What To Do in the Next 72 Hours If You’re Struggling With Money
It’s 7 o’clock. You just got home from your job, which doesn’t pay you enough to keep up with the rising cost of living in the U.S. You log in to your bank to ensure all your bills were autopaid on time. If you have savings and/or investment accounts, maybe you check those too, just to see where you’re at. You realize, through all of this, and possibly not for the first time, that you are not in good financial shape. You’re stressed, you’re scared and you don’t know how things will ever get better.
Take a deep breath and get in the driver’s seat. Let’s focus on moves you can make in the very near future to get your finances on the road to recovery. Here are six things you can do in the next 72 hours if you’re struggling with money, according to financial experts.
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Get Centered in the Reality of Your Situation
The first move to make here is to get centered in reality. Don’t get caught up in the comparison game where you measure your financial health against perceptions you have of other people’s financial health. If you’re on social media at all, you may be obstructing your ability to see things clearly.
“Separate reality from illusion,” said Barry Cothran, a financial educator and the founder of Vision & Hope Financial. “What you see on social media is not your life, yet you let it affect your thoughts and attitudes towards money. Focus on your reality, not someone else’s fake posts.”
Scour Financial Statements To Spot Excess Spending
Break out your latest bank and credit card statements – not to induce panic but to gain clarity. You need to know where every penny is going and where you can potentially cut back.
“Write down every expense from the last 30 days,” said Dr. Jörn Kleinhans, CFA, EA, a tax and investment strategist at Scorpio Tax Management. “Most people have no idea how much they’re bleeding on subscriptions, takeout and little daily stuff. Remove every nonessential subscription today: Netflix, gym, delivery apps, whatever.”
Explore Additional Income Streams
If overspending isn’t at all an issue and your financial struggles tie solely to not being able to break out of the paycheck-to-paycheck cycle, then you need to get serious about making more money.
“I recommend looking for new possible income streams,” said Sharon Hayut, CDFA, senior managing director at Magnus Financial Group LLC. “Call clients with open invoices, research a side gig. Look into unemployment if eligible. Small amounts of income can reduce short-term pressure.”
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Be the Boss of Your Money
We may be struggling financially, at least in part, because we don’t assert enough control over our money. If you want to build wealth, you need to be the boss of it. Make all the big and small decisions. Take ownership of any and all mistakes.
“Treat your money as if a board of directors and thousands of shareholders are holding you accountable,” Cothran said.
Act Fast, but Not Too Fast
Three days isn’t a lot of time, but it is enough time to start getting your financial ducks in a row. But make sure to take advantage of that full 72-hour window. The point here isn’t to rush, but to not procrastinate.
“A 72-hour deadline forces action instead of endless thinking,” Kleinhans said. “Most people already know what they should do, they just keep putting it off. The artificial urgency gets you moving and builds confidence once you see progress.”
Talk To Someone You Can Trust With Money Matters
Struggling with finances is really tough on your mental health, and that stress can hinder your life in numerous ways. You need to talk to someone trustworthy about this. It can be anyone, like a neighbor, a cousin or a friend, but not your kids or coworkers.
“Don’t keep this all to yourself,” Hayut said. “Financial stress creates isolation. Isolation often leads to avoidance, shame and worse decisions.”
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This article was provided by MoneyLion.com for informational purposes only and should not be construed as financial, legal or tax advice.
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