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HomeBlog BlogHow to Survive When Your Finances Are on the Rocks
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How to Survive When Your Finances Are on the Rocks

October 1, 2016 by National Debt Relief

man balancing a checkbookEveryone hits a rough patch with their finances occasionally. it’s just an inescapable fact of life. You could lose your job because of an unanticipated layoff. You could have a medical emergency that created big bills. Or maybe your automobile’s engine blew up. These all are bad times that can leave you feeling helpless and as if you were all alone. But take heart. There are things you can do that will help you get through that rough patch and keep you from feeling as if you had been stranded on a desert island with no way to escape.

Write down every cent you spend

You can’t know where your money’s going until you create a track record of your spending. This means writing down every cent you spend right down to the $1 candy bar you got from a vending machine. When you do this you may be amazed at how much money you’re wasting. But once you see this you should be able to find ways cut down on your spending, which will free up money you could use to get through that bad patch of your finances or to pay down your debts.

Work those connections

If you were laid off it’s tempting to just stay in your house cowering in embarrassment. After all, getting laid off or fired is an embarrassing event. But instead of this you should work your connections by emailing every contact you have to let them know you’re available. This might actually result in some job interviews and in just a few weeks. Believe it or not, people do want to be helpful but they can’t help unless they know you need it.

De-clutter your brain and create some positive affirmations

You should try to do a complete brain dump every couple of weeks. Try to get all that mental clutter out of your mind and on paper so that you can see it. This should help you organize your thoughts and feel as if you’re more in control. One blogger reported that he had changed the password to his online accounts to a positive affirmation such as BobisGreat137. He said that having to type that out several times a day did help improve his self-confidence. He also reported that he changes his password every couple of months to keep them safe and current.

If you don’t understand how positive affirmations work or how to use them, here’s a short video that explains both.

 

Use exercise to tame your anxieties

Every day that goes by that you haven’t been able to resolve your finances will be a day when you’ll probably be feeling more anxious. The best way to conquer this is to exercise every day. It’s just a great sedative. And it has no side effects outside of some achy muscles. You should be able to exercise free or for just pennies at a community recreation center. When you exercise you’ll feel a lot better about yourself and your productivity should increase daily.

Set small goals as steppingstones to bigger ones

Let’s suppose that you have $10,000 in credit card debt. A great goal would be to eliminate it. But the question becomes how are you going to get there? Instead of creating just that one goal you might create four goals – to pay off $2500 every quarter until you’re debt free. You should find these mini goals easier to achieve but they will still be worth celebrating. And when you achieve one you’ll know you’re well on your way to achieving that big goal.

Find ways to stay motivated

If your biggest problem is paying off debt, then here is one good way to stay motivated. Think of the one thing that you find most hateful about having debt or that would make you most excited when you get it paid off. As an example of this, suppose you have a crappy car that you loathe or that you can’t take a nice vacation until you’ve paid off that debt. Instead of focusing on the debt itself try concentrating on what that new car would look like or how great it would be to take a dream vacation to Spain. These can be powerful motivators that will help you stay on track.

Use people

This tip isn’t really as ugly as it might sound. What it really means is leaning on people and calling in favors. If you want to get back on your feet financially you need a team to help you. Network with people who can provide information and resources or support you emotionally. You may actually be amazed at who will try to help you and who won’t.

A young couple with money at homeGet an accountability partner

Another thing you need to get through a rough patch of your finances is someone you can talk to about it candidly. This person must be someone that you trust to the degree that you will allow her or him to play part accountability partner and part psychiatrist. For example, you might share your biggest goal with that person and then arrange a “check-in” every week where the two of you discuss what you’ve been able to do to accomplish that goal, which is the accountability part. Psychologically it’s just much easier to drive yourself to accomplish a goal when you know you’ll be required to report your progress to your partner.

Don’t forget to celebrate

It’s important to celebrate even small accomplishments with your finances. Going back to that $10,000 debt suppose you were able to pay off $1000 of it this month. That’s something worth celebrating. You could treat yourself to a glass of wine at a favorite restaurant or maybe a couple of beers with your friends. But don’t celebrate big as its cost could absolutely negate whatever it was that you had accomplished.

In summary

We hope that these tips have been helpful regardless of your financial problem. We know that it’s easy to start feeling overwhelmed and anxious. But if you follow just one of these tips today you’ll be taking a step towards empowerment and will eventually get through that rough patch.

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National Debt Relief

National Debt Relief is one of the largest and best-rated debt settlement companies in the country. In addition to providing excellent, 5-star services to our clients, we also focus on educating consumers across America on how to best manage their money. Our posts cover topics around personal finance, saving tips, and much more. We’ve served thousands of clients, settled over $1 billion in consumer debt, and our services have been featured on sites like NerdWallet, Mashable, HuffPost, and Glamour.

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Moderate National Debt Relief Caller: Charlotte Transcribed WE 1/24/2021 Charlotte: Before I begin, I have to let you know that our call may be recorded. Can you tell me, how did you first hear about our National Debt Relief? JOAN: Oh, I don't know. I don't remember. I don't know how I heard about it. Charlotte: What made you decide to work with them? JOAN: Well, obviously, I needed to consolidate my debt. Charlotte: Tell me about the service program that they provided you with. JOAN: Well, I'm not done. But for me, it’s costly. What I did not like about it was that they add on. They say it's going to be X amount of dollars. But then what they do is they say, “Oh, well, we found another creditor that you need to…” So that'll be at a different part of the month and I don't like staggered bills. If I'm gonna pay a bill, whether it's to the phone company, the insurance company, whatever it might be, I want to pay that bill once a month. That's the only drawback. Charlotte: So let me get this. Normally, they are collecting the bills upfront. And then they work to get them paid off at a different rate. So everything wasn't collected all at once, if that's what I'm hearing correctly. JOAN: No, no, no. Every month, money is taken out of your account. And they pay X amount of dollars. Like let's say you owe $5,000 with Citibank, $500 in Credit One, whatever. They work out a deal with them and then they say, “Well, you have to pay $350 a month.” And they'll pay $20 a month towards -- they give you like around about how long it's going to take. Two years, two and a half years. And then they work it out that way. Charlotte: Now, what did you think about your negotiator? JOAN: I don't know. I just called up. It's a completely different department. So when you call up to sign up, it's very different. I don't remember that. It's just that they collected all the information. It was easy for me. I didn't have to go through and find whatever bills I wanted to put in the debt relief. They did that. Charlotte: So say you have questions or concerns. How did you get your questions or concerns addressed? JOAN: I would just ask and they answered it. They're very helpful like that. They'll answer any questions you have. And if they don’t know, they will find out. Charlotte: So was there not a particular person that you spoke with? JOAN: No, you don’t have one person that you deal with that just handles your account. Once you do – they’re like headhunters. Until you sign up, you're going to have that one person and even other people calling. Once your name is out there, they're going to keep calling you. So, once you sign up, then it's whoever answers the phone. It’s customer service. Charlotte: How comfortable did you feel working with National Debt Relief through this process? JOAN: I felt very comfortable, very safe. I was not worried about anything. Charlotte: Is there anything about this process that you would have liked to seen handled differently? JOAN: Yes. The way the payments come out. I'd rather have them one instead of … Charlotte: Everywhere. JOAN: Right. Well, not everywhere. For the most part, the bulk of them were. But then if there's one here, one there, they don't just extend it to another payment. And then the payments change, like the payment amount. You could pay $20 for six months, and then all of a sudden, it's $80 for the next three months, so you really don't know. Charlotte: So if you have to rate this experience on a scale of one to five, five is you’d recommend to friends, one you're pretty dissatisfied… JOAN: No. I would definitely recommend it to a friend. Charlotte: How would you say working with National Debt Relief has impact your life? JOAN: Well, it did help until I hit a speed bump. I'm in the middle of a divorce and my husband closed our checking account, of course. But so far, as a matter of fact, that's why I thought you were calling. I have to postpone the next month, so hopefully, they'll be able to postpone it, because I've been postponing it for a few months. Charlotte: Would it be okay if I posted your comments as a review on our public website for National Debt Relief? Because you did give us some really good feedback. JOAN: Yes, but not using my name. Charlotte: Okay, I will make it anonymous for you. I will also send over a link so that you can have it as a record for yourself at jdola20@yahoo.com. JOAN: Yes, but do not put that public. Charlotte: Oh, no, no, no. That doesn't go public. Definitely. How would you say working with National Debt Relief has impact your life. JOAN: Well, really, it would have helped if I could have stayed on the program. Charlotte: We’re recorded.

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