest strengths? What brings my child the greatest joy? What brings my child the greatest joy? Who are my child’s closest friends, and how can I help nurture those Who are my child’s closest friends, and how can I help nurture those

relationships? relationships? Who in my extended family is my child closest to, and how can I Who in my extended family is my child closest to, and how can I

arrange time for them together? arrange time for them together? What kind of growth and challenges can I anticipate for my child in What kind of growth and challenges can I anticipate for my child in

the following areas: intellectual, athletic, personal, and social? the following areas: intellectual, athletic, personal, and social? How does my child feel about his or her child-care situation or school, How does my child feel about his or her child-care situation or school,

and what changes might be anticipated or needed? and what changes might be anticipated or needed? What kinds of activities would be best for my child for this upcoming What kinds of activities would be best for my child for this upcoming

year? year? How will my child spend next summer, and what do I most hope for in How will my child spend next summer, and what do I most hope for in

that experience? that experience? In what areas, and at when times, do I think my child might need the In what areas, and at when times, do I think my child might need the

greatest support? greatest support? How can each family member support this year of growth and How can each family member support this year of growth and

development for each of us?development for each of us?

PartnerPartner What goals do my partner and I What goals do my partner and I

share? share? How can my partner and I ensure How can my partner and I ensure

that we have special time together? that we have special time together? How can my partner and I share How can my partner and I share

child-care dutieschild-care duties??

Extended Family and Close Family Extended Family and Close Family FriendsFriends

With which long-distance family members With which long-distance family members and friends do I want to keep in touch? and friends do I want to keep in touch?

With which family members and friends With which family members and friends do I want to plan get-togethers? do I want to plan get-togethers?

Which actions must I take to make a get-Which actions must I take to make a get-together or visit a reality?together or visit a reality?

Home Related ProjectsHome Related Projects

What major project(s) do I hope to accomplish this year?

What kind of personal and financial resources will this project take to be successful?

When is the best time to start this project? How long can I anticipate it will take to complete

the project? What responsibilities will family members have for

this project, and how will it affect us as a group?

Financial and Career

Professional GoalsProfessional Goals

What do I hope to accomplish professionally this What do I hope to accomplish professionally this year? year?

How will meeting these goals affect my family? How will meeting these goals affect my family? Are there specific times during the next year that Are there specific times during the next year that

will be most demanding at work? will be most demanding at work? What kind of support will I need from family What kind of support will I need from family

members in order to accomplish my professional members in order to accomplish my professional goals? goals?

Personal GoalsPersonal Goals

What do I, as an individual, want to What do I, as an individual, want to accomplish this year? accomplish this year?

How can I tailor these goals to be least How can I tailor these goals to be least disruptive to my family? disruptive to my family?

What kind of support do I need from What kind of support do I need from family members to accomplish these family members to accomplish these goals?goals?

Calendar IssuesCalendar Issues

What major events must I plan around, i.e. What major events must I plan around, i.e. birthdays, holidays, school vacations? birthdays, holidays, school vacations?

What are this years’ school vacations, early What are this years’ school vacations, early release dates, and other school-related events? release dates, and other school-related events?

What upcoming special family days and holiday What upcoming special family days and holiday commitments do I anticipate? commitments do I anticipate?

What are this year’s vacation plans, if any?What are this year’s vacation plans, if any?

Family ResourcesFamily Resources What major expenses do I anticipate this What major expenses do I anticipate this

coming year? coming year? What will our major sources of income be? What will our major sources of income be? What are our saving goals and plan for What are our saving goals and plan for

saving? saving? How much money should be set aside for How much money should be set aside for

each of my children’s future education? each of my children’s future education? Who will assume responsibility for Who will assume responsibility for

implementing this plan? implementing this plan? What must we do as a family to make this What must we do as a family to make this

effort successful? effort successful?

Spiritual and EthicalSpiritual and Ethical

Spiritual and EthicalSpiritual and Ethical

Do I want to start attending a church?Do I want to start attending a church? Do I want to be more active in religious Do I want to be more active in religious

practices?practices? Are there things I have been doing that I Are there things I have been doing that I

don’t feel quite right about and should I don’t feel quite right about and should I change that?change that?

Physical and HealthPhysical and Health

HealthHealth

What athletic goals do I want to achieve?What athletic goals do I want to achieve? Am I satisfied with my weight?Am I satisfied with my weight? Do I eat healthy?Do I eat healthy? Am I satisfied with my eating habits?Am I satisfied with my eating habits?

Social and CulturalSocial and Cultural

Social and CulturalSocial and Cultural

Do I want to make the world a better Do I want to make the world a better place by your existence? If so, how?place by your existence? If so, how?

How do I want to enjoy yourself?How do I want to enjoy yourself?

Mental and EducationalMental and Educational

Mental and EducationalMental and Educational

Do I want to seek a degree?Do I want to seek a degree? Do I desire to learn more?Do I desire to learn more? Do I challenge my brain on a daily basis?Do I challenge my brain on a daily basis?

How to start to achieve How to start to achieve goalsgoals Determine long-term and short-term goalsDetermine long-term and short-term goals Start with the big picture (long-term goals) Start with the big picture (long-term goals)

and develop short term goals to achieve and develop short term goals to achieve long-term goalslong-term goals

Set a daily to-do list to work towards the Set a daily to-do list to work towards the lifetime goals.lifetime goals.

Review your plan on a regular basisReview your plan on a regular basis

Setting Goals EffectivelySetting Goals Effectively

State each goal as a positive statementState each goal as a positive statement Be preciseBe precise Set prioritiesSet priorities Write goals downWrite goals down Keep operational goals smallKeep operational goals small Set performance goals, not outcome goalsSet performance goals, not outcome goals Set realistic goalsSet realistic goals Do not set goals too lowDo not set goals too low

Achieving GoalsAchieving Goals

Once achieved, take time to enjoy it!Once achieved, take time to enjoy it! If it was significant, reward yourselfIf it was significant, reward yourself Learn from achieving this goalLearn from achieving this goal Failure to reach a goal does not matter Failure to reach a goal does not matter

as long as you learn from it.as long as you learn from it.

Developing plans for Developing plans for financial recoveryfinancial recovery