Road to Recovery From Financial Debt
Just thinking of having debts could send butterfly frenzies inside my stomach!
Being financially stressed and having sleepless nights figuring out on how to recover from the pits of DEBT were horrible. The situation ushered me to come up with a game plan to turn around my finances in the pink of health:
> Boost money picture: This means, replace bad spending habits with good ones. Ending wasteful spending, paying down debt and/or stashing money in a savings account or emergency funds. Or think of solid financial investments.
> Identify personal financial goals: Define your objectives in being financially “fit”. It involves setting realistic and measurable money goals. Finding ways to save funds and take care of yourself financially. Make a commitment to follow your budget, add up your sources of income that will convert into savings funds.
> Checking for financial progress: Keep track ensure that you are successful in financial expenditures, making sure to know where your funds are going and not over-spend. Having records of all the ins and outs of your finances will help in reviewing your monthly financial progress.
> Anticipate the volatility of your finances: You have to understand and know what to do if you are unable or unwilling to keep up with your plan. Unforeseen crises/expenses may force you to dip your hands into the emergency savings funds, or there may be times of impulsive purchases. In cases like these, you have to be on guard and consistently consider your goals. If you cannot avoid such expenses, make sure to have a commitment to return to the financial fitness plan.
> Work out your financial with a professional adviser: In improving financial fitness, seeking a professional advice with a Certified Financial Planner/Adviser is suggested. Your adviser should be the best source due to their familiarity with financial situations. They will also help you get educated in managing your own money.
Becoming fit may involve belt-tightening in some spending areas, but it shouldn’t mean you’re forced to deny yourself of everything you love. Instead, build a financial fitness plan and budget that has room for small perks. Just make sure the splurges are financially sensible.
Spending your hard-earned funds needs to be dealt with practicality and sensibility. Travel during off-peak season, Purchase items on sale and make sure it is a NEED. Invest wisely. Your savings and emergency funds should be in progressive amount each time you check.
Road to financial recovery and stability may come as a hurdle or challenge in the early stages of your financial “build-up”, hindering you from accessing some luxuries and extravagance, but after realizing your goals and financial dreams, it’s not too bad to say, “every dime earned and kept are worthy enough to bring me to where I am now… FINANCIAL FREEDOM!