Get out of debt and create an effective family budget. Chris Lombardo, with ClearPoint Financial Solutions, has some advice.
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Top 10 Financial Survival Tips
By Chris Lombardo, Certified Financial Specialist
- Get help. You can't do this all alone. There are experienced professionals here to help you. Contact the National Foundation for Credit Counseling or your local Better Business Bureau for a non-profit Credit Counseling Agency, like ClearPoint Financial Solutions.
- Stop using credit cards, payday loans, cash advances and finance company loans. Getting deeper and deeper into debt is not the way out. Put them away for true emergencies.
- Develop a spending plan. Know how much is coming in and where it's going. Take a hard look at what you and your family need vs. what you want.
- Save. Work to save 3-6 months worth of living expenses.
- Work together. Involve the entire household so that everyone has the opportunity to participate in the success of the plan. Teach your children that stability is more important than status.
- Get creative. Think of new sources of income, everything from babysitting, to yard work, to using your hobbies and skills (crafts, small appliance repair, and woodworking, for example.) Try a garage sale or use an online auction.
- Dream Big. Identify your short and long term goals, be realistic and write them down to help you stay focused. Put them on the kitchen refrigerator, the bathroom mirror or anyplace else you'll see them every day.
- Think small. Little changes to everyday spending habits can add up quickly. Besides once you see that you can make progress with little changes you'll be more confident to make the bigger changes.
- Start NOW! Don't wait. Start working on building a better financial future for you and your family today.
- DON'T PANIC! When we respond emotionally instead of rationally we tend to make rash and impulsive decisions. Don't take any action without thoroughly reviewing all of the benefits and potential consequences. Slow down, take a deep breath and try to relax.
