EC COAD Partner, Centinel Bank of Taos has prepared a reference list of tips to manage your household finances in challenging times.

The 5 TIPS INCLUDE:

1. Turn a negative cash flow into a positive one
   If there’s a shortfall, there’re two ways to reverse the situation: Reduce spending, Increase income.
2. Making and spending money is a part of everyday life
   A spending plan will help you understand how much money you have coming in and compare it to what you have going out.
3. Work with what you have
   Restructure your current budget. Some expenses are difficult to change, such as mortgage or auto loan payments, but you might have other expenses that can probably be adjusted to cut back spending and to save money.
4. When you can’t afford your minimum payments
   It’s scary to find yourself in a situation where you can’t afford your monthly debt payments. Whether that’s due to a sudden life change, like a job loss or illness, or if you’ve simply found yourself unable to keep up, there are steps you can take.
5. Scams and fraud
   The best way to prevent fraud is to stay informed, aware, and on top of your finances.
   
   CLICK HERE to Download the Full Document
   

Centinel Bank of Taos
Member FDIC