How to deal with financial hardship

The past few years have been tough for many people, financially and otherwise. If you’re struggling to make ends meet, there are a few things you can do to get back on track.

Create a budget. This may seem obvious, but it’s important to have a clear understanding of where your money is going. Once you know where your money is going, you can start to make changes to save more and reduce your debt.

Review your expenses. Look at all of your expenses, including both fixed and variable costs. Fixed costs are things like your mortgage or rent, car payment, and insurance premiums. Variable costs are things like groceries, gas, and entertainment. See where you can cut back on your variable costs.

Pay down your debt. If you have debt, focus on paying it down as quickly as possible. Start by making a list of all of your debts, including the amount you owe and the interest rate. Then, make a plan to pay off the highest interest debt first.

Build an emergency fund. An emergency fund can help you cover unexpected expenses, like a job loss or medical emergency. Aim to save enough money to cover at least three to six months of living expenses.

Get professional help if needed. If you’re struggling to manage your finances on your own, consider getting help from a financial advisor or credit counselor. They can help you create a budget, review your expenses, and develop a plan to pay off your debt.

Here are some additional tips for dealing with financial hardship:

Talk to your creditors. If you’re having trouble making your payments, contact your creditors and see if they’re willing to work with you. Many creditors are willing to negotiate payment plans or reduce interest rates.

Apply for government assistance. There are a number of government programs that can help people who are struggling financially. For example, the Supplemental Nutrition Assistance Program (SNAP) provides food assistance to low-income individuals and families. The Temporary Assistance for Needy Families (TANF) program provides cash assistance to low-income families with children.

Seek help from nonprofits. There are many nonprofit organizations that offer financial assistance to people in need. For example, some nonprofits provide free credit counseling or help people find affordable housing. Remember, you’re not alone. Many people are struggling financially right now. There are resources available to help you get back on track. Don’t be afraid to ask for help.

DMCC is a 501 (c)3 nonprofit organization committed to educating consumers on financial issues and providing personal assistance to consumers who have become overextended with debt.  Education is provided free of charge to consumers, as well as personal counseling to identify the best options for the repayment of their debt. To speak to a certified credit counselor, call toll-free 866-618-3328 or email is located at 1330 SE 4th Ave, Suite F, Fort Lauderdale, FL 33316.