Suffering a Loss, How to Bounce Back Financially

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Suffering a Loss; Help Financially Healing

There are times in life when we suffer loss. It’s sadly and realistically part of life. Whether it’s a death of someone close to you, a divorce, or other financial and emotional setback, there are so many ways a loss affects us. Of those, financially is at the top. We don’t want it to be, it’s not what we want to be thinking of when we’re hurting.  When you suffer an emotional loss, or a physical loss (such as destruction of your home, etc.), it will impact you financially as well. This can easily create a spiral that sucks you down more and more.  You’ll feel more in control and less helpless working to get a grip on the financial aspects.

Finances might not be at the top of your mind when you’re suffering a loss. In some cases, they may be at the forefront of your mind (depending on the type of loss and your personal situation). Whichever the case may be, there are steps you can take to help you bounce back, get feeling in control.

suffering a loss, divorce, death, home, financial healing

How you can begin to heal financially after a loss:

  • Look after your emotional health – It can be difficult during times of loss but you need to calm your emotions and stay smart. If you allow your emotional health to go unattended, your financial health will suffer as well. Seek help with this, if needed. Find ways to ‘get away’ from your thoughts. Do NOT feed your grief with ‘things’.  Try therapy or talking with friends, talking walks, reading some free downloads, gardening, crafts.
  • Downsize – If you’re struggling financially after a loss, this is a good time to look at ways you can downsize. Do you still need three vehicles? Could you make it in a smaller house? What are some expenses you can cut out completely? Look around you and really dig deep and find ways you can downsize.  Don’t be afraid, we’re here to walk you through this and so are your friends and family.  Let people in to help you sort through this.
  • Find ways to increase your income – Can you make more money? Are there opportunities for you to increase your income or to make some extra money on the side for a while until you get through this rough patch? Are there things you can sell to bring in some quick cash to help you through this time of loss?  Again, really, let people help you!  Yard Sale, Online Buy/Sell Yard Sale Groups (or make your own), eBay, Craig’s list, the possibilities are limitless today.
  • Trust someone for help – Sometimes you need to turn to an expert. A credit counselor or other financial leader might be a good choice to help you get through this loss and bounce back as quickly as possible. Don’t be afraid to trust someone else to help you in your time of need.  Ask people you know for references to someone they know and trust.
  • Take it one day at a time – There will be rough days. There will be moments where it seems difficult even impossible to get through it. Just take it one day at a time and keep working toward your goals one step at a time.
  • Make a plan – There is something to be said for a good, solid plan. You need to create financial goals that you can realistically obtain, then you need to work on those goals with a solid plan that you can commit to.  Write them down, scratch them out and write them again. When you see progress, you will feel encouraged to keep moving forward.
  • Start saving right away – This can seem like the hardest part when you don’t have a lot of money to work with but saving from the very beginning is going to help you bounce back more quickly.  Start a coin jar, a savings account and when you’re ready start looking into retirement and investment accounts.
  • Mind your credit – Do you know your credit score? Is everything on your credit report accurate? Are you in need of credit repair? There’s no better time than now to get a handle on your credit. It can be one of the most important things you do to help you bounce back financially after a loss. Take time to keep your credit on track. It’s worth the effort.  Bounce back up a bit and see where a financial counselor could help you with this as well.
  • Target your credit card debt and loans first– If you’re recovering from a loss, this is a good time to target your credit card debt and consolidate or pay off whenever and as much as you can. Credit cards typically come with high interest rates and many people struggle with the weight of credit card debt monthly. Take the time to target this debt and whittle it down so you can be more financially free. It will also help to improve your credit rating. These are just a few ideas to help you with the process of bouncing back after loss. Do what you can to take care of yourself emotionally as well. Lean on friends and family for emotional support and keep yourself in a positive place as much as possible. Create a solid, reliable plan to work on your debt and finances, then stick with it. You will get there eventually.

These tips won’t mysteriously make everything better for you, I know. What they can and will do is give you some control over where your life is going. lt will help you keep a handle on the finance side of things while everything else gets worked out in time.

Fear of the unknown is the worst.  I know that. I know that whatever you are going through is real and not trivial by any means.   I also know that allowing our fears sit will not give us any strength to move forward.  If you need an ear to hear you, I’m here for you.  You can Contact me here.

I’d Love to hear your words of encouragement to anyone suffering a loss, let’s hear in the comments and help one another through this.

2 Comments

  1. Erin @ Stay at Home Yogi

    I love this post, thank you so much for writing it! It’s not talked about often, but I’m sure there are many people out there who have suffered losses and are stressed about money!

    Reply
    • Barefoot Budgeting

      It is sad Erin and no, people just don’t want to admit that money is weighing so heavily on their worries. It may be embarrassment or pride or just not realizing that it’s an acceptable and real fear. I struggled with writing this, not even sure others were ready to talk about it, but the private feedback has been rewarding xo TOGETHER we are Stronger! If I can reach and touch just a few by opening this door, I’ll feel like we made giant steps towards paying it forward with open conversations in the future. Thank you so very much for the encouragement !! Your comment means the world to me xoxo

      Reply

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