3 Surefire Ways to Rebound From a Financial Hit

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rebound from a financial hitHave you ever had one of those months where no matter how much you plan out your finances, you still have one financial hit after another? Yeah, that was me not too long ago.

*This post has been written by Amanda Abella – a fabulous writer, speaker, and financial coach!*

First, I went to go order new contact lenses and found out they’d been discontinued. This required an unexpected trip to the eye doctor for an eye exam, a contact lens fitting and a new order of lenses. Ouch.

Second, my cat had to go to the vet. If you have pets, you know very well how pricey this can be between the actual visit itself and any medication the vet may prescribe. Double ouch.

How to Rebound From a Financial Hit

Fortunately, I do have an emergency fund where I regular deposit extra money for surprise doctor visits. The problem is my bank account still took a hard hit and it still hurts to see that money go. Here’s how I plan to rebound from a financial hit.

1) Try a no spending challenge

A No Spend Challenge can be a great way to rebound from a financial hit. It can also help you curb any unnecessary spending you may not yet be totally aware of.

Essentially, you decide not to spend any money on things that are considered non-essential for a set period of time. During this time, whenever I stop myself from spending unnecessarily, I transfer the amount I would have spent from checking to savings.

rebound from a financial hit2) Sell used stuff online

The last time I found myself needing to rebound from a financial hit, I immediately de-cluttered the house and listed a bunch of stuff for sale online. I listed used books on Amazon, sold some of my designer clothes to online second-hand shops and started selling some extra gemstones from my collection on Etsy.

Within two weeks I made nearly $150 that immediately went into my savings. If you’ve got stuff lying around the house that you don’t use, you’ve got some money to make.

If you really want to kick it up a notch, try selling used stuff online all year round. I once had a blog reader tell me that she was able to sell anything from a broken blender to some lightly used nail polish on Ebay. She sold everything she was not longer using and raked in over $1,000 over the course of a year.

3) Take on extra work

Since I run my own business, I always have the option of making more money by putting in some extra elbow grease. Sometimes this is the easiest and fastest way for me to rebound after a financial hit.

I understand that not everyone has this particular option, but everyone has the option to find ways of making extra money. Whether it’s starting to freelance for the first time on nights and weekends or taking a part time job, there is always more money to be had if you go after it.

Final Thoughts

It really hurts to watch your bank account take a hit. Fortunately, money can be replenished. By using some of these tips you’ll be able to quickly rebound from a financial hit.


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Money

Derek

AUTHOR Derek

My name is Derek, and I have my Bachelors Degree in Finance from Grand Valley State University. After graduation, I was not able to find a job that fully utilized my degree, but I still had a passion for Finance! So, I decided to focus my passion in the stock market. I studied Cash Flows, Balance Sheets, and Income Statements, put some money into the market and saw a good return on my investment. As satisfying as this was, I still felt that something was missing. I have a passion for Finance, but I also have a passion for people. If you have a willingness to learn, I will continue to teach.

4 Comments

  1. Emergency funds are so helpful in this situation. I also try to take on more work at my LLC when I had an unexpected expense. Great list.

  2. Yep, this is one of those months. Wife’s transmission went out, I broke the tractor, we’ve had to travel for family reasons, and I have some upcoming medical bills. 🙁 That’s okay. We’ve got our emergency fund, and if need be, I now have some great ideas from the article. Thanks Derek!

    • You’re welcome, Keith! Glad you could pull something from this article. It’s kind of been one of those months for us, too. Car bearings needed to be replaced, decided we needed a bigger car for our growing family, and now our other car randomly stopped starting. Like you though, having a solid emergency fund sure is nice! Makes all these issues just a mere inconvenience.


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