Financial Ruin: How to Bring Your Accounts out of the Badlands
Thursday, November 15, 2018, 6:00 AM | Leave Comment
Being in financial ruin or on the brink of financial ruin can limit the options that you have for the future.
You don’t have to be stuck in dire straights.
Here are some tips so that you can bring your accounts out of the badlands.
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Balance Your Budget
A balanced budget is one in which you aren’t exceeding your income and are able to pay all of your bills. This may be something that you’ve struggled to attain in the past. Start by creating a ledger and writing down all of monthly expenses. In the other column, write down all of your sources of income. There may be places that you can cut back on your expenses. For example, eating out and entertainment costs aren’t necessary for your survival.
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Ask for Help
Finances can be a tricky business if you don’t have a handle on the situation. There’s nothing wrong with asking for help so that you can get your financial situation under control. Work with a fast credit repair company so that you can improve your credit rating and learn some of the ways that you can reduce your debt load. Even talking to the utility companies could elicit new ways for you to reduce your monthly bills.
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Limit Your Spending
How much money that you output from your accounts on a monthly basis may be impairing your ability to balance your budget. Look at ways that you can cut back on your spending. For example, you may be able to downgrade your cell phone plan or even your TV package. Consider operating on a cash basis when you have to make purchases so that you can see how much things are costing you. This strategy could help you to realize the true value of your money.
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Create a Contingency
A contingency fund could come in a variety of forms. This generally means that you set aside a little bit of money each month so that you can save for the future. A savings account or even a retirement account could help you to build up some equity. For example, you can borrow against your 401K in order to purchase a home or if you have medical bills that need to be paid off. Having this kind of fund will allow you to take back control of your financial situation.
There’s no reason that you can’t take control of your finances. Use these strategies so that you can bring your accounts back into the black.
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Rachelle Wilber is a freelance writer living in the San Diego, California area. She graduated from San Diego State University with her Bachelor’s Degree in Journalism and Media Studies. She tries to find an interest in all topics and themes, which prompts her writing. When she isn’t on her porch writing in the sun, you can find her shopping, at the beach, or at the gym. Follow her on twitter and Facebook.
