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 At
every stage in life, it seems there is constantly a significant
financial hurdle to clear. For the young person just out of college, it
is figuring out how to save in the midst of repaying college loans. For
parents, it is putting away money for college tuition when their
children seem to be requiring more and more money on a daily basis. For
working couples, it is deciding whether to buy a home and choosing the
right retirement savings plan. For those facing retirement, it is
figuring how to make their retirement fund last, or in some cases,
determining how long they will need to continue to work in order to make
ends meet.
Navigating these financial hurdles is tough, even in normal
circumstances. Throw in an economic recession and managing your
financial situation can become a severely daunting task. Paying down
credit card debt suddenly seems impossible. Owning a home looks as if it
is a less attainable goal than ever before. A savings account becomes
depleted after months of job-searching. Years of retirement savings look
as though they will provide bleak rewards.
In times like these, no matter how much experience you have in managing
your finances or how financially responsible you may have been, the
truth is that there will be significant financial challenges. Using the
following principles will help you control your budget, rather than
letting your budget control you.
Know the resources available to you.
There are hundreds of free resources available to help you with your
money, your home, your job, or your small business. The challenge is
finding them in a sea of financial Web sites. I’ve created a
Guide to Surviving the Economic Downturn. On this Web page, you'll
find links to all types of financial tools and resources for individuals
who may be looking for employment assistance, for small business owners
seeking loans, or for struggling families who need assistance in
lowering their bills and managing their budget.
Spend wisely.
Every month there are certain costs that do not change, like your rent
or mortgage payment, car payment, or health insurance. But there are
other items in your budget that, with a little tweaking, can result in
some extra room in your budget. This can be anything from adjusting your
home energy usage
to cut costs, to brewing a cup of coffee at home rather than buying a
cup from Starbucks, to
adjusting your auto insurance. To better determine where you can cut
costs, use a spending plan like
this one from the Wall Street Journal. For more ways to save money
in your daily activities,
click here.
Seek financial advice.
One of the best ways to figure out how to navigate life’s financial
hurdles is to take time to learn about the components of personal
finance so that you can be a better manager of your money. I am hosting
a Financial Smarts Workshop, to provide information to help you in
reaching your short and long-term financial goals. Representatives from
the Federal Trade Commission (FTC) and the Federal Deposit and Insurance
Corporation (FDIC) will be available to provide information on the tools
available to help you manage your money. Some of the topics we will be
covering include:
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Debt management
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Deciphering and
effectively using credit
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Maintaining mortgage
payments and school loans
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Planning for retirement
From the newly graduated young person who just can’t seem to get
started, to the senior citizen who is just now dipping into their
retirement fund, there will be something for everyone. Please mark your
calendar to join us at a workshop nearest you:
Chesapeake
Wednesday, May 6, 2009
7:00 – 8:30 p.m.
Dr. Clarence V. Cuffee Community Center, Club Room
2019 Windy Road, Chesapeake, VA 23324
Chesterfield
Thursday, May 7, 2009
7:00 – 8:30 p.m.
John Tyler Community College, Bird Hall – B124
13101 Jefferson Davis Highway, Chester, VA 23831
For more information on locations and to RSVP, visit my website Upcoming
Events website
http://forbes.house.gov/ConstituentServices/events.htm.
In the News: Immigration
 Immigration
reform is again taking a forefront in discussions in Washington.
Congressman Forbes wants to make sure our borders are staffed, our laws
are enforced, and the legal rights of U.S. citizens are being protected,
especially as we begin a new debate about immigration policy.
Congressman Forbes is a member of the Immigration Reform Caucus, an
official group in Congress whose purpose is to address the positive and
the negative consequences of immigration. Here are just a few ways
Congressman Forbes is addressing immigration reform:
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Rejecting amnesty legislation
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Securing
our borders
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Enforcing
existing immigration laws
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Completing
the border fence
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Making
English the Official Language
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Increasing
border patrol agents
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Deporting
illegal immigrants who are members of violent criminal gangs
To read more about Congressman
Forbes work in illegal immigration issues,
click here.
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