How to Cope with Debt-Related Stress

If you are struggling with an unmanageable amount of debt, you may feel guilty, anxious, or depressed. While being in a high amount of debt is never ideal, you are not alone, and there are ways to deal with your situation constructively.

Seek out Resources

There are many resources available for dealing with your debt. Debt management companies, like Rescue One Financial, can help you by connecting you with a counselor and creating a debt management plan. As long as you have discipline and stick to the plan, you will eventually become debt-free.

Confide in Loved Ones

Money is often considered a taboo topic in modern society, but that should not stop you from reaching out to close friends and family members in regards to your situation. Being able to speak with someone you trust should help you to work through any feelings of guilt or shame and feel inspired to take action. Your friends and family may even be able to recommend ways to earn extra cash.

See a Therapist

If you have reached out to your loved ones and begun a plan to pay off your debt but are still struggling with persistent negative feelings, you may wish to consider reaching out to a trained mental health professional. 

You are not your debt, and you should not allow your current financial situation to have a detrimental effect on your overall self-esteem. A therapist will be able to help you work through your feelings and provide valuable coping exercises.

By following these steps, you should be able to improve your emotional well-being while starting down the road to becoming debt-free. Even though you are most likely cutting out discretionary expenses in order to pay off your debt, don't be afraid to leave some room for occasional indulgences. 

There is no shame in allowing for an occasional night at the movies or new pair of shoes for the sake of your sanity and sense of self-worth.

Senior Situations: 4 Tips to Help You Survive a Financial Crisis

Most seniors are on a fixed income, and that will make it very difficult to deal with a financial crisis. From unexpected injuries to household disasters, older adults could find themselves drowning in debt in the blink of an eye. Here are a few tips and tricks that will help seniors survive a financial crisis.

Start with an Emergency Fund

Older adults need to have some type of emergency that they can access at any time. As a general rule, your emergency fund should be able to cover all of your expenses for at least three months. 

If you have people who depend on you financially, then you should try to build an emergency fund that will cover all living expenses for six months or longer. That fund will give you plenty of time to reorganize your finances after an accident or injury occurs.

Downsize

A senior who is on a fixed income never wants to get too far behind on their bills, and you should consider downsizing if your monthly expenses are beginning to overwhelm you. Living in a larger home or driving a new car might be impractical luxurious once you retire. Moving into a condo and downgrading to a used car could end up saving you thousands a year.

Search for Assistance Programs

There are hundreds of assistance programs for older adults who are struggling with their finances. In addition to state and federal programs, you might also want to contact AARP to discuss their Daily Money Management (DMM) programs. 




Those programs can help a senior create a budget, pay bills, and negotiate with creditors. They also offer classes on how to avoid scams and what to do if you are being harassed by aggressive debt collectors.

Contact an Attorney

If the financial crisis was caused by another party, then you need to contact personal injury lawyer to explore your legal options. Trying to win a civil case on your own is going to be nearly impossible, and an experienced lawyer can help you get the compensation that you deserve. Your legal representative will also negotiate with insurance representatives if your claim never makes it to court.

Racking up credit card debt is never ideal, but a credit card could be your last line of defense against a financial catastrophe. Once you are back on your feet and things have begun to stabilize, you should aggressively pay down your credit card debt in order to avoid huge late penalties and unmanageable interest rates.

Peace of Mind: 4 Ways to Overcome Financial Stress

If your financial situation isn’t what you hoped it would be, there are ways to change it for the better. By holding yourself accountable for your earnings and spending, you’re able to put a plan in place that helps you achieve your financial goals quicker. 

It helps you evolve into a better planner, too, so you don’t find yourself stressing about money in the future. The following list provides four suggestions to overcome financial stress.

Pay Yourself First

Before you divvy up your paycheck, make sure that you give your bank account a boost. Having a portion of your money automatically directed into a savings account makes it so you have some financial security to fall back on in the event an unexpected expense comes up. 

It doesn’t matter how much money you move into savings, either, because every little bit counts. You’ll learn to live on less and still plan for the future thanks to the automatic deduction you opted to have sent to your savings account.

Learn to Differentiate between a Want and a Need

What you must have to survive and what you’d like to have to be happy are two different things. Learning to postpone wants allows you to better take care of your needs. Then, if you find yourself in a better financial situation, you can pay for wants and needs equally. 




You won’t need to wait to buy something you really want because you will have taken care of your basic needs and be ahead financially.

Make Saving Money a Game

Challenge yourself to save as much as money as you possibly can on everything you buy. Clip coupons, take advantage of sale prices, stock up on freebies, and borrow what you’d typically buy. There are many ways to stretch the almighty dollar further. Have fun with it by being as creative as you possibly can be.

Invest in Your Future

No matter how tight things may be now, they won’t always be that way. Invest in your future today by taking advantage of learning opportunities, free training, and other things that interest you. 

By putting time and attention into personal development, you become a valuable resource for yourself and others. You’re able to overcome money challenges quicker and easier, too, because of the skills you bring to the equation.

Selling my home for cash doesn’t need to be something difficult to do. In fact, it’s one way to overcome financial stress quickly. Not having a mortgage payment frees your finances up considerably. It allows you to come up with cheaper and more creative living arrangements.

If you’re experiencing stress because of your finances, you don’t have to feel stuck. There are plenty of steps you can take to free up debt and to be more organized with your finances.

Financial Freedom: 3 Options for Finally Getting out of Debt

Many people carry high debt balances. After all, it is easy to rack up huge outstanding balances on credit cards, and you may also have other types of loans that require regular payments. 

While you may have been able to manage making timely minimum payments for a while, this may have gotten increasingly more challenging in recent months. 

You understandably want to eliminate financial stress from your life, and reducing debt balances is necessary to achieve this goal. These are some top ways to deal with a serious debt situation.

Consider a Drastic Reduction in Your Lifestyle

Your current debt situation may be the culmination of many long years of accruing debt. In many cases, debt develops when you make purchases that you otherwise could not afford to make. 



For example, you may have charged the purchase of a big screen TV to your credit card several years ago, and you may have never paid that balance off. If you want to achieve financial freedom, you need to make large regular payments on your accounts with outstanding balances. 

Drastically scaling back your lifestyle is necessary if you want to free up more cash to use for debt repayment. For example, you can move into a more affordable home, trade in your expensive car for a budget-minded car and make other similar efforts. The alternative is to get a second job and to use this extra income for debt reduction.

Take out a Debt Consolidation Loan

There are two primary types of debt, and these are revolving term and fixed term debts. 

A revolving term debt, such as a credit card, can take a very long time to pay off when you only make the minimum monthly payment. 

A fixed term debt will be entirely paid off at the end of the term. Consolidating all outstanding debts into a lower interest rate loan with a fixed term is a smart idea in many situations. 

This could reduce your monthly debt payments and establish a firm debt elimination schedule. You can use this strategy with the previous strategy for even more substantial results.

Seek More Substantial Debt Relief

These ideas work well for some people, but others are so swamped with debt that they cannot get their heads above water. Substantial debt relief may be available through debt negotiations or settlements. 

You may even consider filing for bankruptcy through a service like McElrath Law. While these are more drastic steps, they can provide the relief that you need when other options are not feasible. 

It’s better to get professional help in a bleak situation than to try to continue navigating it on your own.

Debt is a problem that often will not go away on its own. If you want to eliminate debt, you need to have a focused plan. 

You also need to follow that plan regularly. Spend time analyzing your situation to determine how these strategies may be applicable to your situation.

5 Frugal Living Tips for Getting Your Family Through A Tough Time

Tough times can hit just about any family at some point. A lost job, a medical emergency or an altogether down economy can create financial stress. 

There are, however, ways to deal with these difficulties. No matter what the situation is, having financial difficulties is no fun at all and can be really hard to deal with. 

Here are five tips that could help.

Cut Expenses To The Bone

Most families have a fairly substantial amount of fat in their budgets. Whether it's a daily latte at an expensive coffee shop or a super duper expanded cable package with just about every pay channel imaginable, there are ways to cut down on expenses. 

The first step in the process is figuring out where money goes every week or month. Then, the second step is to see what expenses are needs and which are wants. Basic food and hygiene products, clothing, shelter and transportation are needs. 

Just about everything else is a want that should be eliminated until your finances improve.

Downsize

Housing is one of the biggest expenses that a family will have. At times, this can take up to 50 percent of a family's budget. 

Downsizing to the cheapest available living arrangements without sacrificing safety is a good way to get through tough economic times. Once you do this you will be able to see a significant increase in your finances. Downsizing may be hard for a while, but it can be well worth it in the long run.

Sell Unneeded Items

With online retailers like Amazon and eBay, it's possible for just about anyone to reach a global market. There is a very good possibility that there are some unused items lying around just about any home. 

As it's frequently said, one man's trash is another man's treasure. Putting these items online or holding a garage sale can be a great way to bring in some cash to smooth out a financial emergency. This can be a super easy way to get some extra cash.

Get a Side Job

The freelancing economy can be a great way to access some additional cash on a regular basis. While you're not likely to get rich overnight, there are some great options to find jobs that pay. 

Freelance writing, coin grading, like that done at Rocky Mountain Coin Inc., or driving for a service like Uber or Lyft can pay off and provide that little bit of income that's necessary to make ends meet.

Check Out Charities

Those who are really stressed out by limited finances can sometimes find help through local religious or nonprofit organizations that are intended to help those who are in dire straits. 

These groups are set up to benefit those going through a tough time, so it's a great idea to benefit from them if you meet their qualifications. So make sure to see out help if you need it and see if you meet the proper qualifications. There are so many different resources out there for those that are struggling financially. 

That is why it is essential to do your research and find the best help center for you. Just remember that you are never alone and you don’t have to be.

No one knows when a layoff might hit or how long it might take to find a job after getting a pink slip. Those who know where to look for help can weather the storm more successfully than those who do not. These tips can provide options that can allow you to navigate a difficult financial situation.