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How to overcome a personal financial crisis?

Tuesday, 21 February 2017
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Any personal financial crisis is unpredictable and can arise due to many reasons – loss of job, medical emergencies or loss of property to theft or a calamity. What follows a financial crisis is mayhem, and people undergoing the crisis are usually stressed, depressed, dejected and worried about their future. This feeling of helplessness and anxiety is magnified multi-fold when the person concerned is living away from his/her family in a foreign country. If their family’s sustenance depends on his/her earning ability, then such financial crisis can prove to be disastrous.

While dealing with such situations may be emotionally, physically and financially draining, all hope is not lost. It is possible to regain financial stability albeit it may take some time, but a near-positive outlook and a solid plan can help overcome such crisis. Here are a few ways to help you combat financial crisis.

Financial Crisis Overcoming tips

#Stop brooding, focus: The sooner you start focusing on your problem, the better. Dealing with your emotional chaos is normal, but do not spend a great deal of time on it. Accept your situation and deal with it head-on.

#Talk to someone: If you are finding it difficult to deal with the situation alone, then talk to someone about your situation. It can be a family member or a close friend – but it has to be someone who can offer you valuable suggestions and help you out, not just sympathize.

#Assess your situation: Make a list of what and how much you lost and a list of outstanding, debts, receivables, etc., and then check that against the savings you have. This will give you the motivation you need.

#Devise a plan: Based on the exact nature of the problem, come up with a recovery plan that addresses this problem. You may need to increase your income or sell off some assets to reduce your losses or to meet your expenses. You may also need to take up an additional job.

#Follow your plan: Once you have your plan in place, start working on it immediately. Prioritise your debt repayment plan wherever necessary and make sure you discuss details with your family. They too can pitch in with ideas and support. There will be major lifestyle changes, so everyone needs to get adjusted to it till the time you regain financial stability.

Ensure you send money home, yet save by using the services of money transfer providers who provide good, competitive rates. Always save some part of your salary and invest in recurring deposits or fixed deposits so it’s locked in for a fixed period. Access your savings only in case of an emergency. Any crises can be overcome, the trick is to surround yourself with people who are supportive, positive and can take meaningful action.

Actions always speak louder than despair!

Last modified on Tuesday, 21 February 2017 07:15

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