To survive times of financial crisis, it is crucial to keep in mind the two most important imperatives. First, don't panic; second, set your priorities.

A calm thoughtful approach to your family's evaluating necessities becomes your priority in today's tough economic times. Look at your monthly income (or average monthly income) and subtract from it you fixed costs of living. Fixed costs are housing, utilities, food, auto (or other mode of transportation), clothing (necessities), insurance, child care/school, etc. DO NOT INCLUDE CREDIT CARDS. Recreation and luxuries are not necessities. Are you making enough to cover fixed costs? Are you living beyond your means?

Financial lifestyles can be changed. You may need to liquidate some essential items, even real property or cars to help maintain financial survival for you and you family. Unsecured bills, family loans, and credit cards may have to be put on hold; anyone you owe money to can be convinced to hold off if approached correctly. Carefully consider who takes a bite of your next pay check before you hand over your money. It would be a wise decision to talk to a professional for analysis of your personal financial situation. Most of all, explore your options.