Cash Emergency! 7 Steps to Get Back on Track With Your Finances

 * You've lost your job. It's happened before, you know you'll survive, but this time it's taking a while to find something comparable. The weeks stretch into months. Your financial plans are on hold. Money is tight.

 * You were on the way to debt-free status, but somewhere along the way you accepted a credit card offer with a terrific initial credit rate. The holiday season was expensive, suddenly several months have passed since you've made anything but the minimum payments. You are startled to realise you're approaching the credit limits on all your cards. 

* Your plans for financial independence have suffered a major derailment: a baby is on the way, something you never anticipated at this stage in your life. Or, an aging parent has special needs, and someone in the house needs to give up a paying job for a few months or more to provide support. You were proud of your steady progress, but that's seems like history now 

* You've successfully paid down your credit card debt, stayed the course, and you're walking tall these days with self respect. That is, until a few weeks ago when you wandered into new place offering "payday loans." It seems like a great way to cover cash shortages, until the day you take out a loan to cover the last loan. You're in over your head. Again

 * Disaster hits. Market changes wipe out your savings, your credit is destroyed by fraud, or divorce rips apart your finances. You know you'll get through this, but you suspect your plans to make your finances work for you, instead of you working for them, are permanently shot. 

Financial independence means different things to different people. You long to leave your full-time job for an interesting and varied career of part-time work and projects of your choosing. Or, you are on your way to debt-free, striving for the freedom and satisfaction of knowing that you don't owe anything to anybody. 

You want a deposit on a home to shelter your growing family, or a solid University fund to insure a quality education for your children. Perhaps you plan to pay down your mortgage much earlier than you thought, so you can know that you own every brick and every stone of your home without encumbrance. 

Step One: Face up to the process

You know something is wrong, and you're trying not to think about it. You've put off addressing it, because you don't have the time/energy/focus right now, and most of all you don't have the desire to deal with this, on top of everything else that's going on in your life these days. 

Stop. Take a break from whatever you're using to avoid the situation. Sit down with a pencil. Breathe deeply. You are moments away from clarity. 

Step Two: Determine where you stand 

When a powerful storm blasts through your neighborhood, the first thing you want to do is get out there and check the damage. With as much dignity as you can muster, draft a "Where do I stand?" financial review: outline your financial assets and liabilities for a net worth statement, and list your income and your expenses, for an income statement. 

Get at least a rough idea of what is going on with your finances. Are you still showing some forward progress? Are you right back where you started? Are you continuing to fall behind? 

All is not lost. The skills and focus you have developed from working your financial program are still with you. For now, just take a good, hard look at where you stand. You are on your way to recovery. 

Step Three: Determine what caused the problem. 

After you have a sense of where your finances are standing right now, take a few minutes to determine what it was that made you veer off course. 

Sometimes the problem is none other than ourselves. Honesty is the best course here. Were you slipping into old financial bad habits? Were there steps that you could have taken to mitigate the damage, which you didn't take? Did you make a promise to yourself to follow your goals to a brighter financial future, but take the easy road instead? 

If so, join the rest of the human race. Immediate gratification is always easier and always the more attractive option. The important thing is to recognise it and take steps to get yourself back on track. 

Sometimes the problem can be attributed to other people: family members or a resistant partner. See the end of this chapter for some ideas on how to deal with this issue. The important thing is to recognise it and take steps. Other people have power, and so do you. 

Or perhaps the situation is truly beyond your control. Despite the best-laid plans, life sometimes runs us smack into a ditch when we least expect it. The new house required unforeseen repairs. Hospital bills spiraled after a medical emergency. You encountered a string of sheer bad luck. It happens. 

To paraphrase a very well-know quote, "s**t happens." Put it down to one of life's little surprises and take some steps to limit the damage. Don't blame yourself. 

There is one other possible take on your problem: you may not have a problem at all. Despite appearances, it's possible that you are doing exactly what you should be doing, and your finances are reflecting that. 

Have your goals changed without your realising it? Child care, elder care, a lower paying but more rewarding career, or a more relaxed lifestyle for you and your family may all be reasons why your financial plan is not where you think it should be. 

Take another look at your core values, which are the foundation of your financial plan. Review the next few steps with an eye to tweaking your financial strategies. Values are key, and flexibility is the name of the game. 

Step Four: Revisit your values. 

Whatever your definition of financial independence, ask yourself what deep-down values or personal principles create resonance for you. Why are you doing this? 

Perhaps you crave independence from the employment runaround, the freedom to choose a career or work that truly satisfies instead of just paying the bills, or the pride and security of knowing you are providing the best possible future for your loved ones. Find your values, and you'll begin to reconnect with the process again. 

Personal values change. Independence, once such a driving force for you, may grow into a craving for greater connection with family, community, or the environment. The desire to be a terrific parent for your young children may evolve, as you aspire to provide the best possible model of an independent, fulfilled adult for them and for yourself. 

Consider adjusting your timeline. Reconnecting with your deepest principles is one of the most important lessons in creating your own version of financial independence. 

 Step Five: Take steps to get yourself back on track. 

If you've been following this plan, then you already have most of the skills you need to make your financial goals a reality. 

Make a list of three crucial steps you need to take to redirect yourself in your financial life. Or, start with one small step, gathering forward momentum to get back on track with your goals. Pick up the telephone to set up an automatic debt payment plan or investment plan. Schedule a professional association meeting to connect with people in the your field of expertise (or desired expertise). Consider putting something up for sale to bring in a little extra cash, if cash is scarce. The important thing is to take action, today. And keep on keeping on. 

Step Six: What if the time is not right for action? 

Sometimes we're stuck in holding pattern. We're waiting for the kids start school so we can expand our income opportunities, until the house finally sells so we can move to a less expensive place, until the court case is resolved so we can get back on track with our plans. Sometimes, we just need the courage to hang in there until the time comes when we can move forward again. 

This is where your focus comes in for a real test. Hang on to your power by keeping your values in the front of your mind through all the chaos or frustration. 

Stand your ground. Take tiny steps, to position yourself for your next move. Care for yourself and those who rely on you, and keep yourself as positive as you can in what may be a very negative situation. Get support, get right with yourself, get your plan in order. And when the time comes, you'll be ready to hit the ground running. This is where your real power kicks in. 

Step Seven: Deal with the human factor: Resistance. 

Sometimes, resistance comes from other people. Your spouse won't let go of destructive spending habits. Your kids pressure you to spend money in ways that are no longer in your family's best interests. Or, your adult siblings, parents, or friends, whom you rely on for support in this new endeavor, continue to pull you back into routines that don't work for you anymore. 

* Resistance from other people is tough to manage, and it can disrupt our financial plans like a stone in a paper boat. Here are some strategies for dealing with resistance from others: 

* Slow down. Sometimes we expect too much, too fast, and family members resent it. Kids and partners have a lot invested in the status quo, and people are notoriously resistant to change of any kind, even if they agree with it in theory. Take your financial changes at a slow, steady pace and they're likely to find the process a lot more palatable. 

* Include them in the planning process. Kids can provide valuable feedback on reasonable ways to cut costs. Ask them for help shopping, brainstorming ideas to reduce household expenses, or finding part time work to help with miscellaneous expenses. Your partner may hate the idea of buying second hand, until he finds out that he's got a real knack for negotiating the best price. Your family members or friends may have a few good ideas for keeping costs down, once you explain how important it is to you. Get people on board by including them in the process. 

* Remind them why you are doing this. The same family member who considers "financial independence" a waste of time may love the idea of looking into another line of work, once the financial underpinnings are in place. Kids may not care about credit card bills or education funds until you start to post results in a place where the whole family can monitor progress. People connect with a project when they see a personal benefit. 

* If your spouse or partner flat-out refuses to cooperate, consider separating your finances as much as possible. Keep credit cards in separate names. Open a spending account of your own and be responsible with it. Your behavior may provide a valuable model for your spouse. At the very least, you can get back in line with your own values, and begin to take pride in your forward progress. 

* Sabotage: it happens. Sometimes, despite all your best efforts, you regretfully conclude that someone who should have your best interests at heart, doesn't. Your sister may be jealous, your boyfriend may not want you to succeed, your parents may prefer you as a dependent child, instead of an adult responsible for your own financial life. If these people support you in other ways, simply recognising that consciously or unconsciously, they may not want you to succeed, will allow you to quietly separate yourself from their feedback on the issue and go your own way. Where nothing else works, extricating yourself from a consistently negative relationship may be necessary. Recognising that not everyone wants to help is a step toward living your own life. 

Sometimes, resistance comes not from others, but from within. 

Perhaps you make yourself vulnerable to the criticisms of others, because you feel you're not worth the best in your finances or in life. You may feel out of line with your deepest values, or maybe you're angry and frustrated that you have to keep deferring gratification in your financial life. 

The strategies for internal resistance are the same as those for dealing with other people: Slow down. Review your deepest motives, and determine how the plan works for you. Be responsible with what you can, and try to minimise the damage of your own worst behaviors. Sometimes, just recognising that you are sabotaging your own progress can free you to behave in a way that originates from your personal values, instead of from your negative feelings. 

You are embarking on a noble and difficult task. Now is the time to take a deep breath, remind yourself of what you're trying to accomplish, and stick with the process. You will make financial freedom, on your own terms, a reality in your life. You will triumph, and when you remember how you overcame these obstacles, you will relish your success. 

 Article Source: https://EzineArticles.com/expert/Christine_H_Williams/1268500 © 202

Steps to Attain Money & Prosperity For Yourself and Your Future

If you want to attain money & prosperity, you need to stop dreaming and start doing. Look, nobody ever got rich dreaming about being rich. It's as much about the attitude as it is about what you do and how you save and invest. So before we get into the more practical steps on finding financial independence, the first step is to stop wishing you could be rich. 

Here are the five steps you take to get there... 

Stop Spending 

If you want to know why you're always broke at the end of the month, it's because you just had to have the latest Iphone or gadget, it's because you just wouldn't give up on your soy lattes from the coffee shop, it's because you keep buying new clothes, rarely wearing them then shelving them. Look, it's all about the mentality. There are people who win the lottery, and because of how they spend, they're broke again in a year's time. If the first thing you do with a dollar is think of what to spend it on, then stop wasting your time thinking you can get rich. 

Cut Your Expenses in Half 

It's possible to just plain cut your expenses in half. Do the math and figure it out. You can trade your gas guzzler in and buy a used car, so no more car payments and you're spending way, way less on fuel and even on insurance. Cut up your credit cards, so no more bills there. Stop using so much electricity and water. If you're young and single, you could even consider moving back into your parent's house for a little while to save up some money. The point of this step is to have a little something to invest at the end of every month. If you can turn half of your income into disposable income, you can turn it into income to invest. 

Set Your Sights Realistically 

You're not going to be a millionaire overnight. It's very, very possible to become a millionaire by spending and saving and investing wisely, but it's not going to happen in a week or a month. Luckily, if you put the time and effort in, if you think things through, you'll feel life getting easier on you in six month's time, but to be a millionaire takes hard work for years. Forget the mansion on the beach for now and be realistic. 

Make a Plan 

Set your goals and work towards them no matter what. Arnold Schwarzenegger was a multi-millionaire well before he was ever a movie star. He would write his goals on index cards at the start of the year, and then work towards them, crossing them off when he attained them. He never gave up on any of them. Set your goals realistically each year. 

Don't write down "GET RICH!" rather, write down something like "Start an online business". Next year, you can write "expand my business" and success will follow. Don't base your goals on luck. 

Reinvest Your Earnings 

When you make your first earnings through investments, reinvest that money. Don't cash out and go to Vegas. Take the money you made on your business or in stocks and put it right back where you got it. The more money you make, the more money your money will make you. The difference between rich and poor isn't the money, it's the fact that rich people make the money work for them. Like Many Successful People.

 Are You Ready To Take Full Control In All Areas Of Your Life? 

Pictures: Courtesy of Gettyimages and pixabay

Article Source: https://EzineArticles.com/expert/Chris_Christophi/420332 

Restore Confidence in Yourself and Your Finances

 In recent years, the economy has not been at its utmost prime and many of us have made terrible losses investment wise. Some of us had to file bankruptcy to climb out of the hole, while others struggle on a day to day basis. More and more people may feel trapped or feel like they are trapped in a prison of finances and cannot see the light to get out of it. It is quite a beating mentally to know that you do not have what you used to have and can no longer afford the things in life that made you happiest. With depression always following hand in hand with your finances, you will soon lose any motivation to get yourself out of the trap at all, and stress will become something that you are now used to. 

By restoring that confidence you once had in yourself, you can create a new and positive way of thinking to help get you through hard times and on to the better times in your life, making your problems of finances only a very distant memory. There are no get rich quick schemes or become a millionaire overnight ideas; only an alteration to your way of thinking to help all of those who are ready to realize that it is possible to rebuild their finances up to a point in which they are satisfied. Consumers are buried in credit card debt, credit reports are tarnished, and educational expenses become looming ghosts on your wallet-this, on top of your average monthly bills, makes you feel strapped down and unable to move. But you can move, and freely with help. 

Plan a budget around your sole necessities for each month. Many who do this tend to include things that they have had so long they consider them a necessity, so be careful to keep an eye out for these things when you are doing this. You are not creating an actual budget, only getting in the mindset of a happier place and restoring confidence one step at a time. Once you have your list of necessities (rent, gas, groceries, electric...) draw a line and make a separate list of everything you are actually paying each month. This can include credit card payments, any other debts you are paying down, even your television bill if you determined that it was not one of your "necessities." 

This list for most of us is significantly larger than the necessities list, but that is all right. Once you have your list written out, it's time to try consolidating it. Take any debts that you are paying and write down contact information for these businesses. Call them as soon as you can to talk about lower interest rates, or negotiating the debt that you owe. Some will take up to half off your debt if you pay it in full, which will be worth it for you to do in long run. If there is something large on your credit report and you are making hefty payments towards it each month, try getting the payment lowered. Spending twenty dollars a month is better than spending one hundred dollars a month, or sometimes even a week, when you have a lot of debt to pay off, because it can force you to live in that hole for a longer period of time. 

Take it one step at a time as you slowly but surely mark those items off your second list. You will see that in a period of a few months time, you are spending that money in other ways, the key difference being that you are enjoying yourself and spending freely

Article Source: https://EzineArticles.com/expert/Jim_Parker_L/848932

Going Through a Divorce - Everything You Need to Know to Protect Yourself and Your Children

 Going through a divorce is never an incredibly happy time, but there are ways to make it as stress-free as possible - and protect yourself and your interests while you're at it. Even if your divorce is a relatively amicable one, you still want to get the best deal you can, and hopefully protect yourself and your assets now and in future. 

Top Ways to Protect Your Finances 

Don't forget to change your will. Many couples forget to do this after the divorce. Don't. When an imminent divorce is inevitable, there are simple ways to protect yourself from the financial fracas that will ensue. 

Get your finances in order and you'll be on your way to surviving the battle without any deep monetary scars... 

* Open an individual checking account. Do this as soon as possible. Not only will it help your credit rating, but will also help you sort out who has what. 

* Establish as much credit as possible. Credit is vital when it comes to borrowing money, and credit scores can affect future properties you may rent and even the type of job you get. Make sure you don't suffer any fall-out from your spouse's lousy credit rating, and do as much as possible to establish a solid credit rating of your own. If you've never had a credit card of your own before - and many women haven't, believe it or not - get on the horse as soon as possible. 

* Track down credit cards. Make sure your spouse isn't charging things to your name, or on a joint credit card, which could affect your rating. Track down and cancel any joint accounts. This can be difficult if they are not being sent to your home address. You can freeze accounts by telling the credit card companies that you are going through a divorce.

* Take care of the mortgage and other loans. If you will continue living in the house it's important that only your name is on the mortgage, and vice versa. The divorce proceedings will sort out who is paying for what. Transfer the car to one name as well through the Department of Motor Vehicles, and sort out who is paying for what loans. 

* Keep track of all investments etc. Go through all you and your spouse own with a fine-toothed comb, and make copies of every single financial document you unearth. This can include mortgage and life insurance documents, pension/super statements, tax returns, bank statements, money market accounts etc. Also, make sure your name is on every legal document, especially the title or deed of property the two of you bought together. 

* See if you qualify for alimony, support and/or maintenance. Support isn't based solely on gender - both men and women can get it. Similarly, you don't need to have kids to receive it. Don't make assumptions, get the facts. Speak to a divorce lawyer as soon as you can. 

* Save money. You never know when you will need it, so now is not the time to be a spendthrift. Squirrel away what you can in your individual bank account - it might soon come in handy!

 * Consider mediation as opposed to litigation. A lot less time-consuming - and costly. If it works, this is usually the best - and more financially viable way - to come to an agreement for everyone concerned.

* Don't forget to change your will. Many couples forget to do this after the divorce. 

* Hire a financial planner with a specialty in divorce. They can advise you what to do next as far as asset division is concerned based on your current situation. Top Ways to Protect Your Children Your children should be top priority when it comes to a divorce, so don't make things worse by acting badly. Children do best when both parents stay involved in their lives, so keep this in mind next time you feel like telling your ex to jump off a tall building or move to the North Pole. Here are other ways to make your kids deal better with your divorce... 

* Explain that it's not their fault. Don't let your kids grow up thinking they could have done something to prevent Mommy and Daddy from splitting up. Tell them it has nothing to do with them, and that both of you still love them more than anything. 

* Answer their questions as honestly as possible. That doesn't mean telling them that Daddy had 12 affairs and is in love with a woman half his age, and that he enjoys dressing up in high heels and a pink feather boa when they're asleep. What it does mean, however, is being as honest as possible, while not involving them in things they don't really need to know. 

* Keep things as amicable as possible in front of them. Airing petty grievances in front of the children and arguing constantly will only backfire in the long run.

 * Aim for shared custody arrangements, if possible. Children benefit from being with both parents. Make sure they have two happy, harmonious home environments and try to have both parents as involved in their lives at school as possible. Encourage your child to maintain a close relationship with the other parent, and encourage each other to be as active as possible in your children's lives, without canceling appointments and trying always to be on time. 

* Avoid the temptation to quiz your children about what is going on in the other parent's life, and don't use them to carry messages back and forth between you. They don't need the added responsibility, and it's not fair on them to feel they have to take sides or be in control of your relationship with your ex. Also, resist the urge to say bad things about the other parent in front of the kids. Top Ways to Protect Yourself Personally When all is said and done, you still have a life to live - on your own. Flying solo can be a liberating experience, once you've got over the shock of the divorce. Make it easier on yourself by following these simple tips... 

* Make sure you are employable. If you haven't worked for years, don't panic. Speak to a career counselor or life coach about re-doing your resume. Maybe all you need is to take a few courses or have an internship to get back on top of things. Maybe not: your life experience will count for more than you think! 

* Have lots of friends and family around you. Don't suffer things on your own. Seeing a film or visiting an art gallery can take your mind off your problems, if only for a few hours. Ask for support if you need it and try to enjoy the little things in life. 

* Seek new friends. Many married couples rely on other married couples for companionship, and often are left high and dry when they venture out on their own. Starting a new hobby can help you develop new interests and meet new people while you're at it. 

* Resist the rebound. While having new relationships can be fantastic, don't jump into a full-time romance immediately. Take the time to look around and enjoy yourself. Don't let friends set you up on a date, at least for a while. Being on your own is important - for now. Going through a divorce is never easy, but there are ways to minimize both the pain and the hassle. If you play your cards right you can make the whole process run as smoothly as possible - and make sure your future is financially secure as well. Take your time and get the help you need, and keep up a positive, optimistic outlook. Good luck!  

Article Source: https://EzineArticles.com/expert/S_Matthews/489059