Money Management During Times of Crisis: II

In our last blog post, we covered three money management tips for individuals and families who are facing some form of financial crisis such as foreclosure or mortgage debt. If you’re struggling with mortgage debt, we’d like to share a few more money management tips to help you get back on track and avoid financial ruin.

4 Essential  Tips

• Talk to a finance lawyer immediately. While saving money and strategizing on your own is important, a foreclosure lawyer can help you in ways that you can’t help yourself. If you’re concerned that you may be facing foreclosure or bankruptcy, then getting legal help now rather than later is of the utmost importance.
• Consider refinancing your mortgage. Though refinancing isn’t a magic answer to mortgage debt, it can help lighten your burden. Ask us how we can help you with refinancing.
• Get rid of the credit cards. Many people are keen to address the big picture aspects of money management like refinancing and hiring legal help. However, they fail to take care of those “smaller” problems like credit card debt. Cutting up those credit cards now is a big favor you’ll thank yourself for later.
• Hold a family conference. You might be the head of household, but you certainly aren’t the only one spending your household’s money. Getting everyone on the same page and being honest about your financial situation is a money management strategy you can’t afford to miss out on.