The contingencies are real threats to your money. Nobody is exempt from facing any. However prepared you may be, they have the potential to take you into financial bankruptcy.
But not everything is bad news. It is not a permanent situation . These tips are the best way to get out of there:
1.- Do not act on impulse
Beware of exits that promise to be easy. I know it is a difficult situation and you would like to find an immediate solution. It could be a sacrifice that you really do not want or a loan that is only going to add to your debts.
But before making decisions, make sure they are not being inspired by a sense of despair. Evaluate the possible repercussions . They could lead you to an even more critical condition.
2.- Reduce your expenses
First, prepare your budget. Identify what expenses are basic. Leave for later all those expenses that you can now avoid.
Think how many times you could walk instead of using your car or paying for transportation. Consider what tasks you used to hire someone for now you can do.
Set a weekly budget for your food and your entertainment, and stick to it. I do not tell you to sacrifice them or renounce your social life. Look for alternatives that are not so expensive when making plans with your friends.
3.- Do not make ant spending
There are small daily expenses that are unnecessary . In the long run, the sum of them could mean an amount that your pocket will resent. For example, in Mexico, a person makes an annual ant spending of $ 1500, on average.
4.- Prioritize your debts
Make a list of all your debts. Write them down in order of urgency. Do not stop paying or you will accumulate, and it will be worse. Cover them according to your possibilities at that moment.
Identify those that you could stop paying while you leave the crisis. Look at the commitment to cover them as a motivation to get ahead, not as a burden that will take away your sleep.
5.- Look for alternative sources of income
Economic crises can be a propeller towards creativity. Create ways to earn income outside of those you already know . The unforeseen event that led to your bankruptcy could have been an accident or an illness. Continue with the work you have and create a second source of income.
6.- Interact with your contacts
Get the most out of your network of contacts. Sometimes people you have not spoken to for years can be your solution.
If you lost your job or your business failed, maybe they could meet the ideal person to share your CV. Or it could be someone who is interested in your project and can give you financing.
7.- Beware of toxic relationships
Avoid temptations. There are people who with their attitudes or behaviors keep you bankrupt. Identify them You are in a process of recovery. Maybe you should turn away while you manage to get up again. Deal with them intelligently .
8.- Feed your mind
Hard work does not give as good results as the smart one. Keep updating. Learn strategies to optimize your resources and be more productive . Cheer up! Not everything is lost.