My earlier post, “Out with the Old” covered how to de-clutter and get rid of receipts and statements you no longer need. Once you’ve purged all this from your life, it’s time to organize the rest. You may want to get a binder for each year with tabs or pockets to house all these items, or an expandable acordian folder would work well. Keep tax returns and back up receipts together.

So, what should you keep and for how long?

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Dear Dina,

Aside from having a will, what else do I need to consider?

From, Nervous

Dear Nervous,

First, make sure your will is up-to-date. Have circumstances changed since your will was written (marriage, death, a new baby)? If so, make sure it is amended to reflect these changes. With children invovled it’s imperative that you choose a guardian who will raise them, and this should be stated in the will, as well as a Trustee (which can be a person or institution) to watch over the money that your children will inherit. It is a good idea to appoint different people as the Guardian and the Trustee to avoid a conflict of interest. The Guardian will need to go to the Trustee to withdraw any money on your children’s behalf. (This is also a good time to make sure that you have adequate life insurance to take the children through to age 21.)

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If squeezing the grocery budget any tighter seems impossible, try this one pot trick that will make you many meals over the course of the week:  put up some marinara sauce.  You can add other vegetables to it to make it even healthier.

Here’s how I make mine:  To olive oil, add finely chopped: onion (1 very large one), 2 carrots and one large stalk of celery with green tops; cook until onions are transparent (add salt to sweat them).  Add 6 cloves of garlic minced fine, and cook another minute.  Add the three cans of tomatoes, a splash of wine, and season with salt, pepper, and basil. Bring up to a boil, and then simmer.

Here are some of the meals I get from that one pot:

1.  Pasta and sauce.  This can be regular macaroni, ravioli, baked ziti, or lasagna.

2.  Steak Pizzaiola.  Sear a chuck steak, add sauce and wine and cook at a low temperature for about 2 hours. Add sliced mushrooms (optional), and oregano. Serve with rice, egg noodles, or pasta of your choice.

3.  Home made pizza.

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Are you worried about the economy, your husband’s job security, rising taxes, debt you already have, and/or the fragile state of the financial markets? Uncertain times — they’re always just a heartbeat away. What can you do?  Are there things out of your control? Sure. But there are things you can control. Don’t miss this opportunity to take a good, hard look at your financial situation and improve it before you are  flat out in emergency mode.

Budget Wisely. A budget is only as good as the information you put in it. That is why you have to keep track of everything that you spend and everything that you make. Only by tracking every little expense can you see where the “fat” is. Saving/investing must be a line item in your budget. Make room for it by cutting unnecessary expenses. Any contributions to an employer sponsored retirement plan would count toward the 10%.

Increase Job Security. One of the greatest fears during a recession is lay-offs. In addition, there are jobs that are being exported overseas. We can worry about this, and complain about this, but the situation won’t change. Take this time to formulate a Plan B, and be wise to the writing on the wall. If your husband’s job is always dangling by a thread, it’s time to look at the skills he has acquired and the contacts he has made. Can he transition into something else? Do his skills translate in another industry? Are there freelance or consulting opportunities available for either of you? Would an investment in more education or training improve job prospects? Look at the job classifieds for ideas on what is in demand and what qualifications are required. Is there a side business that can be started with little or no capital that you can help out with? Brain storm together, writing down everything you can think of, no matter how far-fetched it may seem. You may end up with a clear idea of where you both should be personally and professionally.

Pay Down Credit Card Debt. Get healthy and shed as much of this debt as you can, because times will be even tougher for those with less than favorable credit ratings.  Banks simply will not be loaning to credit risks — they can’t afford to.  You should aim to pay off more than just the minimum and look to consolidate the debt to one lower rate card. Talk to your card company and try to negotiate a better rate. If you still have high rate cards, be sure to pay them off first. Of course, stop using credit cards for any new purchases.

Delay. Again if you are nervous about job security, or debt is creeping up on you, put off purchasing anything you don’t really need. Don’t eat out, don’t go on a vacation, don’t buy a new car, don’t indulge in anything that you would consider something you want (a manicure) versus a need (an annual check-up).

Like any time there is crisis, there’s a chance to examine your life and to truly grow and benefit from the experience. Make the most of this time; work with your husband to get your lives on track. It just may recession-proof (and divorce-proof) your life.

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