I recently read an article where a couple felt that they were at the end of their financial rope and unfortunately they took drastic measures.  Financial overwhelm is REAL, feeling like there is no hope is an unfortunate current reality for many people.   A recent article showed that credit card debt in June surpassed levels prior to the financial crisis, in fact according to the Federal Reserve it is currently at $1.02 BILLION.  Yes billion.  Credit card debt is not the only debt that has reached astonishing levels.  Student loan debt is currently at $1.4 TRILLION.  It’s no wonder that overwhelm has set in for so many. Whether it is credit card, student loan or some other type of debt, it is certainly NOT a comfortable position to be in.   While it may feel like there is no way out, there IS definitely a way out, and that is me speaking from experience.  You have to take control of the situation to help reduce the financial overwhelm.  Here are 4 ways to get started today: 

Take a deep breath

Literally take a deep breath.  Deep breathing slows your heart rate and helps to lower your blood pressure.  It’s important to be calm and in a more relaxed state as you get ready to work through your financial situation.

Assess your current financial status

You may not want to, but facing your situation head on is best.  Knowing exactly where you are is necessary to determine how to move forward.  Also it helps you identify if there is anything you can do quickly to help improve your current situation. 

Talk to a family member/friend/personal finance consultant

Phone a friend.  You talk to them about everything else, why not your finances?  Think about it, everyone deals with personal finances and they may be able to offer advice or a different perspective that you hadn’t considered.  If you are not able to talk to a family member or friend, reach out to a personal finance consultant.  They will be able to offer judgement free advice on what steps you can take immediately and what actions will require more time.

Create a plan

Now that you have settled down, identified your current status and talked to a trusted friend, it’s time to create an action plan.  Identify things you can do immediately such as reduce or cut expenses or increase your income. You may also want to call your creditors to see what arrangements can be made.  All of this information will be useful in creating an action plan and timeline to get back on track.

While these are things that you can do once you’ve hit financial overwhelm, it’s best to take measures to avoid it.  Tracking your finances and having regular conversations about your finances will help you manage through issues as they arise.  I would also recommend joining a personal finance group; they are generally judgement free and offer support and advice as you face a situation.  If you are looking for a judgement free personal finance group email info@moneychoicestoday.com.   Know that you are NOT alone.  Need to talk through an issue?  Schedule a FREE 15 minute consultation to get started.