Because money has so much influence over our quality of life, running into a financial crisis can be extremely stressful. Having worked so hard to attain some level of financial stability, one stroke of bad luck throws it all into the air, and can leave you feeling like your life is slipping through your fingers. If you’re in the grip of a financial crisis, here are some of my best tips for dealing with the stress of it all…
Close Off Avenues to Easy, Frivolous Spending
One of the most challenging aspects to recovering from a financial emergency is a potent sense of hopelessness. When you lose all sense of structure in your personal finances, it can be very hard to figure out exactly where your money is going. The best response to this is pinning down all the most obvious leaks, and cutting off your avenues to easy, unwise spending. Deleting online accounts you shouldn’t be using, leaving some of your credit cards at home when you go out, or taking cash out to set yourself a firm budget are all good ideas. While this won’t fix the problem entirely, it will certainly plug some of the leaks, and give you some more wiggling room for figuring out your next steps.
Draft a Plan
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Once you’ve stopped money haemorrhaging from your account, the next step is devising a plan to tackle whatever’s at the root of your financial emergency. Whether it’s heavy debt, retirement coming up too fast, or a health emergency, you’re not going to make much progress without a plan in place. Start off by getting onto Google, and looking up all the information you can about dealing with your specific situation. There’s all kinds of great resources available, informing you on preparing for retirement, debt reduction, and pretty much any other financial issue you can imagine. You may also want to research companies which deal with your kind of situation, such as New Era Debt Solutions and George T. Bochanis Law Offices. Once you’ve done enough research, it will be so much easier to start setting out a plan with measurable, time-constrained goals for working your way back to financial stability. As the old adage goes, failing to plan is planning to fail!
Don’t Hide Things From your Spouse
Financial challenges can bring marital constraints down on your head like nothing else. Money problems have broken countless marriages in the past, and this certainly isn’t going to change any time soon. The best way to avoid any relationship constraints over money is to be as honest as possible with your spouse. Never hide anything from them, no matter how noble you think your intentions are. Put all your cards on the table, and give them all the gory details about your money blunders and challenges. While a financial crisis can be a massive weight on both your nerves, every relationship hinges on honesty and self-reflection, no matter what else is going on in your lives. Don’t let money get in the way of something more important!
