Phone Call Us 414-326-9231
608-260-7133
Toll Free 866-678-9352
Text Us 414-277-7742

Tips for overcoming a personal financial crisis

Any number of issues can land you in a heap of financial trouble. Perhaps you unexpectedly lost your job. Maybe you still have the same job you've had for the past 10 or more years but your employer is trying to find a way to save on overhead costs and no longer offers bonuses or incentives, which were large parts of your income.  

Medical urgency, a car accident, divorce or over-spending are other reasons people in Wisconsin and other states have cited in the past as key factors that took them from financially stable environments to not being able to make ends meet. Financial trouble is often a temporary problem. There may be several options available for overcoming a financial crisis in your life, some which may seem simple but are quite effective. You'll also be glad to know that experienced guidance is available to help you survive serious debt problems. 

Be proactive in restoring your financial stability 

While it can be tempting to want to bury your hand in the sand and hope your financial problems will go away on their own, that may not be the best solution. The following list, however, includes tips that may help you pay back debt and move toward restored financial stability: 

  • Eat your meals at home: In Wisconsin and most other states, food is expensive. If you're providing meals for yourself and several other family members, even a minor financial crisis can cause strain regarding food sustenance. Not eating at restaurants can quickly add up to savings that you can apply to your debt. Eating whole foods and making meals at home may be less expensive than frequently dining out. 
  • Acknowledge the problem: If you know you're headed off-track financially and just keep spending more money, things may get worse. If you talk to your spouse and come up with a list of possible solutions, you are at least moving away from more debt, toward restored financial stability. It may take time, but it's almost always possible. 
  • Use what you have: Whether it be food, tools, clothing or some other type of supplies, using what you have on hand is conducive to cutting back on spending and resolving debt issues. Yes, the new tool set or culinary delight at your local department store may be attractive, but if it's not a necessity, you might want to use whatever you already have at home and cut back on new purchases as much as possible.
  • Bring in more cash: You can sell stuff to make money. In the midst of a financial crisis, every little bit helps. Now's the time to clean out the garage, attic, basement, etc. and sell the things you no longer need. If you haven't used it in two or more years and have no sentimental attachment to it, perhaps selling it will provide funds to pay off some of your debt.  

It's always a good idea to try to think creatively when facing serious financial problems. In fact, you may have several options available to secure debt relief and begin building a stronger financial future. By tapping into local resources and discussing your problem with someone well-versed in debt relief processes, you may be able to devise a plan that helps satisfy your immediate needs and sets you on the path toward a brighter financial future. 

No Comments

Leave a comment
Comment Information

Contact Our Milwaukee Law Firm

Reach Miller & Miller Law, LLC, online or call us at 414-326-9231 to schedule a free initial consultation. Our law office also provides Spanish language services. Se habla español.

To schedule an initial consultation, call 414-326-9231 or contact Miller & Miller today.

Free Case Evaluation

* indicates required field

Milwaukee Office
633 W Wisconsin Ave, Suite 500
Milwaukee, WI 53203

Phone: 414-312-6581
Fax: 414-277-1303
Milwaukee Law Office Map

Kenosha Office
6123 Green Bay Road
Suite 210
Kenosha, WI 53142

Phone: 262-326-1669
Kenosha Law Office Map

Brookfield Office
200 S. Executive Drive
Suite 101
Brookfield, WI 53005

Phone: 262-261-0665
Brookfield Law Office Map

Madison Office
2810 Crossroads Drive
Suite 4001
Madison, WI 53718

Phone: 608-260-7133
Madison Law Office Map

Glendale Office
6001 N. Green Bay Avenue
Glendale, WI 53209

Phone: 414-973-8662
Glendale Law Office Map