With the simultaneous downturn in property values and incomes, many small American cities are being hit hard by the current recession.
Small town governments rely upon property taxes to help fund services ranging from schools to emergency protection.
As a result of the economic troubles, many home owners are facing increasing living expenses and tax burdens even while income levels continue to fall.
In order to navigation the current crisis, it's important to make smart, forward-looking financial decisions.
Pay off Debt Whether you are a small business owner with property, or a home owner with a troubled mortgage, it's crucial to take inventory of your existing debt burden.
Always ensure that you don't take out more loans than you can afford, and work on a plan to help you pay off your current loans within a reasonable amount of time.
If you believe you may be delinquent on payment, reach out to your lender to seek a possible short term reprieve or long-term modification on the terms that is mutually agreeable to both parties.
Focus on Savings Take a close look at your expenses to see where you might be able to realize savings on your living costs.
For example, you may be able to save by buying household supplies in bulk, rather than individually at the store.
Always keep a look out for better values, and never remain loyal to a given brand - instead, focus on the best possible value for a given product.
When you find opportunities to save money, make sure you have a plan to best invest that money relative to your current financial situation.
In many cases, it's best to use that money toward your existing debt burden, while, in other cases, it might be smart to place it in a savings account to start building up implicit insurance against emergencies.