Making a Comeback from a Financial Setback
August 6, 2020
Anyone can go through financial setback any time, depending on the situation. In some cases, even the most attentive and alerted consumer can be caught in a web of financial crisis that can lead them into debt, if not managed wisely.
When making a financial comeback, there are things consumers need to consider when trying to exit financial setback.
Assess Your Situation
Before consumers can begin to recover, financially speaking, first thoroughly understand the insinuations of your financial setback. Most of the time, the source of consumers’ financial emergency is something that is entirely beyond their control. Some consumers can have control over how they address the issue but do not have control over how they were in the financial emergency in the first place. Assess and identify every little detail about how one had reached when it comes to financial consequences. In this way, consumers will have to determine the right resources to provide solution to the problem.
Find the Right Resources
There is a saying, every problem has a solution. In this scenario, not debt in unmanageable. Consumers should realise that with every situation, there will always be resources or assistance available that can assist consumers to recover from their debt.
The first thing, at this point, is to identify the right resources to assist the next step and how to get there.
One of the best considerations is to talk to an expert. The Consumer Council of Fiji has one of the best resources, the Debt Management and Credit Advisory Service. The Council has financial mentors that can help educate consumers on the reality of their financial situation. This service by the Council is available for free, where steps can be provided to consumers so they can dig their way out of debt for an economic comeback.
There are also good blogs and financial advisers online who can provide consumers the right tool and mechanism on how to maneuver their ways to financial resolution for a better financial situation. This will, at least, start consumers to a road to financial recovery without spending a single cent paying financial experts. Consumers will only need to come up with a plan to help them go back on track.
Establish a Plan
That is one of the most important things consumers can do to begin the journey toward the financial future they had projected or even have had in the past. It would be best if consumers created a plan that they can put into practice to regain control over their financial situation. A few key things to remember when creating a plan include the following:
- Be specific. Have specific goals in a specific order. For instance, do not just say you want to pay off all your debts at one time. Have a specific plan for which debt you will pay off first (second, third, so forth); and how much you will pay toward that goal each month.
- Be realistic. While it is great to think you will spend every available dollar you earn toward eliminating debt, you have to leave some money for living expenses. Create a realistic budget. Yes, you will have to make sacrifices, but those sacrifices do not have to be all-encompassing.
- Set deadlines. Deadlines create a sense of urgency that encourages results much faster than “winging it.” If you do not have a set deadline in mind, you will meander on your journey to financial recovery forever.
Once consumers have their plan in place, it is time to create personal financial goals that can take them in the long run. Part of making a comeback from the financial setback is to begin creating financial goals for the future. Once consumers have accomplished part of this plan, attention can be directed to bigger goals and changes. The idea is always to create new financial goals to improve your financial circumstances.
A financial setback is just that — a step backward. Failing to recover and start moving forward, however, can prevent consumers from enjoying the comeback they deserve.
Consumers who wishes to engage the Council’s Debt Management and Credit Advisory Service can contact us via our National Consumer Helpline toll-free number on 155 or visit one of our offices in Suva, Labasa or Lautoka. Alternatively, consumers can send an email to email@example.com