Back on solid ground: rebuilding your life after a financial crisis
Life happens. A car needs a major repair, a family member becomes sick or you lose your job. When these major crises happen, your finances can often take a hit, leaving you in financial distress. Here are some tips for getting yourself back to financial health.
Create a plan of attack
The first step in tackling any debt you have after a major financial crisis is to assess how much you owe and to whom. Begin to tackle your delinquent accounts first, paying more than the minimum payment each time, if possible. If you have already been turned over to a collection agency, see if you can work out a monthly payment option and get a settlement agreement in writing.
Rework your budget
List all your current income and expenses. Knowing how much you are spending can help you cut back on unnecessary expenses and help you begin to build up your savings cushion again. And, of course, once you set a budget, stick to it.
Get professional help
If you feel like you need a helping hand to get you back on track, TFCU has resources to assist you. Check out BALANCE Financial Fitness. As a TFCU member, you can get free financial counseling services through BALANCE and access to education resources through their BalanceTrack modules.