How to Overcome Your Personal Financial Crisis: Step-by-Step Guide

2024 Author: Malcolm Clapton | [email protected]. Last modified: 2023-12-17 03:44

Nobody is safe from falling into a financial hole. And it's always scary and hard. Every day is a bundle of nerves and constant thoughts: what to do, what to do? And you just want to lie down in a corner and fall asleep, so that at least for a while this pulling feeling of hopelessness will be released. But you understand that this is not an option? So let's get out of this hole!

The air around you literally rings with tension when you realize that something urgently needs to be done. Usually, this state does not arise immediately, it is generated for a long time from small pieces, pouring with power, and then falls on you, generating a shock wave of anxiety and fear. Everything suddenly slips through your fingers. And when you decide to truthfully assess your financial condition, the results shock you to the core.

The only way to get out of this murky water is to get your panic under control.

Step 1. Stop wasting time

When faced with a stressful situation, many use the "Do anything, just not think bad" tactics. They spend time and energy on things that have nothing to do with solving the problem. So they try to distract themselves a little, but how scary then look reality in the eyes again!

Stop! Focus only on the problem! If you feel too overwhelmed to think about her, take a full rest to attack her the next day with fresh energy.

So, fighting fear, you looked into the bottomless eyes of your financial crisis. Now we start to act.

Step 2. Stop light spending

The hardest part of a financial crisis is the feeling of hopelessness that haunts you. Money is constantly running out, but you cannot understand what exactly you spent it on. The accounts are empty and it's scary.

At this point, you need to stop the most obvious leaks, and the easiest way to do this is by cutting off your path to impulsive spending:

• leave your credit cards and most of your cash at home;
• disable online banks.

This, of course, is reminiscent of trying to plug a leaky bucket with a rag. It cannot be called a full-fledged repair, because the water will still overcome this obstacle, but for a while you will stop the flow and get a head start in order to come up with the best solution.

Step 3. Look for money at home

The stress of the financial crisis that overtook you is constantly aggravated by the pressing need for regular expenses: you need to feed your family, or yourself, dress, pay rent …

In this situation, refer to the resources that you already have. Surely it turns out that at least a week you can eat the food that is on the shelves and in the refrigerator. It's just that you are used to buying something in addition all the time. And after taking apart the closets and closets, you will find that there are still enough decent clothes and shoes.

By the way, during the excavation, you will probably find something that can be sold. You have money at home, look for it and do not rush to open your wallet.

Step 4. Develop a plan of salvation

You have stopped the obvious money leaks, what next? Now you need a plan to get your finances in order. The reasons for your plight can be different: sudden dismissal, health problems that required large financial investments, heavy credit, and the like.

You need to study as many materials as possible on how to act in your particular situation. Believe me, you are not the first to encounter it, and therefore you will surely find a lot of tips and solutions.

On their basis, build your personal plan for overcoming the crisis. When you have it in your hands, you will feel how fear and stress gradually release you.

Step 5. Do something every day

As cool as your plan is, it’s useless if you don’t do anything. We need to put it into practice. Every active step you take will boost your mood and reduce tension.

If you sold an unnecessary thing, pay off part of the loan debt immediately. If you are unexpectedly fired, join a job board to receive temporary benefits.

Constantly look at your plan and think what you can do out of it right now. And having done - look again. And so every day.

Step 6. Talk about it

The best thoughts often come to our minds when we start talking about our problems. If you are an extrovert, then it will be useful for you to talk with a person whom you completely trust: explain the situation to him to the smallest detail, and you yourself will be able to look at it in a new way.

If you are an introvert, then it will help you: tell everything to paper, do not think that it will be messy. Write first and then try to organize those records.

When we talk or write about a problem, our subconscious mind ponders it and gets unexpected solutions from the depths.

Step 7. Don't hide anything from your partner

Financial problems lead the list of factors breaking up marriages. Money issues in themselves are often causes of quarrels, and if there are already other cracks in your union, then the financial crisis will accelerate the gap.

The best solution is honesty. Don't hide anything from your partner. Place all cards on the table. Admit your mistakes and omissions.

is impossible without mutual honesty. And if you are expecting it from a partner, then start with yourself.

Step 8. Eat healthy foods

A healthy diet is essential to combat any stress, whatever it may be. Discard all semi-finished products and give preference to only healthy and natural products. We foresee a wave of objections from readers who will say that healthy eating is more of a luxury now. Still, try to find a balance: use all kinds of grains, natural meat and poultry, and available vegetables. Not so long ago, we wrote about how to save on food without compromising quality.

An unbalanced diet leads to poor physical and mental health. And when you are faced with a crisis, the malaise will greatly hinder you.

Step 9. Keep fit and get adequate rest

go hand in hand, reinforcing each other's effects and promising you the physical and mental well-being you need to cope with stress.

Set aside time for a little exercise and walk each day. You don't have to kill yourself in the gym pumping up your reinforced biceps, you just need to be in good shape.

Get enough sleep. Get to bed early so you don't wake up with an alarm clock, but in accordance with your own biological rhythms. Healthy sleep will keep your mind clear and your mood good.

Step 10. Use your free time for your pleasure

One final tip: find free hobbies for yourself. Do not confuse this with activities that simply pass the time, such as surfing the web, for example. Find what you dive into, what brings you pleasure and leaves a happy aftertaste. Spending your free time doing such activities will strengthen your morale.

The financial crisis is an ordeal for any of us. But you understand that if you give up and try to leave everything as it is, it certainly won't be better. Hold on, go forward with a clear mind and a strong spirit, and solve problems.

Good luck!