How are people who cannot find work in the current economy able to make ends meet financially? (credit, debt)

[bUU]

Originally Posted by s1alker

As the traditional "job" disapears, i feel we will return to a more feudal barter type economy.

Complete with all the trappings of Medieval serfdom?

[Hemlock140]

Originally Posted by s1alker

I live in a working class neighborhood where a lot of people have under the table businesses (lawn care, handyman services, ect.) I just think if the traditional 9-5 30 year job goes by the way side people will be forced to consider other options.

About the full garage yeah, people don't realize how little one really needs to get by. Of course people tend to splurge in good economic times.

This is why the websites such as Freecycle are doing so well, we use it frequently.

[delta5ply10]

Originally Posted by Knight2009

I was just wondering: how are people who cannot find work in the current economy, and/or may have been laid off and cannot find a job to replace the one that was lost, able to make ends meet financially?

For example: even though they may not have a job, they still have to have a roof over their heads, be able to put food on the table, pay for energy and heating costs, etc. But with no active job salary coming in, how are they able to do it, on a practical and everyday basis? Do they stay and/or live with family members who can help asssit them financially, for as long as they are out of work? Also, what about those who have no living relatives? I can see how practical measures like food stamps can assist them with the need for getting food, but even with that, how are those out of work able to keep up on an apartment or mortgage payment, for instance?

they probly turn to crime or the black market

[barkomatic]

Originally Posted by sware2cod

This is why you save money your entire life....they used to call it "Saving for a rainy day". Now it's called the "Emergency Fund" or "Emergency Savings".

Basically you save and save and save while working so if you lose your job, this money is used for basic living expenses. You always make sure there is enough money in that acct even if you don't think your job is at risk. Never borrow from it, never spend it until your rainy day comes. Then only take the minimum necessary and replenish it asap. If your rainy day never comes, then you have more money saved for retirement.

This is sound advice. However, what happens if you get cancer and have out of pocket expenses? Anyone care to explain what happens to a savings account then?

[jobaba]

The ones I know get help from their families. 'Younger people' (as in, in their 30s) live with their parents. Older people in their 50s live in their parents paid for houses and in some cases get help from their kids.

If you don't have these safety nets, then it's tough for sure.

[deposite]

I used up my checking and savings, went on unemployment and then had to rely on my two uncles and grandmother to help. I do have a job now but it wasn't easy for me.

[calisteph]

In my case a severe lifestyle change - no more going out to eat, vacations etc. now it's at the selling the things I bought when life was good just to pay a bill.

[LOL_Whut]

Originally Posted by YaFace

We are several dozen disasters away from returning to a barter economy. Most people have more crap in their garage than they know what to do with, they don't need more crap.

Hey, how do you know about my garage?!

Yeah, it's piled up with stuff I should have probably sold at yard sales and stuff I never should have bought in the first place. But, sadly, I'm more frugal than a lot of people I know. Overspending is a serious problem in this country.

[jaypee]

Originally Posted by LOL_Whut

Hey, how do you know about my garage?!

Yeah, it's piled up with stuff I should have probably sold at yard sales and stuff I never should have bought in the first place. But, sadly, I'm more frugal than a lot of people I know. Overspending is a serious problem in this country.

I saw you on Hoarders: Buried Alive.
You're the lady with the cats, right?

[kriya yogi]

Originally Posted by sware2cod

This is why you save money your entire life....they used to call it "Saving for a rainy day". Now it's called the "Emergency Fund" or "Emergency Savings".

Basically you save and save and save while working so if you lose your job, this money is used for basic living expenses. You always make sure there is enough money in that acct even if you don't think your job is at risk. Never borrow from it, never spend it until your rainy day comes. Then only take the minimum necessary and replenish it asap. If your rainy day never comes, then you have more money saved for retirement.

Oh, your rainy day will come when you put energy and attention on it...