When it comes to money, almost everyone will have their challenges in life. But the key is to learn how to effectively get through a financial speed bump (or two or three) and become all the wiser for it. The tips below, inspired by the Centsible Life, can help you do exactly that.
Have Open Conversations
Talk to family members and friends about the obstacles you’re going through and the related stresses on your finances. Whether it’s your car unexpectedly breaking down, another unexpected bill, or something else money-related, the chances are good that a loved one can offer their experience on a similar situation.
Whether you take their advice or not, at least hearing someone else has gone through something like it is reassuring. Plus, you can hear how they dealt with a similar financial speed bump.
By having someone to bounce ideas off, you’ll likely feel less overwhelmed. Plus, now you have an idea of what you’re up against financially and can best plan how to maneuver through it.
Practice Self-Kindness
Let’s say you’ve lost your job or find in-home expenses piling up. These are just two examples of a financial speed bump. While it can be easy to blame yourself for the hardship, that’s not going to do any good.
Instead of feeling sorry for yourself, disappointed, or angry, the better thing to do is to use that energy to get out of the difficult place. Plan how to solve the issue and learn from it so that it doesn’t happen again (or, if it does, you’ll know how to overcome the obstacle from experience).
All the while be gentle on yourself, just as you would be with a loved one who was going through the same situation. Beating yourself up over the problem isn’t going to help anyone.
Lastly, putting a positive spin on things can help you maintain motivation to get through the hard times. When you believe you’ll get through it then really you will do so.
Educate Yourself
There are numerous resources online and likely locally too that will help you to learn more about how to budget, invest in stocks, as well as anything else money-related. Start reading up on the financial speed bump you find yourself in, such as the piling debt after having your first baby, to learn ways to navigate it that you might not have thought of.
Personal financial experts can also help you by answering your questions and providing suggestions. When you’re not finding what you’re looking for online or from loved ones, then speaking with a money coach is a great idea.
Tap into this resource for help planning short-term and long-term strategies to not only get through the current problem but also avoid some future ones.
Set Up a Financial Cushion
A safety net, also known as an emergency fund, is a useful way to plan for the unexpected. The reality is that a financial speed bump will happen to almost everyone and accumulating extra funds for when it does so will help you get through it more easily than without it.
Furthermore, this cushion provides peace of mind now about the future. Think of something unexpected, such as emergency dental surgery, and then imagine how you’ll feel less stress if you have the money in the bank to pay for it than if you don’t have that extra cash.
Saving for emergencies doesn’t have to mean a major change to your lifestyle, either; just putting a small amount of your paycheck into your bank account can be seamless and you won’t even notice it missing from your daily life. Over time, with a high-interest account, you will notice the accumulated wealth!
Whether Your Financial Speed Bump is Now or Later
The challenge could be one that you’re dealing with now, later this year, or several years in the future. If you’re still not sure where to start, reach out to us for advice as it relates to your specific situation to form the best plan for you and your family.
Lastly, remember that obstacles are ones that we learn from. If you make a mistake, don’t be overly hard on yourself as that’s not helping things; instead, look to family, close friends, or a trustworthy advisor for help with managing your money issues. Your problems do not dictate your future and you can be financially successful!
Before you go:
We would love to hear from you. Come have a chat with us.
Click here to set up a complimentary Discovery Meeting. < click>
The information contained within this site has been provided as general information only and prepared without taking into account your financial position, objectives, and needs. You should consider its appropriateness and seek financial advice before making any financial decisions.
Before you go:
We would love to hear from you. Come have a chat with us.
Click here to set up a complimentary Discovery Meeting.
The information contained within this site has been provided as general information only and prepared without taking into account your financial position, objectives, and needs. You should consider its appropriateness and seek financial advice before making any financial decisions.