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By living on half now, Suze says you'll know whether you can really afford to pay your bills if the worst happens. "When you are freaked out, that is not the time that you go through your expenses and go, 'Should I cut here?'" she says.
Use this worksheet to assess your expenses—and cut as necessary.
Suze says to try living on half for six months. "Chances are, it will take you six months to eight months to one year [to find a job]," Suze says. "See what would happen if recession really hit into your lives. Would you be able to make it?"
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Related Resources
- Read an excerpt of Suze Orman's 2009 Action Plan
- Learn about home loan modification and refinancing at MakingHomeAffordable.gov
- Learn more about COBRA Continuation Coverage Assistance
- Visit FannieMae.com or call 800-7FANNIE to find out if your mortgage is backed
- Visit FreddieMac.com or call 800-FREDDIE to find out if your mortgage is backed
- Learn how to download Skype™
From The Oprah Winfrey Show Recession Rescue with Suze Orman
Please note: This is general information and is not intended to be legal advice. You should consult with your own financial advisor before making any major financial decisions, including investments or changes to your portfolio, and a qualified legal professional before executing any legal documents or taking any legal action. Harpo Productions, Inc. and its affiliated companies and entities is not responsible for any losses, damages or claims that may result from your financial or legal decisions.
