This month’s e-Wealth coach is Bruce McClary, media relations representative for ClearPoint Credit Counseling Solutions. During the past 11 years at ClearPoint, he has worked as a credit counselor, branch manager, and trainer.  He has earned certifications through the National Foundation for Credit Counseling, NeighborWorks, Virginia Housing and Development Authority, and the Consumer Data Industry Association. 

In this economy, layoffs, salary reductions, unexpected expenses, and the inability to keep up with inflation are the norm. Sometimes it feels impossible to turn these lemons into lemonade. But transforming financial setbacks from misfortunes to learning opportunities will enable you to find motivation and discover skills for building a brighter financial future.  

Unemployment

Many people think about creating a budget but put it off.  If you’ve been laid off, and don’t use one, now’s the time. For no cost, a nonprofit credit counselor can help you develop a personalized spending plan and prioritize your bills.  Following a budget, in good times and bad, will allow you to control your spending and squeeze the most from your money. 

Being out of work gives you time to change course.  If you’ve been in a rut at a job you don’t really like, in time, you could find a new position you enjoy more or that has a higher salary, better benefits, or more potential for advancement. Retraining is always an option, but some people need a “push” to make critical career-advancing changes. 

Mortgage trouble

When facing foreclosure, our gut reaction is to try to save our homes, at any cost. Struggling to make mortgage payments is the perfect time to seriously consider whether you really want to be a homeowner.  What are your more affordable options?  Could you rent a larger place for less? Do you have a significant savings to cover maintenance and repairs? How would you feel about renting temporarily and, once you’re back on your feet, buying a more modest home for a more reasonable, less stress-invoking monthly payment commitment?  Speaking with a counselor at a HUD-approved housing counseling agency, like ClearPoint, will allow you to understand your options, make a plan and exit the situation gracefully. 
 

The high cost of living

The price of seemingly everything—gas, food, utilities, and state taxes and fees for services—are creeping up on us daily.  The only way to keep our heads above water is either to make more or spend less.  Researching, learning and incorporating new methods of saving will provide us some immediate relief and shape our future behavior toward money.  The more we can save, the sooner we can reach our financial goals. 

If we live paycheck to paycheck, there’s not much leeway for financial setbacks of any kind. At some point, all of us are bound to be faced with a financial emergency. Yet, by being open to new directions and learning financial skills to recover from these temporary crises, we can better reach our goals for the rest of our lives. 

. . . . . . . 

ClearPoint Credit Counseling Solutions, a national nonprofit organization, helps consumers achieve economic stability and reach their financial goals through counseling, debt repayment programs and education. No-cost credit counseling appointments are available at (877) 877-1995. For more articles on budgeting, ways to save, and how to improve credit, visit www.ClearpointCCS.org.