Financial Crisis?

Worried about tuition?

Some families qualify for financial aid, but sometimes that aid includes a loan that must be repaid.

Dig deeper for scholarships.

It's time to intensify your search for scholarship money. That's basically free money and can help reduce the need for loans.

If you're involved in sports, you might qualify for an athletic scholarship.

Search scholarship databases on reputable web sites. You can “opt-out” of receiving unsolicited offers, and other ads to protect yourself from spam. Some good sources are:

Be sure to watch out for scams. If any scholarship service asks for your credit card or bank account number, or that the scholarship will cost you money, it’s most likely a scam. The College Board offers tips on how to tell which scholarships may be trying to drain to your account.

Stay positive

Jessica shows you Small Ways to Save.

When times are tough, make sure the family has time together. “Eat at the dinner table and talk. Ask 'How was your day?'” says Jeremiah.

Jeremiah adds, “Talk about family stuff, like how everyone's doing in school. Have family meetings where you can talk about ways to save.”

Shylo also emphasizes the importance of family. “Definitely spend time together as a family. If you're having hard times and you're not around each other much, it makes it even tenser.”

“Have a meal or play a game together. Make compromises with everyone so that the family gets through it together,” adds Shylo.

Cutting back on expenses doesn't mean the fun is over. It just means being more careful and trying harder to get more for your money.

“We do more fun stuff at home," says Stephanie. "We play badminton in the back yard. We watch movies on TV rather than rent.”

After the crisis

When the crisis is over, learn from the experience and prepare for the future.

“Keep doing what you've been doing. Do the cutbacks, but keep positive,” says Stephanie.

Shylo suggests, “Even after you've got things stable again, still work on saying, 'I don't really need this.' Save money for a family vacation rather than buying that new iPod.”

Tough economic times can be hard, but when family members work together, you'll get through the problems now and be more financially secure in the future.

True or False: Benjamin Franklin was an avid long-distance swimmer. Click Ben's head for the answer.

TRUE: Though it was a time when not many people swam, Franklin was a seasoned swimmer as a young man. He even invented the first swim fin.

Medford, OR

WRITTEN BY:

Cathie

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"This story is a very important one for young adults who are heading off to college, out on their own, or who are still at home but not sure how the family is doing. Doing what you can to help out your family is a great thing to do, not only because it shows how responsible you are, but also because it can help you help yourself in the future."

Sammi Jo, 16, Westby, WI
11/27/10

"This is a great story because it gives teens advice on what to do when their family hits a financial crisis. With the recession going on, many families are facing this situation. I'm glad this is here to remind teens that there are things you can do to help the situation."

Hannah457, 17, Camas, WA
11/21/10

"thanks for all the tips on saving, and the great information on college scholarships!"

MarvinB , 16, Richmond, Va
11/21/10

"Times are definitely really hard, but when I think about it, I don't worry because my grades are good enough to get me through college, or at least help me out a lot. Another thing is, I'm going to get a job soon like Stephanie said. It's important and it feels good to be independent from your parents."

kendallweb, 16, Klamath Falls, OR
11/19/10

"i love this story. it applies to a lot of people now-a-days. many are going through this and i know this will help some! "

Katie, 16, gibraltar, mi
03/03/09

"This is a good story and good advice to share with teens on how to handle money in this economy. Right now everything is getting worse, but if you are responsible and know how to save money you will be fine. Im glad something like this was made to help teens. "

misa09, 16, Sahuarita, Az
02/15/09

"All of the tips you gave were great. It hasn't been so bad for my family, but we are feeling it too. Cutting back and conserving resources is really important, and so is not spending frivolously. Remember, this is part of the natural financial cycle of 'boom and bust,' and it is a culmination of many years of instability and many, many factors. But we'll make it through and come out stronger for it. We always have."

IsisMollyO, 18, Spokane Valley, WA
02/13/09

"Thanks for the information on the college Scholarships!"

Jesse, 15, Clinton, WI
02/11/09

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