C42—Lancaster Farming, Saturday, February 9,1980
MEDIA If you have the
feeling that family finances
are running you - instead of
the other way around -
you’re probably in very good
company. Economic cir
cumstances, often beyond
individual control, have
greatly increased in the
number of families difficulty
this year. But runaway
family finances including a
suddenly Uo heavy debt
load, can be brought under
control, points out Greta C.
Vairo, Extension Home
Economist with the Penn
State Extension Service.
It requires;
-A realistic approach and
acknowledgement of the
problem.
-A bard look at family
spending.
-Person-to-person com
munication with creditors.
As with any problem,
knowing the problem exists
and the reason why it exists,
must be the first step.
Today’s major factor is
inflation. There are many
indications that inflation is
rising faster than individual
earning power. For some
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ZIMMERMAN’S ANIMAL HEALTH SUPPLY
Wood Corner Road, 3 miles West of Ephrata
RD4, Lititz. PA 17543 717-733-4466
New store Hours- Mon. and Thurs. 7 A.M. to 8 P.M.
lues, and Wed. 7 A.M. to 5 P.M.
Fri. 7 A.M. to 9 P.M.
Sat. 7 A.M. to 12 Noon
, -g—*; jR
m
Inflation makes
to control finances
Americans, real disposal
income may actually be
declining each month.
With less money to spend,
and more of it going for such
essentials as energy, food,
and shelter, fewer dollars
are available for other
items, including repayment
of previously extended
loans.
Under these conditions,
loan deliquencies (in
stallments over 30 days late)
normally begin to nse.
Another real factor in
financial difficulties is
unemployment.
If records of spending
haven’t been kept, now is the
time to begin. A simple
ledgerbook, with vertical
columns representing in
come and spending
categories (food, clothing,
rent, insurance, etc.), and
horizontal lines representing
pay periods, can show you at
a glance your family’s
yearly spending pattern.
Perhaps you’ll find that
some nonessential
categories, such as travel
and entertainment, could be
temporarily cut.
it tough
The ledger may show you
what is already a bone-bare
budget. In that case the
family assets must be
considered. Is your family
car perhaps bigger or more
expensive than you really
need? Could you make do
with less expensive housing’
If difficulties remain, the
final step is to talk frankly
with your creditors. Con
sumers can be, and often
are, helped over rough spots
through deferred payment
arrangements and/or ex-
tension of credit terms to
bring down monthly
payments.
Creditors prefer to work
out an arrangement
equitable to all rather than
to repossess a car or
foreclose on a house. A frank
explanation of your situation
will often be enough to
reassure the lender that you
do intend to uphold the loan
contract, and could result in
a grace period as well as
some sound financial
counseling.
Da
O NUTRITIOUS