There are a lot of families who are very familiar with the strain of a difficult economic situation. The economic strain is one that reaches beyond the household, as it affects municipalities, provincial governments and federal governments.
The trick of handling the economic strain is knowing how to balance your budget. It is a very troubling situation right now, since both the federal and provincial governments have confirmed that their budgets would likely be deficits. A deficit budget is never a good thing for a government, since sometimes there can be negative impacts on services and programs.
One has to wonder why there wasn’t more incentive for our governments to put aside some of their money a few years ago, when we had much greener pastures for the economic situation.
While I understand that it is important to invest in services and programs while the money is available — it is still very important to make sure that some money is put aside for future programs and services.
When it comes to my own household budget, I am very careful to ensuring that not only do I have the funds necessary to pay my bills and buy groceries — but it is also important that I am putting funds away for future emergencies. With careful consideration on the expenses, it is possible to indulge on something special every now and then, but also manage the important financial considerations of paying off bills in a quick and timely manner.
It is never a good situation to be in debt. Many studies have reported that there are many emotional health risks when you are in a difficult financial situation.
Those who struggle to pay off their debts and loans are more than twice as likely to experience a host of mental health problems, including depression and severe anxiety.
These feelings are not just limited to being concerned when it is a personal household debt situation. We also must remember that the deficits at the national and provincial level can have a negative effect on the emotional state of rate payers.
No one wants to lose funding to the valuable programs or services in their communities. We all understand that government funding is vital to infrastructure, health care, education and social services. But the challenge exists that as soon as there is a deficit budget — programming is cut in these areas.
It is also important to be educated about debt, and how to handle the options available. Take the time to speak to the qualified debt management specialists at any of the local banks, since their advice can be very valuable. The most important thing about debt is to work your way out of it, instead of being in a constant state of turmoil and distress.
Even in these difficult economic times, lets all find ways to save a little money for the future, while still supporting the organizations and programs that are important to our community.
And if you have ideas or suggestions for those who are at the municipal, provincial or federal level — make sure that your voice is heard.
