Are You Struggling From Paycheck to Paycheck? Lance Advisors
Finances are a topic most of us shy away from talking about. It is often a bone of contention between spouses and has probably led to more than one family crisis. Financial stress is very real. In our fast paced, I want it all now society many of us have a tendency to purchase items on the spur of the moment and regret it later. It gets even worse when you purchase on a credit card and then the bills start rolling in. Next thing you know your income is smaller than your outgo. This is when you start struggling from paycheck to paycheck and wonder how you are ever going to get back on track. You are just surviving and trying to keep your head above water.
Perhaps overspending is not the cause of your financial problems, but illness or injury is. Even a short term illness can run up medical bills, but when you talk long term illness or an injury that hinders or stops your ability to work then you are talking financial trouble. Between loss of income and the medical bills piling up, you end up with debt, that is often hard to pay off when you still have your regular monthly bills.
Some Causes of Financial Debt
2. Living above your means
3. An accident or injury
5. Death in the family
6. Not enough income
8. Credit cards
9. No budget in place
12. No savings
13. Loss of employment
14. Cut back on hours of employment
15. No knowledge of how to budget
Do You Need Someone Like Lance Advisors?
I am sure there are many more items that could be added to the list above. Many times we just get in over our heads and then have no idea where to go from there. Lance Advisors or someone like them just might be the solution you are looking for. Occasionally our debt is too much to handle on our own and we need to seek outside advice. This is when you need someone with experience, not just your best friend. Seek out an advisor who has experience and who has good references. The last thing you need at this time is to put out more funds on something that does not work.
Setting Goals to Recover From Debt
No matter how you got into this situation you need to begin setting goals to get out. You will need both short term and long term goals. Some will be easy to implement while others will take time and consistency. Remember to keep your eyes on the goals. If you get distracted from what you are working towards you will end up even deeper in debt.
Before we start working on some solutions, I want to add here to always budget in for a little fun. If all you have are your goals, with no end in sight, you could become depressed or stressed. I am not talking about budgeting in a huge vacation, but a little here and there for a dinner or inexpensive fun. Fun can be inexpensive, like a trip to a museum, aquarium or zoo. You could plan an afternoon at a park and pack a picnic lunch or grill out. Go to a local ball game. Schedule this for 1-2 times a month and stick to it. You need to allow for some time spent on fun or enjoyment.
One of the first things you need to do is to sit down and list all your income. Next list all weekly/monthly bills. You will also need to include the regular bills that might be yearly, such as car tags, home insurance, taxes on your home, etc. Oftentimes for those yearly bills it will be easier to have a savings account you put money into each moth, so when the bill comes due you have the funds to pay it. Now is the time to figure out exactly what you can afford to pay each month. Look closely at your list and see if there are any ways to cut your outgo. Even small amounts add up so consider every expense and see if there is any way to lower your bill. Create a budget and then stick with it.
A Few Ways To Lower Expenditures
1. Consider if you can change companies for any of your major bills that would lower them. Perhaps cell phone, internet, even your car and home insurance. Shop around a little and find the best deals you can to save on these expenses.
2. Lower your electric and water bills by conserving where you can. Shut lights off when they are not in use. Take shorter showers. When washing dishes, brushing teeth, etc. turn the water off in between. I have a tendency to leave the water running as I grab extra dishes off of the counters or the dining room table rather than turning it off in between.
3. Are there any bills you can cut out? If you have both cell phones and a landline, perhaps you could go to just one or the other. Many people no longer have landlines.
4. Do you have member ships to gyms or other clubs that you could do without? Or is there another option instead of paying for the membership? Some gyms have discounts based on your income.
5. Lower your grocery bill by using coupons, looking for sales and perhaps finding new recipes. Cut back some on entertaining. Drink more water.
6. When you do need to make larger purchases, look for the best deals. Use the internet to research before you purchase so you can make a wise choice.
7. Try to reduce what you spend on gasoline by combining trips. Make stops on your way home from work rather than making another trip out. See if you can carpool with a co-worker to work, or a friend when going to the store or kid's sport activities.
8. If you pay for child care is there anything you could do to cut costs? Can you hire a teen? Maybe trade off sitting with another mom. Make sure that what you are being paid to work is really worth the expenses you are putting out between child care, travel expenses and etc.
9. Consider contacting a financial advisor like Lance Advisors.
10. You made need to go with debt consolidation. You can combine several bills and thus get the payment amount lowered. You can also consolidate debt with a personal loan or a loan based on your home ownership.
So, once you have done all this, see where you stand financially. You may need to seek other assistance from outside sources if this does not help in your situation. Remember, all is not lost. Sometimes life just hits us hard and we have to do what we can and then see where we go from there.
Please leave a comment if you have some other ideas for reducing expenditures and getting ahead.