A Simple Plan to Reduce Stress & Avoid Financial Setbacks

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Those post-holiday bills are coming due, so let’s take a minute to talk about debt.

  • Is your debt increasing each month to the extent that you’re overwhelmed with your household expenses?
  • Have those expenses grown to the point where you rely on credit cards to cover regular monthly bills?
  • Are you a missed paycheck or unexpected expense away from financial instability?

If you said yes to any of these questions, you are not alone! Studies show more than half of Americans are financially insecure and millions would be unable to handle an unexpected expense of $400 without going into further debt or selling off assets.

Where to Start When It Comes To Debt

When facing serious financial concerns, we have found that the place to start isn’t necessarily with our debts themselves, but with the way we think about spending. Every day that we put off implementing a spending plan, we take a serious risk. Over time, as we become accustomed to certain services and conveniences that our income allows, we unwittingly increase our chances of financial setbacks if we’re don’t have a plan in place that includes emergency savings and thoughtful consideration of our spending habits.

A Spending Plan Success Story

Recently, a member shared her experience creating a spending plan, telling me how successful she feels now that she is managing her debt. She’s in control in a way she never felt before our sessions. She believes her continued success will come from remaining vigilant and on the lookout for financial concerns before they become emergencies. I truly believe that everyone deserves to be financially comfortable and prepared for life’s sudden changes. If it can happen for this member, it can happen for you as well.

Change Is Hard

Whether you’re focused on preventing or reacting to financial strain, be prepared to make the necessary, often difficult, changes in your household spending plan that will allow you to stay in control of your finances. You may have to reduce or eliminate expenses, including some of the services and conveniences mentioned above. You may have to find ways to increase your income. When faced with change, it can be hard for us to adjust our habits.

Find Strength By Sharing Your Experience

Remember… you’re not alone in this. If you find it difficult to talk about issues involving finances with family and friends, don’t hesitate to reach out to us. Building relationships and helping you reach your goals is what Call Federal is all about. We’ve invested in your financial health by providing specialized training to our employees so that they can guide you need with these types of concerns. In addition, our Certified Credit Union Financial Counselors have received extensive training and are prepared to work with you, one-on-one, giving you the tools and confidence you need to recover from or avoid financial trouble. Creating a spending plan that takes into account your income, your needs, and your responsibilities (including emergency savings), is just one of the ways we can help you reduce stress and pursue your financial goals. If we can provide this or any other assistance, please reach out to me via email at CCUFC@callfederal.org.

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