The Economic Crisis’s Effect On Families
Article by Aydan Corkern
Depending on where you reside, the cost of living can get pretty expensive. Cities like Los Angeles, San Francisco, and New York might have all of the best entertainment venues, shopping centers, restaurants, and homes, but living in any of those cities requires a big paycheck every month. The mortgage on a mansion in a rural area sometimes is the cost of rent for a studio or 1-bedroom apartment in these cities.
Unfortunately, many households can barely make it every month. Living paycheck to paycheck is very common with many families and even individuals, and there are many who live in these desirable cities but do not have much to account for in their savings account. In fact, all it would take is one little emergency or even a popped tire to send that person into a huge financially draining situation. Sometimes the only option is to use credit cards to get by every month, which is bad because a single item would be worth twice to three times more than its original purchase price due to the interest.
As of late, the economy has been getting steadily worse. Multi-million and -billion dollar companies are laying off a big percentage of their workforce or are going bankrupt for good. Companies that many thought at one point would never go out of business have now closed their doors to the public indefinitely. As a result, these former employees have had to file for unemployment, downgrade their housing, and eliminate some unnecessary expenses. For some, the situation is much more bleak as they file bankruptcy, have them home foreclosed on, or move into a nearby tent city for shelter.
The ones who are hit the hardest are families. With a paycheck to paycheck lifestyle, having one or even both parents who have children depending on them lose their job or have their hours cut is a huge problem. It might not be such a bad ordeal if kids were not involved, but they depend on their parents for food, housing, school costs, and other things. In fact, a married couple who were both laid off from their jobs at the same time a few months ago went home, proceeded to kill all of their children, and then themselves. Of course situations like these are not as common, but it goes to show what finances can cause someone to do, regardless of mental or emotional stability.
In some cases, moving in with relatives is a good option. It not only helps the family who is going through tough times to get back on their feet, but it also helps the relative that has a home. In the meantime, one or both parents can start looking for part-time work while searching for a better job opportunity to sustain their family and to give a little to the relative for housing costs.
Those who have a job are truly blessed and need to review their expenses to ensure that they are saving as much as they can. Having savings that can cover expenses for a few months is ideal until one or both parents can get back on their feet again.
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