The hope didn't last long, at least for some. Barack Obama wasn't President a day before we were brought smack back to the harsh realities of our economic times. The Dow Jones industrial average plunged more than 330 points, or four percent, on Inauguration Day.

It's not just the stock market that continues to deliver bad economic news.

Foreclosure filings soared by more than 81 percent in 2008, according to a yearend report by RealtyTrac, which publishes a national database of foreclosure and bank-owned properties. More than 3.1 million foreclosure filings — default notices, auction sale notices, and bank repossessions — were recorded last year. Put in perspective, that's one in 54 households in the US that received at least one foreclosure filing during 2008.

Personal bankruptcy filings topped 1 million last year, an increase of almost 33 percent from 2007. Sam Gerdano, executive director for the American Bankruptcy Institute, said he expects the "upward spike in personal bankruptcies to continue in 2009."

Since the start of the recession in December 2007, the number of the unemployed has grown by 3.6 million. Last year we lost 2.6 million jobs.

It's no wonder so many people have given up hope that their finances will be fine in 2009. But even if you're frightened, you can't give up. That was the message Obama delivered in his inaugural address.

"Starting today, we must pick ourselves up, dust ourselves off, and begin again the work of remaking America," he said.

Those are certainly inspiring words, but how do you begin that remake when you've been broke for so long? How do you overcome the feeling of failure for having to rent again after home ownership? How do you pump yourself up to look for work when so few are hiring?

You put in place a personal financial plan for recovery, much like Obama will have to do for the nation. And in keeping with Obama's advice, starting today, I'm searching for people who need help picking themselves up and dusting themselves off. As I have done in the last two years, I'm looking for participants for the Colour of Money Challenge.

The theme for the challenge this year is "Down But Not Out." Specifically, I'm searching for individuals or couples who have recently lost their homes to foreclosure. I'm also looking for people who have recently lost a job.

This isn't a pity-party challenge. The focus will be to give challengers the tools and the motivation to get back on their feet financially.

To participate in the Colour of Money Challenge, you have to be willing to share all your financial information — income, debt and savings. Some of the information may be used for publication.

I know it's not easy to put yourself out there like this. I know people will judge you. But if the Challenge helps, who cares what people think? Many of those who may criticise you for opening up are probably just as jacked up money-wise as you are.

Based on the past performances of those who participated in the Challenge, you can turn things around. The participants in last year's Challenge, which focused on military families, collectively paid off more than $50,000 in credit card debt. They all learned how to budget better. Most importantly, they all reined in the careless spending that helped put them in financial trouble.

It was appropriate that Obama's inaugural speech was sombre right from the start.

We are in a time of "gathering clouds and raging storms", he said.

However, in keeping with his message of hope, Obama ended on an encouraging note. You can embrace this winter of hardship, as he put it, or you can make the difficult decisions to get past this storm.

So write to me and tell me your story. How did you end up losing your home? What mistakes did you make that you want to correct starting this year? Could you have fared better financially following your job loss had you had a budget or emergency savings? Send your entry to colorofmoney@washpost.com.

Put "2009 Colour of Money Challenge" in the subject line. Please include your name, address and a daytime and evening contact number.

Because it's important I meet with challengers face to face, I'm only soliciting entries from people living in the Washington, DC, metro area. However, if you've lost a home or a job, follow the series. You'll probably find you can implement the same recommendations I give the challengers. I'll also conduct live online discussions throughout the year about the series. During these chats, you can ask questions about your own situation.

I can't work miracles in a year. I'm not promising to make you a homeowner anytime soon or find you a job. But if you take that brave step and vie to become a Challenger, you will be, as Obama said in his inaugural address, choosing "hope over fear."

Listen to Michelle Singletary discuss personal finance every Tuesday on NPR's "Day to Day." To hear her reports online go to www.npr.org. Readers can write to her c/o The Washington Post, 1150 15th St., N.W., Washington, D.C. 20071. Her e-mail address is singletarym@washpost.com.