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How To Recover from a Financial Setback

October 8th 2015 by
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Almost everyone has to tackle financial issues at some point in their life. It could be you lost your job, got sick, or have an overwhelming amount of debt you’re dealing with, but whatever the reason, recovery can seem impossible.

You’re not alone. And you will get through this. Sometimes it helps to be mindful of the steps you can take to get back on the right track.

1. Acceptance

You’re not going anywhere if you keep sitting around wondering what happened and are afraid to take any action. Come to terms with the reality of your situation, but also acknowledge that you can pick yourself back up. It’s important to stay positive while being realistic.

2. Figure Out Where You Stand

Make a list of the following:

  • All your current assets
  • All income sources
  • What you current owe
  • Available credit
  • Monthly spending estimates

Once you have these figured out, you’ll be ready to make some goals and take action.

3. Set Goals

While it’s tempting to make your goals something big and broad, like being debt-free, that won’t help you get out of your current situation. What will help is setting measurable, actionable, realistic goals.

For example: Pay 50% of your credit card balance by x date.

4. Implement a Plan

There are a number of ways you can improve your situation:

  • Earn extra money. Take up a side job to get extra cash while you need it. If it’s the holiday season, many retailers hire for seasonal help.
  • Cut down on expenses. It might be your daily coffee or lunch, going out on weekends, or another form of entertainment.
  • Seek help. There are numerous resources online that you can utilize. Some organizations even provide free coaching depending on your situation.
  • Talk to your creditors. Find out if you can negotiate on your debt. For monthly services (cable, Internet, cell phone), find out if you can get on a cheaper plan. Don’t be afraid to threaten to go to the competition!
  • If credit card debt is wearing you down, look into transferring balances to a card with a lower rate.

5. Prepare for the Future

Once you’re more comfortable, you’ll be in a spot to ensure this doesn’t happen again. Start a savings account, stick to your budget and start creating an emergency fund in case there is a next time.

As always, Aspire FCU is here to help! We can help you refinance your auto loan for lower payments, or transfer credit card balances to our low-rate cards or personal loans.

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