7 Ways to help you get through a financial difficult period


If we could have a show of hands for all of you who have experience financial stress, you’d be able to see that you are not alone. In today's consumer culture more and more women find themselves facing financial insecurity and the stress. So many of today’s anxieties center around two words: money and jobs!

Financial hardship can come about because of lots of different reasons. You might have lost your job due to changes in the economy or because of difficulties with their health or mental health. Some may be experiencing financial difficulties because of separation or divorce or troubles meeting the rising cost of living. Sometimes, these events do not come alone, they come in groups.
However way it has happened, when a financial crisis occurs, you might be forced to cope with changes that can be uncomfortable. The strain can lead to increased irritability, pressure, insecurity, and fear. 

Tough times call for stamina and endurance. Things will get better if you do not give up.

A financial crisis is just like any other crisis in life: you have to live it through it.  It is important to try and put things into some kind of context and try to live as happily as possible. It is important to face the reality of your situation and mastermind ways to fight back and move forward.  

Here are 7 ways to help you get through this period. 

1. Reduce your use of debt. While you may be tempted to pay for various items with a credit card, make every attempt to resist that action. Avoid additional debt in times of financial
uncertainty.

2. Reduce spending. Difficult times require difficult actions. Decide which budget items can be
 eliminated or reduced. This action will allow you to better control your short-term and long-term financial situation.

3. Review the safety of your savings. Make sure your accounts in banks and credit unions are within the limits  covered by federal deposit insurance.

4. Evaluate insurance coverages. While you may be tempted to reduce spending by reducing insurance costs, be sure you have adequate coverage for life, health, home, and motor vehicles.
Savings can be gained by comparing various insurance companies.

5. Avoid financial scams. People are desperate when faced with financial difficulties, which can make
them more vulnerable to investment fraud, credit repair swindles, and other deceptions. Obtain complete information before taking action. Don’t rush into a “too good to be true” situation.

6. Communicate with family members. Talking about the financial difficulties can reduce anxiety. These discussions can have benefits during the crisis and can help prepare children for financial situations they will likely encounter in their lifetime. Involve them in decisions that might be necessary to reduce family spending.

7.  Several times a year, you should analyze your financial values and goals. This activity involves identifying how you feel about money and why you feel that way.  The purpose of this analysis is to differentiate your needs from your wants.

In closing let me ask you this question, have you ever seen a bird depressed, with their head down, and stopped chirping?  Have you ever seen a bird worry about their needs?

I know I haven't and neither have you. So don't allow feelings of insignificance, guilt, inadequacy, inferiority and incompetence paralyse you.  Keep believing that things can and will get better.

“What are your tips for coping in tough times?”

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