Step 1 of Financial recovery: Evaluate Your Current Financial Situation
Step 1: Evaluate Your Current Financial Situation
Assess Your Current Financial Situation
|Before you can effectively evaluate your current financial situation, you must first accept your financial situation. This may be easier said than done, especially if you are dealing with the emotional aspects of losing a job, your retirement savings, investments, a partner, or your health and ability to work.
You must also accept that you may need to change your financial lifestyle and sacrifice certain items for a period of time in order to meet your goals and recover financially. There is no doubt that changing your financial lifestyle will be challenging, though necessary.
You might also be experiencing financial difficulties related to an abusive relationship. If you need help evaluating how domestic violence has affected your financial situation, consider talking to a local domestic violence service program. For more information, visit www.womenshealth.gov/violence.
Once you are able to assess your current financial situation, examine your income and expenses including your debts. Some questions to ask yourself:
How many of you know (for the most part) where your money goes each month or even each day? If you do not know where your money goes, track your spending so you can examine your income and expenses.
There are a number of ways you can track your spending, so pick a method (or methods) that work best for you. For instance:
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