How to Handle A Financial Hardship

I’m not sure who needs to hear this, but you can get through your current financial situation. When it comes to your finances, you can get so caught up in the snapshot (moment of time) that it doesn’t look appealing, that you lose sight of the bigger picture.

When it comes to looming money problems, it can be damaging to your self-esteem, work performance, and relationships with other people. Often we measure our sense of self-worth against money to confirm how well someone is doing. So, we make unhealthy financial decisions to maintain a lifestyle above means or volumize debt to gain material possessions to feel sufficient or better than someone else in comparison.

We should not measure our sense of self-worth against the “value” of money.

There may be times when you may get discouraged when the credit score drops when you're stressed from living paycheck to paycheck and it doesn't reflect career success. You also may be questioning, how ends are to be met. You can be frustrated when you don’t know how to fix the mistakes of your early adulthood, or you find yourself not knowing how to get to the next level.

Again, I’m not sure who needs to hear this, but you can get through your current financial situation. Where you are right now, isn’t indicative of where you’re going, especially when you are determined to do better. Don’t let the money game, fold you. Don’t let it make you feel inadequate to produce greatness. Don’t let your circumstances weigh you down and negatively affect how you think about yourself.

I think that tragedy becomes the beginning of being financially savvy. It’s a time where you have to put on a brave face so that you can make up the deficiencies in your life. It’s the idea of using resources to pull yourself out of the mud and finding the best way to manage your money.

Now is the time to take control of your financial situation. We can’t allow one snapshot, one moment of time to define who we are as people and ultimately the trajectory of our life, that is not what we want. We can’t allow temporary hardships or emotions to permanently change our lives.

Now, in the pursuit of happiness and regaining your financial footing. So, let’s speak how you can correct your financial situation.

Here’s how to handle your financial hardship:

Speak life

I truly believe that you can overcome and bounce back from any financial hardships. It will not happen overnight. However, I want to plant the message in your head. This is not the end! There is abundance right around the corner. You are one decision away from a major shift in your finances! You have to speak life into your situation. Then, begin to venture your thoughts on how things can be better and write down what the solution could be. Then Have a solution-oriented mindset.

2. Evaluate the problem

The only way you can get out of financial hardship is to look inwardly and have an honest conversation with yourself. Do you know where your money is going? Have you set a monthly budget and how often do you check it? Do you not have enough income or are you overspending?

It could be that you didn’t have insurance, or emergency fund, a safety plan, or simply living above your means. You didn’t manage your credit cards

3. Don’t allow yourself to drown

Please. Don’t allow yourself to drown before seeking help. Be proactive and have a conversation. If you are facing challenges or even foresee changes in your financial situation, speak up right away. Sometimes, it is hard to admit that we have a problem on our hands that may set us back. It’s time to be proactive and not wait until our mistakes create a bigger mess for us. Explain to your creditors or financial institution. You may be surprised by the resources they have to help you.

4. Get a Financial Coach/Counselor

I know that you have a lot of pride. You want everything beautiful and wrapped in a bow, even when it comes to your finances. Often when your finances take a hit, and your credit score is low, there is a tendency to hide. You may feel embarrassed, and you do not want anyone to know that you need help. I want to let you know that you can bounce faster when you seek counsel. You will be equipped with knowledge, resources, and strategies to remedy your financial situation.

5. Come up with a plan

As I always advise, you have to know where you want to be to get there. Start by looking where you are and pick one thing that you want to tackle that you think that would get you to where you want to be.