With crude oil prices hovering around $40/barrel, local oil producers are finding it difficult to extract Kern oil at the cost necessary to to be able to sell the oil on the open market at a profit. This means that local Bakersfield oil companies have begun oilfield layoffs. And even some large producers have started doing the same.
So while we as drivers have enjoyed record low gas prices, these low prices come at a cost to local workers employed in the oilfields.
If you are one of these oilfield workers whose jobs are in the crosshairs, here are a few suggestions to help you and your family weather the storm:
- Cut your expenses: Immediately do what you can to reduce your monthly expenses. This means reducing your cable and cellphone bills, and cut back on other utilities as well, like using less electricity.
- Sell any “extra” vehicles: If you’ve been considering selling a car or other vehicle like a boat or jet ski, now is the time as other people start receiving their tax refunds and find they have a little extra money for these kinds of things.
- Put off any unnecessary purchases: If you have been considering making any large purchases, now is a great time to reconsider the outlay and put it off until your job is more stable. Threats to your job mean it’s time to back off and play it safe for awhile.
- Increase your income: If you are at all able, pick up some overtime. Or if your spouse can pick up some extra hours at work, then this would be a great way to ramp up your family’s income a little while you’re able.
- SAVE!: If you are able to increase your family’s income, then put that extra income in savings. Nothing is more important right now than building up your emergency fund.
- Don’t incur new debt: If you have debt, the last thing you want to do is dig your debt hole any deeper by using your credit cards. But I would say never use your credit cards, but I’m kind of a credit nazi that way.
- Pay down your existing debt: Once you have done the other things (including building up your emergency fund), then get your credit cards paid down. If worse should come to worse and you become a victim by losing your job, the last thing you need is credit card bills hanging over your head. So get your debt paid off as soon as possible.
Remember: it’s much easier to weather these kinds of setbacks when you have a minimal monthly expense load.
“Hope for the best, but prepare for the worst.”
How Bakersfield and Temecula Bankruptcy Lawyer Scott Bell can help
If you have found yourself in unmanageable debt, but are still hesitant to file for bankruptcy, come discuss it with us with a free consultation. You can reach us at (661) 243-1737 or (951) 296-6775. You can also speak with us directly through the Live Chat feature of our website.
Don’t let your debt ruin your life. There is a way out. Let us help.