Empowerment through money management How to Overcome 8 Sources of Financial Problems & Difficulties

How to overcome financial difficulties and problems in Canada.Protect Yourself from a Financial Crisis or Emergency

Financial problems and challenges happen to everyone at some point, and the stress and worry can get to you. However, realizing that there is almost always a way out can help you not feel so depressed. You may be able to find the way out yourself, or you may need someone else’s perspective to help you find a solution. Below we’ll show you how to overcome financial problems and difficulties and ease your stress. But, one size does not fit all. If your situation is beyond the general help provided here, we’ll also let you know who you can go to for more in-depth help.

Look for Things You Can Do, Even Temporarily, to Improve Your Situation
Here are more ideas or steps you can consider taking to improve your financial situation and alleviate difficulties:

As you look through your budget, ask yourself: Do I want this or do I need it? Will spending this money get me closer to my financial goals or further away? Can I live without it? Learn more about separating needs from wants.

Do you use credit cards for impulse purchases? This can contribute to a cycle of ongoing financial difficulty and add as much as 50% to everything you purchase. Learn how to reduce or change impulsive spending habits.

Ask yourself if you can downsize anything in your budget or switch to a less expensive option. If vehicle costs are straining your budget, can you downsize your vehicle, get rid of one vehicle (the average person spends over $9,000 per year to own and operate a vehicle), take transit (80% cheaper than owning a vehicle), or car pool? If your rent, mortgage, or home upkeep is bleeding you dry, can you downsize to something more affordable, rent out your basement, rent a room in your house, rent out the storage space in your garage, or can you take in a student for some extra income?

If debt is causing you financial problems, here are a lot of ways to reduce your debt or here are a dozen of the most effective ways to get out of debt.

Do you have any assets or toys you can sell to pay off debt?Tools, ideas, and steps to help solve financial difficulties.

Can you take on a side job or create another source of income with something you know how to do well?
Look outside the box, ask yourself tough questions, invite a trusted friend to have a look at your budget and make suggestions, or sit down with a Credit Counselor and get their suggestions.

Research viable options that will move you towards your goals. A consolidation loan, speaking with a Credit Counselor, a Debt Management Program, or some other option may be a possibility.

While doing any of these can be an unappealing thought, don’t just dismiss them because they’ll move you out of your comfort zone. Keep thinking about them and give them some consideration. Come back to these ideas from time to time to see if you can come up with a new angle on decreasing your expenses or increasing your income that might just work for you.

Remember, you’re trying to get through a tough a time; you don’t need to do this forever, just to get back on track. If you’re really struggling, an experienced Credit Counselor can be a great, free source of suggestions.