Scharmer recommends sitting down with a calculator to get a real picture of your finances: what money is coming in, what money is going out and where you can cut your spending.
"Heat is a necessity of life in North Dakota, so look for ways to reduce heating costs and for things in the budget that are nonessential or purchases that could be delayed until later," she says. "This may be a time when the whole family needs to sacrifice a bit and tighten up spending."
She also advises families not to stop making payments on their bills. Instead, families should call their creditors and explain that they are struggling to pay bills on time, then try to develop a payment plan that will work for them and their creditors.
An NDSU Extension publication, "When Prices Rise: Living on Your Income," can help families track their expenditures and reduce their spending. It's online at http://tinyurl.com/whenpricesrise or available from your local NDSU Extension office.
"Family Money Manager" is another Extension publication that can be helpful when adjusting the family budget. It's available at http://tinyurl.com/fam-manager or from Extension offices.
