10 Practical Tips to Ease Your Financial Burden in the New Year

Photo Credit: T. Tulic

I woke up on New Year’s Day to a repeat episode of the Dr. Phil show from 2003 called “Money Matters.” On the show, they were discussing the biggest money mistakes that people make that cause them to be in dire financial situations. And if you know anything about Dr. Phil, he did not sugar coat things for the couples on the show. He gave them some very good practical advice.

Regardless of what adversities you are facing in 2o13, it is possible for you to turn your situation around.  I’ve seen first-hand how couples have overcome infidelity, communication issues, and serious financial strain. They not not only survived..but they thrived. They came out of their situations stronger than before. And the main difference between the couples that are able to make it through and those that aren’t…is that they are willing to put in the work that is required to change things. So with that being said…are you willing to put in the work in 2013 to turn things around?

Check out these 10 practical tips to ease your financial burden that I learned from Dr. Phil and couples that we have worked with over the past few years:

  • Be willing to say that we are in this together. 1 of 10
    Be willing to say that we are in this together.
    Now is not the time to turn on each other or point fingers. Identify your issues and put actions in place to resolve them. And all the while, be encouraging and supportive of each other. And if you are single, don't beat-up on yourself for too long. It's no time for a pity party.... it's time to get motivated and get to work on turning your situation around. Photo Credit: Laura Glover
  • Stop living beyond your means. 2 of 10
    Stop living beyond your means.
    If you are going through a financial crisis, then why are eating out every day, driving expense cars, and living in a home you can't afford. It's time to start living within your means. Photo Credit: Adam Borkowski
  • Create new money. 3 of 10
    Create new money.
    If you are two able bodied adults, then both of you need to be generating income for the home. If your job is not paying enough, look for a different job that pays more...or get a second job. Either need to create new money. Photo Credit: Designkryt
  • Do things you don’t want to do. 4 of 10
    Do things you don't want to do.
    You may actually have to do some things that you don't want to getting a second job. Or, like selling some things that you hold near and dear to your heart. Like working one shift while your wife works another that you don't have to incur outside daycare expenses. Like sharing a car...because you got rid of one of your cars in order to eliminate debt. Photo Credit: Nazreth
  • Stop believing that fixed income is your only option. 5 of 10
    Stop believing that fixed income is your only option.
    Getting that paycheck once a week or twice a month from an employer is not the only way to generate income. You have to start thinking out of the box and become entrepreneurial. There are many ways to earn money....look into starting your own home based business. After my sister kept getting let go from the Physical Therapy facilities that she was working at because they were closing down, she started her own cleaning service. She is close to making six figures with her business and is now hiring people to work for her. Photo Credit: emilydickinsonridesabmx
  • Become a sellout. 6 of 10
    Become a sellout.
    As I stated previously, you may have to sell some things. If you have two cars, sell one. Have a yard sale to generate some extra cash. Or, sell some things on eBay. If the stress of your financial issues is overwhelming and it seems that things are closing in on you, then why are you holding on to things. A couple in our last film, Still Standing, sold their 4 bedroom dream home and rented until they were able to come out of their financial crisis. Photo Credit: Cempey
  • Decrease your monthly expenses. 7 of 10
    Decrease your monthly expenses.
    Your goal should be to get your expenses down to half of your after tax income. Photo Credit: Michalis Palis
  • Be willing to re-negotiate your deals. 8 of 10
    Be willing to re-negotiate your deals.
    Most people feel uncomfortable with negotiating. But it is time to step out of your comfort zone, if you want to turn your situation around. Start re-negotiating the terms of many of your contracts...from your mortgage, to your car insurance, to your cell phone. Photo Credit: Laurent Hamels
  • Put your pride aside. 9 of 10
    Put your pride aside.
    This is not time to be too proud. Or to be worried about what your family or neighbors will think if you have to downsize or return that car. Keep your eyes focused on the prize, and that is turning your situation around. Photo Credit: Ross666
  • Stop thinking it’s supposed to be easy. 10 of 10
    Stop thinking it's supposed to be easy.
    No one told you it was going to be easy to get out of this financial mess. Because it's not. You will have to put in the work and sacrifice. And once you get out of this mess, you can look back on the pain and the struggles and know that you don't ever want to go there again. Photo Credit:Stanislav Komogorov

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