Together, we can overcome your financial challenges.
Are you a recent college graduate and feel like you’re drowning in student loan debt? Are you and your partner ready to buy your first home but stressed out about being able to afford one? Or is your savings account looking lackluster compared to where you’d have hoped it to be?
Regardless of what financial challenges you face, we want to ensure you that there are ways to get back on track. In this Clearview blog article, we’ll explore some steps you can take to overcome them.
1. Identify and assess your financial challenges
First thing’s first – let’s recognize and evaluate the financial challenges at hand. It’s important to take a moment to step back and look at the scenario with a broader lens. When you do this, you’ll have an easier time identifying some of the potential causes behind your constraints.
2. Re-evaluate your budget
Sometimes, taking another look at your budget can help you overcome hurdles you may be facing. Following the 50/30/20 budget rule is a great way to visualize your monthly money flow. Whether you need to increase your income with a side hustle, nix some unnecessary expenses, or start saving for a rainy day, this rule can help you get back on track. Remember, creating a budget should ebb and flow with your life so be sure to review and re-evaluate it often!
3. Create an emergency fund
Speaking of rainy days, are you prepared for when the unexpected happens? Roofs will inevitably leak and cars will unavoidably break down, potentially leading to a strained budget and various financial challenges. As a way to overcome financial challenges, it’s important to prioritize creating an emergency fund. It’s best to aim to save about three to six months’ worth of living expenses in a separate, easily accessible account. And don’t forget that setting up recurring transfers can help make the struggle of saving more a little more seamless.
3. Manage your debt obligations
As stressful as it may be, you should take stock of your debts. Whether that means your credit cards, mortgage loans, student loans, medical bills, or any other personal loans, coming up with a strategy to tackle those debts can only help you in the long run. Some other questions to consider, include:
- Are you able to pay off one of your debts?
- Do you have the ability to increase your monthly payment?
- Should you consider consolidating?
4. Seek assistance and accountability
If you need help to overcome financial challenges, be sure to reach out to friends or family that can assist. Sometimes you need to lean on someone else for advice or look to someone that can hold you accountable. And remember, our team at Clearview is a great resource as well!
Throughout life, we will certainly face different financial challenges. When you take a moment to pause, strategize, and follow these steps, you’ll be able to overcome anything standing in your way.