Ravi Chandran
When you find yourself deep in financial meltdown, you should throw yourself into learning as much as you possibly could about personal finance. You may be quite scared of losing everything that you had because you had dug myself in such a deep hole.
By: Phoenix Lee/
Most people don’t talk to anyone else when they are facing a financial meltdown because of deep depression.
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But it is precisely the moment you should speak to family, friends and trusted professionals. They may manage to give you some simple, practical advice, but such little encouragement may help to turn your situation around. Before you receive any advice, make sure that you are truthful and are willing to accept suggestions to remedy your predicament.
Good advisers, whether they are family, friends or professionals, would listen to you without interruption. When you are telling them about all of your problems, make sure that they are listening to what you are saying. An open ear is often the best balm they can provide in a situation of financial meltdown.
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If you are facing a situation of financial meltdown, here are a list of things to help you turn the situation around:
1. Realise that you are not alone
Your financial meltdown is out there in the open for everyone to see.
Quite often, financial desperation creates a feeling of desperate loneliness as well, because you see everyone else being successful and find yourself being a failure. You are not a failure because you don’t know how to manage money; many, many people have to learn the hard way.
2. Make a list of every one of your debts and how much you pay on them each month
For most people, this winds up being a long list of credit cards, followed by more stable loans such as home loans, car loans, and educational loans. Once you have made this list, a good adviser will suggest some ways to consolidate and reduce these amounts: doing balance transfers on the credit card debt, consolidating student loan debt, refinancing a home loan, or even taking up a short-term personal loan. The main aim of such intervention is to quickly reduce the monthly payment burden on an individual.
3. Make a list of every one of your regular bills and how much you pay on them each month
Most of these bills can be reduced quite easily. Do you really need premium movie channels on your cable bill? Do you really need unlimited minutes on your cell phone each month? Do you really need that Netflix subscription?
4. When faced with financial meltdown, ask yourself what you spend on clothing, beauty, hobbies, and entertainment
There is almost always something that can be cut from these categories. Do you really need a $200 pair of pants when you can wear one of your other pairs? Do you need to go out to a movie every weekend?
5. Have you tried the “count to ten” rule
To get yourself out yourself off of the consumerist wagon, you should count to ten every single time that you consider spending money. This simple ‘count to ten’ rule will cause you to re-think a lot of your purchases. So, it is simple. Count to ten before any situation where you are going to spend money. If you’re still leaning towards it after ten seconds of contemplation, go ahead with it.
6. A good adviser will demonstrate how to shop with less expense
A good adviser will consider taking you to the grocery store with him or her. This is to show you how a shopping list works and demonstrate how to figure out what the best deal is among the items of the same cost. The adviser will teach you about ‘wants and needs’ and how you can use a lot of coupons to make your purchase. Many such coupons are available in the newspapers, as well as online.
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7. Consider a licensed money lender
When you are facing a financial meltdown, most banks and traditional financial institutions will not give you personal loans to help you overcome your crisis.
Depending on your situation, and if you are confident that you can overcome your difficulty with some short term financial help, you should consider personal loans from a licensed money lender. But remember that such personal loans come with high interest rates and should only be taken as a last resort, and only if you are absolutely certain that you will not miss a repayment schedule.
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