When you’re concerned about your financial situation, everything can be overwhelming to a point where you shut down. Whatever you do, don’t give up. There is hope.
Here are three things to do if you’re panicked about your financial situation:
- Don’t make any major financial decisions. Stressed people make rash decisions. Sometimes these decisions can take years of undoing to get them back where they belong. Whatever you do, put the major financial decisions on hold. You can always come back to them later, when your blood pressure is a tad bit lower and you’re not trigger happy. Breathe in, breathe out, everything will be okay.
- Talk with a trusted friend or financial professional about the situation. Find someone you can sit down with to talk about your concerns. If they truly care, they will listen and help you talk through the situation. It also helps if this person knows something about personal finance. Educated financial professionals are the ultimate help, but don’t give an arm and a leg to get their services.
- Create a game plan to systematically eliminate the financial problem. Only after you have taken the time to calm down and chat with a trusted counselor should you begin designing your short-term and long-term plans. Start by objectively looking at your situation and focusing on the essentials first. Differentiate between a want and a need. Meet the needs first and then your wants. Soon, you’ll have a prioritized list of goals that will start you off on the right track.
Don’t panic. You’ll be okay! Throughout the process, don’t forget to pray and seek the Lord’s will. He’ll be with you.