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Family Finances: What To Do When Things Go South

February 12, 2020 By Christine Field

This post may contain affiliate links.

As a parent, naturally you want to do whatever you can to protect your children and your family. However, sometimes you can try as hard as ever, but somehow things still manage to go wrong. When this happens, it’s no one’s fault – sometimes life just happens to throw us a curve ball, that’s all. 

 

If you’re currently struggling with your finances, then you might be feeling extremely upset and depressed about the situation. Regardless of how bad things are, it’s important not to panic about the position in which you have found yourself. What it’s important to remember is that however ever bad things may be, there is always a way to fix them and move forward with your life. 

 

Feeling trapped by your financial situation and not quite sure what to do next? Have a read of the tips and advice below about how to cope when your finances end up going south!

Picture link: Pixabay

Don’t panic 

 

The first thing that it’s important to remember when you find yourself in somewhat of a financial pickle, is not to panic. Yes, the situation that you have found yourself in may be a scary one, but the fact is that it’s never going to be so bad that it can’t be sorted out. It might take some time to sort things out but it is doable to get things back on track, so there’s no need to panic. 

Make a list 

 

When it comes to fixing a financial problem, the best thing that you can do is make a list of everything that you owe. By writing a list of each and every debt that is owed, you can work out the overall amount of money that you owe. While this might seem extremely daunting, and somewhat scary, the fact is that it’s better to have clarity about your finances, rather than not being clear on the entire financial situation. 

Talk to an advisor

 

If you find yourself feeling overwhelmed or unsure, it might be work sourcing some specialist support. There are a number of charities that have been designed to support people going through financial crisis – you can always turn to these charities for guidance, advice and support. You could also opt to speak to a financial advisor or to seek support from a specialist law firm, such as Dove Law Firm, for instance. It’s worth taking the time to get some help and guidance, as you may find that afterwards you feel in a much stronger position and are more equipped to deal with the situation that you are in. 

Make a choice 

You may need to make a choice regarding your finances at one point or another. You may need to think about what route you want to go down, and it’s important to be prepared for this. For instance, if you owe a lot of money that you can’t afford to pay, then you have the option of declaring yourself bankrupt. This means your financial slate is wiped clean, however it’s not an easy option as it comes with a number of long-term repercussions. 

 

There you have it, a guide to everything that you need to know about coping when family finances end up going wrong.

Filed Under: Home and finances, Saving money Tagged With: family finances, financial challenges

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Hi, I’m Christine

Have you been a wholehearted mother, but time, toddlers and teenagers have moved on? If you are wondering what comes next for you, you’ll feel right at home here.

Or, are you a mom for whom family life has been non-Pinworthy and parenting has been downright painful? I hear ya. There are many of us around.

Are you looking for a life full of exploration and adventure after the nest empties, but maybe you have no idea how to go about doing that? Stick around! We’ll explore adventures together to help you gain more clarity for your own path.

After a couple decades of writing books and articles about parenting, homeschooling and adoption, speaking to homeschoolers and other parent groups, and reaching out to the mom in the trenches who was trying to make the best of it - my kids grew up. Some grew up and grew away. I was determined to find a way out of the pain, emptiness and lack of direction.

For many of us, the journey starts with something we moms are not accustomed to. After years of caring for and serving others, sometimes we forget the beauty and wonder of US. We need to spend some time getting to know the parts of ourselves that have lain dormant, and take the time to explore interests and passions that we set aside.

I’d like to invite you to get the “What’s Next for Mom” workbook and jump into this growing tribe of Moms who are emptying the nest and filling the life! Let’s reignite your Mojo after Mothering!
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About Christine

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At Real Mom Life, my passion is to provide resources and reassurances for moms facing the surprising challenges of family life. In my writing and speaking, I explore solutions to unexpected issues in adoption, homeschooling, special needs, and more while encouraging moms to extract the maximum joy out of each day. Read More…

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