Financial problems arrive in all shapes and sizes. From a loss of income to medical emergency expenses. A costly divorce or student debt. Financial crises are experienced everywhere by Americans, and no social class or state is exempt. According to Bankrate’s latest survey, 34 percent of people surveyed experienced a big unexpected expense in the past year.
The point to make here is, you’re not alone, and there is a way out. In fact, towards the end of this article, there’s a link to a list of ordinary people who have particularly inspiring stories about how they got out of serious debt.
But before that, you need to fathom how you’re going to manage your financial worries. This guide illustrates five people you could benefit from contacting, and certainly keeping in your phone book. And to follow, there are five things you would benefit from doing, to make the right steps towards a life without financial burden.
Five People To Turn To
Some issues require a legal expert to step in and take the reins. From motor incidents, such as Trucking Accidents, which may have occurred due to a reckless driver. Or guidance and legal support for securing a divorce settlement. Alternatively, you may need advice and litigation for a dispute with an employer because of unfair dismissal.
Attorneys are saviors for people who need help navigating the legal landscape; whether you are hoping to gain compensation or need advice on how to prevent a lawsuit from destroying your finances.
When choosing a lawyer, bear in mind, attorneys tend to practice in specific fields. Some deal with motor incidents, whereas others are invested in handling real estate disputes. Furthermore, always be mindful of reviews, to help you decipher what attorney is right for you. And take advantage of offers, such as “no win no fee” where possible.
All of your insurance providers contact details should be saved to your phone and noted in your diary. To ensure they’re available in an emergency. From Healthcare insurance to motor insurance, you’ll need to contact these businesses when you’re in a predicament that could cost you a lot of money.
If you’re in a motor accident, for example, if possible, ensure you or someone else can document what’s happened. Through pictures or recordings to expose any damage your vehicle or you have incurred.
Equally, take note of a hospital’s details and the services you’ve had to use. To accurately depict whether your medical insurance will cover your injuries, surgery, care, and so forth.
With your information to hand, at the earliest opportunity, contact your insurance consultant, who can guide you through the claims process. The sooner you can submit a claim with all the details required, the better. This will save a delay in receiving payment and prevent you from being hurled into debt.
We often try to handle our burdens and financial troubles alone and feel uneasy about telling close family and friends. Usually, this is a combination of pride, shame, and not wanting other people to worry.
But, you should know there’s no shame in asking for support from family and friends; in fact, it’s highly recommended. The best way to get past any negative thinking surrounding reaching out to loved ones in hard times is to imagine someone you love experiencing what you are. It’s highly likely you would want them to feel they could tell you about their problems. And you would want to help them any way you could. This is precisely how your loved ones will perceive your money problems.
One of the biggest defects in life is the inability to ask for help. – Robert Kiyosaki
Financial advisors are capable of assessing your financial situation, and researching and advising you on recommended options. Whether advising you to file for bankruptcy or urging you to remove money locked away in bonds to pay down debt. Professional advisors can help get your finances in order.
It’s likely the most significant payment that leaves your account every month is your mortgage. When your finances are in ruins, it’s essential to contact your mortgage provider to make them aware of your situation. Whether you’ve lost an income due to redundancy from the pandemic. Or your partner is sick, and so you’re staying at home to take care of them, thus losing money from work.
Mortgage providers can sometimes accommodate options for customers in dire situations. For instance, they may be able to suspend mortgage payments for a few months. Or recommending a cheaper mortgage product for you to switch to. There are ways to take care of your most significant and most crucial monthly payments; you just need to reach out to the loan provider and explain your circumstances.
Five Things To Do
Don’t put off until tomorrow what you can do today.― Benjamin Franklin
It’s easy when you’re suffering from financial problems to bury your head in the sand and try to ignore the problem. But doing so will only make the issue worse. It’ll feel scary and uncomfortable, especially at first, to start solving your financial worries. But you should know it’s completely natural to feel this way. The best thing you can do is expect these feelings, accept them, and continue working on your financial issues regardless.
Don’t let fear and anxiety get in the way of you achieving freedom from the chains of debt and money troubles. Solving your cash flow issues is possible; you just need to begin.
When you have a glimmer of motivation and hope to start, hold onto it and plow through this next step, which is getting organized.
Depending on your financial worries, this can mean different things. For instance, if your bank balance is consistently in the red every month. It’s time to set up a workspace with your laptop, phone, and bills to hand and work through cutting back your expenses.
Situations such as these, often force people into a position where they need to be responsible with their money to get out of money troubles. In fact, financial problems are sometimes the best thing that’s ever happened to an individual. Because it forces them to change their money management skills and perspective about money. Once most people work to get out of debt, they’re much more responsible and smarter with their money throughout the rest of their life.
Alternatively, if you’ve experienced a motor incident, and you’re incapable of working. It’s time to organize evidence of your medical issues and the incident that occurred in a file. And create a plan of action, which includes utilizing the contacts above. Such as the insurance provider and attorney, to claim and support your case.
The only way to solve financial worries is by getting organized and creating a plan of action to work through. Cutting down outgoings, paying off debt, and creating a side hustle for additional income doesn’t just happen; you need to make it happen. When you begin taking steps to handle your financial problems, it will give you the motivation to continue.
Take a Moment to Pause
Apart from making use of contacts, getting organized, and creating a plan, you have to take a break now and then for you. Otherwise, you’ll always feel like you are in fight or flight mode, which can send your cortisol levels through the roof. And, in turn, trigger a multitude of health problems.
Dedicate time to pause and do the things you enjoy. Relaxation, laughter, eating healthy food, and exercise can help you to manage stress effectively. While also keeping your motivation levels high to work through your money problems.
If what you usually enjoy is expensive, look for alternative ways to have fun. For instance, opposed to visiting a luxury spa for the day, you could have an at-home spa treatment in your bathroom with a bubble bath and candles. Furthermore, instead of dining out at a restaurant, think about cooking and mastering your favorite meal at home. Relaxation and fun doesn’t need to be expensive.
One tool that’s not used as often as it should be during a financial crisis is gratitude. Usually, we’re so focused on what we don’t have, or what’s going wrong in our lives; we often forget to think about and appreciate all the things we do have.
For example, whether you’re fortunate to have your health, family, a roof over your head. Appreciate that some people across the world don’t have those things. Shifting perspective helps us see that our problems may not be as bad as we think.
Even the darkest night will end and the sun will rise.– Victor Hugo
Life is full of problems. Some we make ourselves, and others are pushed upon us. But it’s how we handle them that matters.
As mentioned at the beginning of this guide, there are people out there who have suffered terrible financial problems. But they also went on to triumph and successfully got rid of their money worries. They aren’t the first to overcome money problems, and they won’t be the last. It’s just important to keep in mind; you’re not alone; some people have been where you are and worse!
However, it’s important to note, getting out of financial troubles is never easy. Thus, reaching out to contacts who can help you through, such as those detailed above. And using the five to do’s highlighted throughout this guide, will help you get things in motion to begin on your path towards a debt-free life.