3 Ways to Bounce Back from a Financial Blow
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We’ve all had to deal with financial blows whether they were from the job that didn’t work out, the credit card statement that was too high, or the house that just won’t sell. Each and every one of those situations, whether big or small, can really set you back in terms of your savings and budgeting goals. I know from personal experience that when your finances are shaky, your morale and your overall life outlook can be affected too.
So, in an effort to prevent you from having a hard time and pilfering your savings or running up your credit after a financial blow, here are some ways to bounce back quickly and get back on track.
1. Get Support
People have a really hard time talking about finances and money. I’ve found that for the vast majority of the population, money is a surprisingly awkward topic. So, chances are that if your financial life isn’t going well, you probably don’t want to talk about it. However, talking about it could be just the thing you need to help you bounce back quickly.
When you reach out for support and let your friends and family know about your situation, they can help you, encourage you, and check in on your progress. Just make sure to choose the best people to talk to.
For example, if you think your parents will be too disappointed in your financial issues, then reach out to your best friend instead. Finding the right support network is key because the wrong one could make the situation worse.
2. Make a Plan
If you got off track with your finances, it’s time to make a plan. It’s kind of like cleaning your house. When my whole house is a mess (which it usually is these days) I get really overwhelmed. Do I start by washing 3,291 onesies or do I decide to actually sweep the floor? Either way, without a plan, it can all get really overwhelming. Personal finance is no different.
You have to decide how you’re going to live each day, how you’re going to spend your money each day, and how to plan for your future. If you try to do it all at once it can be exceedingly overwhelming. Try not to obsess about retirement, debt repayment, and budgeting all at once.
Personal finance takes some time to get right just like any good habit. With a plan and taking it one step at a time, you can easily bounce back from even the biggest financial issue.
3. Stay Organized
Once you have a plan established and a good support system in place, all you need to do is maintain it and stay organized. It can be pretty easy to slip back into old habits no matter how much you’ve bounced back so be sure to keep your support system and plans in place even if you start doing really well with your finances.
Have you ever had to bounce back from a financial blow? How deep did you go before you picked yourself back up? What was the turning point for you? How have you found success staying on track?
Photo courtesy of: Justin Connaher