We don’t have to look too hard or too far in our lives when identifying the not so glamorous parts of adulthood. Job layoffs, medical emergencies, pandemic and family loss are just a few of the many things that we all will witness during our lifetimes. In the midst of unfortunate events, how can we properly bounce back without veering off course? Check the tips below to guide your steps (and wallet) back to a place of prosperity.
Establish a sense of normalcy
Before we dive in and start tackling the to-do list, it’s perfectly fine to simply maintain. There are so many things that can knock us off kilter, which changes how we view things financially. Getting caught up on bills and beginning to save again should never be considered too basic. Being able to finally breathe and be at peace knowing you’re starting out on solid ground serves as more motivation to progress forward.
Prioritize all debts
It’s one thing to generate a list of what you owe, but have you thought about in the order things should be paid? There is no right or wrong way here – prioritize your top three to five accounts and work from there. If you want to focus on smaller debts or those with higher interest rates, do that. Staring at a list of all creditors tend to make you feel defeated before the payoff process actually begins – set yourself up by success and ingest small bites.
Explore ways to generate more income
This doesn’t have to come from your 9-5! This could be a part-time job, a hobby or honing in on a skill you naturally perform well in. Remember, this is just temporary. Set a very specific, attainable money goal and once that is achieved, this can be adjusted to fit your schedule and preference. Recovery is just for a season; these short-term sacrifices can shave off years of recoup.
Be patient with yourself and the process
As much as we’d like to have a wand to correct all of our mishaps and wrongs – this isn’t realistic. However, what we can do is grant ourselves grace. Most times, these circumstances don’t happen overnight – so we can’t expect an immediate resolution. Instead of focusing on what went awry, dedicate that energy to focus on the plan ahead. Encourage yourself daily with positive affirmations while reminding yourself of the time and dedication you’re putting in to see this all of the way through. Keep going!