Blended families, along with every other segment of the country, will probably feel the negative impact of the meltdown on Wall Street. No one is immune to the fallout that has caused the federal government to step in with a multi-billion-dollar bailout to stabilize financial markets and avert a total collapse.
While banks and other financial establishments will avoid total devastation with the bailout plan, the same is not true for many ordinary families experiencing the personal anguish of financial strain and powerlessness, that anxious feeling of loss of control over a situation you did not make and you are powerless to correct. The result of the crisis for many families is generalized stress as people are threatened with foreclosure, ballooning mortgages, loss of employment, rising fuel prices, home heating oil, food costs, as well as monthly bills and credit card debt. Blended families face increased burdens as they finance dual households and child support.
Stress puts strains on physical wellbeing with headaches, stomach pains, sleeplessness, anxiety, panic attacks, and depression. Relationships become strained causing tension and arguments that increases the cycle of anxiety. And, when anxiety is unbearable, people often resort to unhealthy coping mechanisms such as alcohol, overeating, gambling or drug use.
Unfortunately, were not in a position to offer an escape plan for our blended families, but we offer some strategies to assist you to take action and feel more in control of your fate as this economic nightmare plays itself out.
1. Take care of your health because if you arent healthy and able to take care of your family, things will spiral downwards. be sure you eat a healthy diet, get plenty of sleep, exercise at least three times a week and seek professional help if you feel you cant manage on your own, or find yourself resorting to negative coping mechanisms. Try to keep financial news in perspective and steer clear of the roller coaster ride of the daily market reports.
2. Organize a family budget if you dont already have one, and review your budget monthly if you do. This forces you to know precisely what you are bringing in and what you are paying out. Often, couples have only a vague idea of their monthly expenses and are amazed at how much they actually spend on items like cell phone service or dining out.
Check out Free-Financial-Advice.net for useful advice on how to start the family budget process and how to save money on a number of everyday expenses including health and life insurance, cell phone plans, cable bills and reducing credit card debt. For the more tech savvy, go to Ehow.com/familybudget. Next time, well give you a list of ideas on recruiting your children in the money-saving quest, as well as an extensive list of potential places your family can cut back.
Source: http://www.ArticlePros.com/author.php?Sheena Berg
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