How to Remedy a Financial Setback?

The reasons why people suffer financial setbacks are diverse. For some individuals, their whole lives appear to be one huge financial setback, while some other persons might have been able to achieve some measure of financial success and then all of a sudden, they experience a financial disaster. Whether you have been experiencing financial setbacks throughout your life or you experienced one only recently, this article will show you how to deal with it.

Financial Setbacks Do Not Happen Overnight

You need to realize that suffering financial setbacks or not having sufficient funds is not something that happens over night. Instead, it is the outcome of physical, emotional and mental habits being carried out repeatedly. Sadly, many people learn some of these practices from their well meaning parents, while others form these habits as they go through life. This could be a result of credit card abuse, not having an efficient budget plan, or even relying too much on fast loans to solve arbitrary expenditure. Whatever the case, once you discover that you are in a financial mess, the way out is…

Stop, Drop & Roll

Children are usually taught at school that in case they ever catch fire, they should stop, drop & roll. When your funds go up in flames, what you need to do is put the fire out quickly.

Stop

If you are currently in a financial mess, the very first thing you need to do is quit worrying, stop shedding tears, stop purchasing extra clothes and snacks to console yourself, stop complaining, stop believing that only prayer can take care of the situation for you, stop pretending as if you do not care, and stop forgetting to take care of the situation. Just stop and take it easy.

Drop

Have you stopped doing certain things that were giving you good results? Have you neglected a certain action, routine or habit? Maybe you have given up a certain philosophy. Do you have many unpaid bills; have you been failing to honor your payment schedules for your rent, mortgages or caveat loans, or having financial disputes with your spouse and so forth? Have you returned to the poverty and fright attitude? Have you stopped dealing with a key support individual in your business? You should also think about the things you need to let go. Do you spend the whole day working and engaging in other activities that you have no time to have some fun! Thus, you ignore your accounting or purchase things you do not need as a way to compensate yourself. Do you associate with negative individuals who make your self esteem suffer? Is there an expense you need to let go or drop? Is there a customer you need to let go? Is there a self limiting thought you need to let go or drop?

Roll

Roll out a fresh plan. You should write it down in 3 short paragraphs. If it is longer than that, then it is probably too complex.

In the first paragraph, write down all the things that you have stopped doing that you intend to re-establish or get back to, why you need to do this, as well as when you plan to do this. If it is not possible to re-establish whatever it is, find a fitting replacement. In the second paragraph, list the things you intend to drop, why, as well as when you intend to drop them. In the third paragraph, write down the things that may likely stop you from dropping and any solutions that you can think of. This way, if you come across resistance, you know precisely how to deal with it. After that, post your plan in a conspicuous place so you can see it frequently. If need, make many copies. What comes next is that you must diligently follow your financial plan in order to get yourself out of debt.

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