Building Credit


Rock Bottom - 5 Steps for Rebuilding Your Life After an All-Time Low Photo by Tom Pumford on Unsplash A variety of things could tank your financial situation—divorce, bankruptcy, or the loss of a job, to name a few. While you may feel like things will never look up again, that is not the case. Below are five steps that you can take to start rebuilding after an all-time low: 1. Beat the Credit Trap In general, it is not a good idea to add a loan to a bad financial situation, especially if it’s a payday loan that comes with excessive interest. No-interest loans are an exception to this rule. These loans are typically smaller in size, ranging between $300 and $1,500 for things like education or essential goods and services. A no-interest loan can be a great way to set yourself up to rebuild your credit score while helping you attend to your basic needs. 2. Create a New Budget Given that your financial situation has changed, your budget must change as well to reflect your new income. A caveat, it must be realistic to be successful. Go back through your bank account and credit card statements from the previous month and review bills and amounts. If your financial issues did not allow you to pay your bills in the recent past, put your budget efforts on hold briefly. Your first focus should be creating a list of what you owe and to who. You can then create your budget to include your monthly payments to pay your bills as well as the additional amounts needed to catch up on outstanding payments. 3. Get Professional Help If you are struggling to find a path to catch up on outstanding payments, a great resource is a financial planner or advisor. Financial counselors can help you get out of debt and teach you how to create an emergency fund so you can avoid this economic rock bottom in the future. You can find these individuals through such resources as the National Debt Helpline, which is a free service. 4. Pursue Emergency Relief If your new financial situation is dire and you cannot afford to purchase food or pay essential bills, it is time to seek out emergency relief. There are nonprofit organizations that can provide food, clothing, transportation, and other services to help get your financial life back on track. 5. Make Time for Self-Care A very important item in rebuilding your finances is self-care. Your mental health can suffer if your finances do. For example, your new financial situation could cause you to experience feelings of anxiety, worry, increased stress, and depression on a more consistent basis. It is crucial to keep these new emotions in check by investing in self-care. Meditation and deep breathing are excellent ways to restore emotional balance as is exercise. Think through what brings you peace and relief and pursue those things consistently. Your financial rock bottom is not the end of your story. You can absolutely rebuild and create a better financial future. If you are unsure where to start, seek out the help of a financial counselor. Then, create a new budget which may include payments for those you have missed in the past. If you need an immediate influx of cash for an essential good or service, only consider a no-interest loan or seek out emergency relief. As you rebuild, set aside time for self-care so that your mental health does not suffer alongside your financial health. 1 comment
  Photo by Tom Pumford on Unsplash A variety of things could tank your financial situation—divorce, bankruptcy, or the loss of a job, to name a few.  While you may feel like things will never look up again, that is not the case. Below are five steps that you can take to start rebuilding after an all-time low:  Beat the […]

Rock Bottom – 5 Steps for Rebuilding Your Life After ...



How To Manage And Regain Control Of Your Family Finances
If you are worried about the state of your family finances and are feeling increasingly upset and overwhelmed, then it is time for you to rethink how you spend and begin to take steps to make a change not only for your own future but that of your family also. We may all have the best intentions when it comes […]

How To Manage And Regain Control Of Your Family Finances



How to Manage Your Credit Card Repayments with a Debt Consolidation Loan
When you purchased your new furniture to fit out your new home, your income could support the monthly payment. Then, there was that little trip to the Caribbean last summer that really did some damage to your credit card. Compound that with the fact that in the last couple of months, you had to make repairs to your home and […]

How to Manage Your Credit Card Repayments with a Debt ...



Teens Making Their First Attempt At A Job
The end of high school is an exciting time. Teens legally become adults at age 18, and it’s right around that time that they finish high school and decide what to do next with their lives. As their parent, you’re likely feeling a little bit sentimental right about now. Weren’t they just running around in diapers? While they might legally […]

How to Help Your Teen Prepare for Graduation




Oh My Heartsie GIrls Weekly Linky Party For All Blogs To Share Their Latest Posts
I can still remember those days when we used to complain about how quickly our money from the paycheck disappears. It is like receiving the paycheck on one hand and out goes the paycheck on the other hand. And we used to complain that we don’t even have to chance to enjoy spending our hard earn money. All of our […]

Track Your Expenses With A Smartphone Budget App