While the economy has already certainly softened, there may be further economic contraction for American consumers to face. Increasing job losses, higher inflation rates, and the growing food and energy costs are making personal finance budgeting difficult for most American families to achieve. The variable interest rate of recent mortgages makes critical, and the prospects for personal finance do not look bright for the next several years.However, an ounce of personal finance planning is certainly worth more than a pound of monetary cure. It is not too late to start preparing your personal finance budgeting efforts to brace yourself for further economic contraction – ensuring that when America does recover from its economic weakness, your personal finance will be intact and still healthy.Debt management strategy: watch your interest ratesWhen economic uncertainty is on the horizon, interest rates are the first to react – making debt management critical. Powered by both the Federal Reserve rate and each banking institution’s tolerance, interest rates can either soar or plummet, depending upon several factors.Whereas our interest rates were at historical lows, the Fed Chairman Bernanke made adjustments to the rate in order to curb inflation, while attempting to simultaneously stimulate economic investment. What does this mean for your debt management? In essence, banks will now offer you great interest rates if you have good credit, making your debt management easy. If you have bad credit, then banks will increase your interest rates, as the risk of a default grows greater during an economic contraction.Therefore, for debt management that will prepare for further economic contraction, you want to lock in low interest rates, which will be easy for those who already have good credit. You can refinance your credit cards by consolidating your debts, or you can even renegotiate your interest rates with your existing credit card company.For those who have less than stellar credit, you want to carefully watch your mortgages, loans, and credit cards to ensure that they are not raising your interest rates. You may be particular susceptible to interest rate hikes in further economic contraction.Smart personal finance budgetingKeep in mind that regardless of how much income you earn, the key to maintaining financial stability is through intelligent debt management and personal finance budgeting. Even if you earn millions, your spending habits and debt are what determine your financial stability. In preparing for a further economic contraction, it is important that you take several personal finance budgeting steps:o Tally all of your required expenses including your mortgage or rent payment, car payment, health insurance, and utilities. There are the bills you must pay each month, and therefore, are part of your mandatory personal finance budgeting process.o Allocate a set amount each month for groceries. Keep in mind that you should try to purchase everything “on sale” for smart personal finance budgeting. Research shows that simply by purchasing the brand that is on sale, you can save approximately 20% each time you go to the supermarket.o Minimize your entertainment expenses. Smart personal finance budgeting means limiting how frequently you eat out, or spend money on entertainment. For example, if you have a four-person family and you typically watch a movie at the theater each week, cutting this expense out could save up nearly $200 each month. Or, brown bag your lunch instead of eating at the local sandwich shop. This small change in your personal finance budgeting can save you conservatively $150 per month. Just these two small changes alone in your entertainment expenses can give you an extra $350 per month for your personal finance budgeting.o Set money aside for your savings. In a further economic contraction, the greatest, yet most probably fear, is losing your job. Therefore, by taking conservative approaches with your personal finance budgeting now, you can still set aside emergency funds that will help your family if times are difficult. Saving 10% of your income each month is a healthy, yet reasonable, amount to save in your personal finance budgeting.The key to protecting your personal finance against any additional economic contraction is through smart debt management and intelligent personal finance budgeting. By taking several preventative measures now, you can ensure that your financial situation will remain healthy – regardless of what happens to the economy.
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The Challenges of Do-It-Yourself Alcohol Detoxification
Face it, if you are dependent on alcohol, quitting is going to be hell. Of course, what do they say; “if you have to go through hell, don’t stop, keep going.” Yes, it’s a New Year, so perhaps one of your New Year’s Resolutions is to stop drinking, or maybe you just want to cut back substantially. If you are already an alcoholic, you know you are going to have to quit completely. You are probably wondering if that is even possible?
Well, it is possible, but you probably won’t be able to pull-it-off by yourself. You are going to need some support from friends and family, and perhaps some professional assistance, especially if you want it to stick. In fact, 90% of do-it-yourself alcohol detox successes relapse in less than four years. Most of those in the first 3-6 months. Okay so, 100% minus 90% = a 10% success rate for do-it-yourself alcohol detox.
Another interesting fact is that after so many tries and so many failures, dependent alcohol users stop believing they can quit or that it is even possible. That’s another depressing and sad fact.
Do-It-Yourself Alcohol Detox Can Be Dangerous to Your Health
Most people that try a Do-It-Yourself detox attempt to quit Cold Turkey. If you’ve been drinking for a while and consume a large amount of alcohol, chances are your body has become tolerant to the effects of the alcohol (poison, neurotoxin). Your body has become used to it, adjusted to it, and it has rewired your brain and your system.
If you abruptly take it away, your body can no longer function without it. That’s when all hell can break loose. This phenomenon is more than just overwhelming withdrawal symptoms. It’s literally shutting down your internal organs. This could lead to kidney failure, heart attack, lung problems, delirium tremens, ketoacidosis, brain damage, even death (cite below).
The Romanticism of the Cold Turkey Tough Guy Bravado
So, why do so many people try and fail at their do-it-yourself detox New Year’s Resolutions and goals? Well, if you’ve tried and failed in the past you certainly are not alone. You shouldn’t beat yourself up about it, or dwell on your failure. It’s not that you lack the will or character to see it through. The real problem is your body can’t handle it. Look, no matter how tough you think you are, or how much pain you can force yourself through – there is still the reality behind the alcohol use disorder.
If Do-It-Yourself Alcohol Detox Won’t Work and Isn’t Safe – What Can I Do?
If you want to quit and do it without further damaging your health, you’ll need some professional medical help. Yes, you’ll still need family support, and yes, you’ll still need to change your lifestyle and various hobbies, perhaps some friends too. Yes, even after you are over the withdrawal symptoms and done with rehab, you’ll still need to join a local AA group and stick with it (cite 1).
Why do you need professional medical help? First, because everyone’s situation is a little different. Your consumption levels may be more or less than someone else. You may have been drinking longer, perhaps all your life. Your alcohol consumption may involve all aspects of your life, your work, relationships, and social affairs. Your age also matters, so too does your current health status. Thus, you need a doctor who can customize your alcohol detox program.
Second, an addiction specialist with a medical background can best prescribe you substitute drugs that take the place of alcohol. This allows your body to get what it needs to function in place of the dependency on alcohol. This in no way means it will be a walk in the park, but it will prevent seizures and organ failure, and reduce withdrawal extremes.
Why Are Residential Alcohol Treatment Centers Best?
Residential alcohol treatment centers have a better success rate than alcohol treatment centers which only see a patient for a few hours at a time. This is because when you visit a clinic, you then go back home, to the same place and environment that is enabling your drinking, perhaps causing you the stress causing you to want to have a drink.
Also, at a residential alcohol treatment center, it’s a more relaxed atmosphere, where addiction specialists can observe your progress, offer assistance and be there for you during the most intense periods of alcohol withdrawal and all the raw emotions that go along with the process (cite: 2).
Are you beginning to understand why do-it-yourself detox rarely works? Maybe you can see why a little investment now will give you your life back and pay dividends for the rest of its duration. The price of residential rehabs are quite expensive, and yes, addiction clinics much cheaper, but if you have a relapse you could hurt your health and you’ve wasted all the money you spent at the cheaper clinic.
References:
1.) “Alcoholics Anonymous Outcomes and Benefits,” by J. Scott Tonigan. Published in Recent Developments in Alcoholism pp 357-371, on June 30, 2008.
2.) “Determinants of suggestions for alcohol treatment,” by Robin Room, Susan Bondy, and Jacqueline Ferris. First published: May 1996.