How Do You Recover From A Financial Disaster?

Published by Maku Seun on

Introduction

Unless you were born with a silver spoon in your mouth, you have experienced financial disaster at least once or twice in your life.

If you’re currently suffering from a serious financial disaster, don’t worry – you’re not alone and there is a solution.

The reality is more people than ever face serious financial difficulty today.

Regardless of what caused your financial setback, your path to recovery and prosperity will require a common set of action steps.

You may believe your situation is unique, but many have walked this path before you. The road to financial recovery is well-worn, and the steps to come back after financial disaster are fully proven.

So, let’s begin looking at the various ways you can recover from a financial disaster

Do these 7 steps diligently and soon you will be out of your financial troubles.

1. Know what your current financial situation is

Where are you financially, like right now? Why are you reading this post?

Be specific. It’s important.

You need to know exactly where you stand. Only then can you take real actionable goals towards tackling your debt.

2. Accept your responsibilities

Next, you have to accept the responsibility for your current situation and don’t place blame on anyone or any situation for your current financial situation.

It has happened. You are here now and you are going to do something about your situation, so there is no point in beating yourself up with the “you should have known betters.”

In order to move forward and make true progress, it is important to know the why and how you created this present situation so that you can prevent a repeat but don’t let yourself get stuck in remorse.

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Consider those mistakes a lesson and move forward with your life.

3. Set your financial goals

Your goals must be as specific as possible.

If you are in debt for instance you can say something like this; “I want to pay off all my credit cards” instead of “I want to be debt free”.

That is a clear goal.

Examples of really specific goals are:

  • I want to reduce my debt by $27,575 by December 31, 2020
  • Would need to make $3,500 a month and reduce my household budget to $2,000 a month to be able to quit my job. This will be accomplished by June 30.2020
  • I need to have a passive income of $2,000 a month and a savings account of $300,000 to be able to retire. This should be done before my 55th birthday
  • I have researched the vacation I want and it will cost me $3,000. I need to have this amount by October 2020 to be able to pay for the trip I want to take in February 2021.

4. Work to achieve those goals

This is where you now have to do some work to accomplish those specific goals of yours.

Do what you need to do everyday to make sure you accomplish those goals of yours.

5. Be super focused on achieving those goals

Avoid all distractions. Make sure nothing steals your focus away from your goals.

Every minute of every day, you have to think about how you can save money. I know it sounds intense but until you form some solid money saving techniques and habits, it has to be your new obsession.

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Until your processes become second nature to you, it has to be your focus. As time goes on, it will get easier and you won’t have to focus quite as hard to stay on track.

Like Grant Cardone said, “Be obsessed or be average”.

6. Keep track of your progress

How will you know you have reached your goal without constantly keeping track of your progress, successes and failures.

You must keep up with your logging of all of your expenses.

Only then can you see your progress.

Remember to celebrate your progress, no matter how small.

Not with spending of course.

Don’t worry if your goals were too ambitious and you fell short in one month. Look for more opportunities to make up the difference the next month.

7. Be flexible

Goals change. Situations change and you must be willing to change with them.

You should be flexible with your goals but rigid on your dreams.

There are many roads to get to your goals and you should be flexible enough to be able to change roads if necessary.

Conclusion

These are ways you can remove yourself from any financial difficulty you are in.

Let me know how it goes.

Tell us your goals in the comment section and how you plan on achieving them.

Also let us know when you have achieved them because we would love to hear from you and be part of your success story.

Categories: Money Saving Tips

Maku Seun

Maku Seun is a blogger, an entrepreneur and author of Charge Your Life currently on Amazon. He has started various online businesses and is well experienced in saving and managing his money. Follow to get more money saving tips.

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