Financial planning is one of the main areas of life management, but not everyone is as fortunate, skilled, or capable. We’re hardly taught how to care for it in school, and so it’s no wonder some people misstep. Moreover, it’s important to note that being “fortunate, skilled or capable,” is not necessarily about you, but the environment you’re in, the difficulties you face, and the life circumstances you’re exposed to. No matter who you are, difficulties can arise. So, let us make it very clear that while taking responsibility is important, we’re in no way alleging that this is your fault.

If you’ve found yourself in financial difficulties for whatever reason, and you’re trying to work your way through it with payment plans, working more, claiming the compensation or benefits you deserve, or using charities to help, this situation can feel emotionally and physically taxing. Let’s discuss, then, how to overcome the financial toll of difficult financial circumstances, so you can lean into a better future going forward:

Leveraging All The Support You Need

Financial difficulties can feel isolating, because they limit the disposable income you have to spend on trips out or connecting with your usual recreational activities. But you deserve to have support where you need it. Contact a charity like StepChangeDebt if you need impartial advice or help contacting creditors. Speak to your bank about your overdraft facility if you’re having trouble paying it all off. If you’re having tax issues, be proactive about discussing this with your authority. The more communicative and transparent you can be, the better support systems can be put in place.

Looking For Silver Linings

It’s certainly quite emotional and worrying to be concerned about your finances and limited. But there are silver linings. For example, bad credit and bad finances won’t have to be permanent, and the issues can be worked through. Even the effects of bankruptcy can be removed from your credit report after six years. You may still have access to bad credit loans if you need them, but make sure you’re certain of payment. Moreover, financial hardship can teach important lessons, such as how to avoid bad investments, to hold more authority over your finances in a relationship, or to live within your means.

Designing A Sustainable Plan

When you have a plan to work with, the confusing and worrying aspects of running your finances is now cared for. This is why it’s so good to get everything tracked and to know where you stand with your creditors – perhaps using financial charities to help. Designing a sustainable plan is about being able to afford it, managing it with your priority bills and outgoings, ensuring that those relying on you have what they need to keep going. This plan can provide the template for your life, while you also seek variable measures like improving work or applying for eligible support.

With this advice, you’re sure to overcome the emotional toll of difficult financial circumstances, and feel on top of the difficulty.

Thanks for reading jade x