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You Have Options
A better future is possible, but your family will need to find ways to increase your income and decrease your expenses.
The best way to get started is to gather your family for an honest talk about where you stand today, where you want to be in the future, and what it will take to get there. Money talks can take just a little time, or last as long as you need.
While your first talk might feel a little awkward, they’ll seem more natural as you have more talks.
Money Talk Topic:
How can we increase our income?
Talk to your family about ways to increase your income. Here are a few examples, but you may discover others in your family’s money talks.
Do any of these activities work for your family: sell items online, refurbish and resell items locally, have a yard sale, and claim tax credits (if you qualify)?
Consider doing odd jobs, getting a part-time job, negotiating for more hours at work, renting a room in your home (if you own your home or your landlord will allow). You should also think about changing your tax withholding if you usually receive a large refund.
You can also dial 2-1-1 or 888-892-116 to find local work supports.
Many North Carolina communities have workforce development programs that can help you develop skills for high-demand jobs. These skills can prepare you to move up at your current employer, or help you get a new job somewhere else.
Why wait? A better tomorrow starts today.
Let's Talk Money:
A Family Guide
Conversation starters, action steps, and tools for you and your family.
download nowMoney Talk Topic:
How can we decrease our expenses?
There are many ways to decrease your expenses or bills. We provided a few examples below, but it’s up to you and your family to work out the best solutions in your money talks.
Call your provider(s) and negotiate a better deal. Often, you might qualify for more affordable plans without even knowing!
Shop around and compare rates from different insurance companies. Ask for discounts that could apply to you.
Save on energy by being more aware of your energy use, such as unplugging unused electric appliances, and setting your thermostat more closely to the outside temperature. This can make a huge difference.
Avoid late fees and other financial services fees, such as overdraft fees. Try to avoid eating out as much as possible. Limit buying drinks such as soda and coffee.
Use coupons and consider shopping secondhand. You might even find opportunities to exchange items with friends, family, and community members near you.
Increasing your income and decreasing your expenses is important. While long-term success will look different for every family, a plan is essential for helping your family meet its needs today, while still preparing for tomorrow.
Our research offers steps to success that North Carolina families should consider as they engage in money talks and set money goals. How can you include these A-B-Cs as you develop a plan for the future?
Step A: Secure Basic Needs
The first step to a secure financial future is making sure you're meeting your family's money needs.
The Our Money Needs Calculator provides you with the household income needed to meet the basic needs of the adults and children living in your home, based on the North Carolina county you live in.
Housing
Child Care
Food
Transportation
Health Care
Miscellaneous
Tax and Tax Credits
Emergency Savings
Step B: Create an Emergency Fund
Beyond meeting basic needs, the next step toward a secure future is to create an emergency fund. This fund can help your family cover unplanned events such as a job loss, car repairs, or health challenges.
A good rule of thumb is to have an emergency fund that covers your family's basic needs for about 2 ½ months.
Once your family has an emergency fund in place, move to Step C.
Step C. Securing Your Family's Long-Term Financial Future
Once your family's basic needs are covered and your family has an emergency fund, you can choose how you will create long-term financial security for your family.
Three Pathways to Consider:
- Additional education: High school diplomas no longer have the same value in the job market. This option might sound difficult, but it is realistic, doable, and beneficial. There are many ways to obtain an education beyond high school, like vocational training, an associate's degrees, special certificates, or a bachelor's degree.
- Home stability: Includes moving to more stable rental housing or becoming a first-time homeowner.
- Saving for retirement: Social Security isn't enough to help most families make ends meet now and will probably help even fewer families in the future. The sooner you start saving money for retirement, the better. The more money you save for retirement now, the more it grows and the more you will have in the future. Find out how much savings you need for retirement.
Our goal is to support families in making informed choices about their needs and their future. For more detail on each of these pathways and in-depth guidance, read the full Economic Security Pathways Report.
What's on your mind?
I don't have access to transportation. Who can help me?
I'm concerned about my health or the health of someone in my household. What support is available?
What if we have more children?
What if we move to a different county?
Click here to go back to the start of the Our Money Needs Calculator and see how changes in your family will change your money needs.
Click here to go back to the start of the Our Money Needs Calculator and see if moving to a different county will change your money needs.
Get support now.
Dial 2-1-1 or 888-892-1162
You can also visit NC211.org to find local resources.
Real people are standing by, ready to talk.