Whether you have suffered a layoff or have unexpected medical bills, the money stressors can cause significant stress and even trigger physical symptoms of anxiety.
Although these situations may feel overwhelming in the moment, most of these problems may improve with time and commitment to get things on track.
Read on for tips on navigating choppy financial waters by money experts.
separate facts from feelings.
"There will be time later to address emotional issues. Now is not that time. For now wrap your feelings and put them on a" plateau ". Develop a state mind that you have been called to make a financial rescue for a foreigner. Exactly what are the facts as you know them? ... Follow this rule to determine which bills should be paid first :. Do not make payment on nonessential debt or expenses when you have not paid those same essential if your nonessential creditors are breathing in the neck "- Mary Hunt, founder of DebtProofLIving .com
Create a budget.
"If you are not already one, you probably do not even know where your money goes each month. Create a budget using a Microsoft Excel spreadsheet or just write one with pen and paper . once all your monthly expenses are identified, go through each of them and look for ways to reduce your bills. You might be able to eliminate cable television (or switch to a service like Netflix costing less than $ 10 per month) and you may find that you no longer need your telephone line at home. "- David Bakke, a financial columnist for MoneyCrashers.com
Rethink your priorities
."Think of this as an opportunity to press the reset button on life. The past is past, there is no need to stay physically or emotionally attached to previous decisions. Use this freedom as a source of strength and opportunity, to move, to change, to move forward towards a better future. "- Jeremy Jacobson, the blogger behind personal finance GoCurryCracker.com
Contact your creditors
" One of the first things I recommend is to contact the creditors: mortgage lenders, lenders car, I contact even credit card companies and literally just the wick. Let your creditors know that you are in financial difficulty. In many cases, they are ready to work with you by suspending payments or make some kind of forbearance. the debt payments are typically what we stress the most, so that is where you should start. "- Laura Adams, author of" Smart Money Moves to Grow Rich Girl "and host of the podcast money Girl
Cut your costs insurance.
"Make an insurance check and see if you can reduce your premiums. It's easy to just pay your insurance bills without giving it a thought. But in some cases you will find that you have the coverage you need most. Or you might find that you are eligible for a discount that you did not take. If you have a young driver in the household, there are a variety of ways to save money. For example, there are discounts for good grades. Talk to your insurance agent and ask for help to reduce your premiums. This can increase your monthly cash flow. "- Beverly Harzog, credit expert and author of" The debt plan Escape "
And, because a growing number of Americans now freelance on the side or full time, here's a tip specifically for self-suffering party or famine cycles.
Network as you like.
"instead of wasting time searching and cold pitch, focus your time on real conversations (via platforms like Twitter), the establishment of a portfolio or "Hire me" page that is optimized for a specific listing period, or following with past or current clients for referrals. It is more easy to get a "yes" from someone who has already said 'yes' in the past! once you establish a weekly routine "relationship building" as a freelancer, you will not have to worry droughts. The process you have created will continue to bring new work on a regular basis. And you will be able to build strong relationships with influential and other independent customers in the industry. "- Carrie Smith, founder of CarefulCents.com, blog and community for freelancers and solopreneurs
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