Stability through Better Finances

07/25/2011 by

Stability through Better Finances

By Dawn Anderson

Being in debt can be stressful, if not overwhelming. Sometimes it may seem like you will never get ahead. Just remember, you didn’t get into this situation overnight and you can’t expect to get out it that way either. By taking little steps each day you can dig yourself out of your financial hole and begin to create the stability your crave.

In order to change your financial situation it’s important to learn about financial matters like managing a budget, paying down debt while saving for emergencies, and creating achievable financial goals. Getting started is not as hard as you think, thanks to the many free online resources available at Financial Literacy Month.

Five steps to financial wellness:

  1. Be Committed. Changing your relationship with money is not going to be easy. It takes hard work and a strong commitment but in the long run it is worth it.
  2. Assess the situation. Knowing where you are today will help you determine the best path toward meeting your financial goals of tomorrow. Writing a financial diary will help to determine where you are spending your money as well as indentify budget busters that can undermine your goals.
  3. Get organized. Organizing your finances is a great way to begin on a clear path toward financial stability. If you can’t find your bills how will you know when they are due, right? Visit for valuable tools to help you get started.
  4. Set priorities. Understanding the difference between needs and wants will help you establish financial priorities and set realistic goals. You may want to live in a luxury condo when all you really need is a nice, clean place to live.
  5. Live on a budget. Spending less than you earn is easier said than done especially on a limited income. Having a solid budget and sticking to it will help your financial plan become successful. Rescue Capital offers a free budget tool to help you create a budget.

Don’t be afraid to ask for help. A reputable financial planner or legal resource may be what you need to get you back on track. Look for ways to cut your expenses, such as getting a roommate, finding a cheaper place to live, shopping around for car insurance and using coupons. Some people freelance, work part-time jobs or sell their crafts on Look around the house for items to sell on eBay, Craigslist or Amazon. Some individuals have sold part of their future payments from annuities, pensions, structured settlements or royalties in order to pay down their debt.

Don’t get derailed. It is easy to fall back into bad habits so don’t forget to reward yourself from time to time with affordable treats. Avoid temptation and stay clear of places that may trigger you to splurge. Stick to your budget and become a savvy consumer.

About Dawn Anderson
Dawn Anderson is the Creative Director at Rescue Capital, a specialty finance firm that purchases structured settlement and annuity payments. She holds a B.A. in Advertising/Journalism from Temple University as well as a M.S. in Information Technology from Wilmington University. In addition, she has written for Smart Business Now Magazine, PDAMart, and Associate Content.