5 WAYS TO RECOGNIZE IF YOUR FINANCIAL STATUS IS A 911 EMERGENCY

Ignoring a situation, won’t make it go away.

Let’s dive in to 5 ways to recognize if your financial situation is screaming HELP ME!

  1. You tap your savings for daily expenses. How often do you start out with consistently saving money but within 90 days you are using it for daily purchases? Even if you are allocating funds to your savings account, pulling from it slows down your progress. Analyze your needs for using this money for non-emergencies. Are you effectively planning for annual expenses such as auto insurance, taxes, etc? Tip: Plan for everything.
  2. You’ve mastered tracking your spending, but lack growth. Perhaps you’re feeling as though traction is being made by tracking your spending, but are you tracking or tracking plus making the appropriate adjustments? While monitoring what we spend is a great start, the results come when you take action based on your findings.
  3. YAY, you’ve earned more..BUT you spend more. How has that recent raise or bonus enhanced your financial situation? Were you able to pay down some debt, or save some of it? Tip: The perfect time to save money is when you have some.
  4. Avoiding financial problems? This is a sure sign that your financial situation is a 911 emergency. As with anything that needs work, we must first acknowledge that there is a problem. Not only is it important to take note of what’s going on with your financial situation it’s equally important to take action quick. Most are numb to the sacrifice that a financial fix may take but it’s necessary. Avoid clinging on to the thought that things will work out-the work begins with you.
  5.  Unwilling to make adjustments. The chances that your financial matters will change if you’re not willing to change adds to your 911 emergency. If you know that a stove is hot would you continue to touch it? There will be times when your journey seems endless. Understanding that where you currently are financially didn’t happen overnight will help you to better come to terms with the fact that the adjustment will take longer than a click of the heels or waving of a magic wand.

There are many ways to recognize if our financial situation is urgent,  dig deep and you’ll notice yours. Keep pushing. We’re rooting for you.

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About

The Finance Bar is a personal finance suite helping women and couples achieve financial wellness through financial therapy, education, and an innovative learning hub on wheels. Creator Marsha Barnes is Certified in Financial Therapy, Financial Social Work, and serves as an Official FICO Brand Ambassador, and was named GOBankingRates’ Best Money Expert in the Net-Worth Category.

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