I have met a ton of people who are experiencing the harshness of the following two key items:
- No Plan, No Savings, Piles of Debt
- Loss/Reduction of Income
Here is what you can do when faced with this situation.
- Cry. It is OK to be regretful for awhile!
- Take time to prioritize who will get paid and who will not get paid. (Read the post I wrote HERE about priority order.)
- Write out your goals. Make sure they are SMART.
- Prepare a written spending plan (even if you know that it will not balance to Exactly Zero). This will allow you to fully understand your "Go Get This!" number.
- Take ACTION!
There can be a tendency to just focus on #1 and hope for everything to just work itself out. Usually, this is not the case. Recovering from this type of issue is emotional and gut-wrenching, but it requires one to take action.
You CAN recover from the mess!