It can be difficult to know when you need to buckle down and deal with your financial problems. Whether it be on your own or you need to search for a helping hand, it must be done. If you find you need to seek financial support from a professional, it’s okay. Sometimes, that may be the best option. Take a look at some of the signs that you might see proving some professional financial advice is necessary.
3 Signs That You Need to Get Financial Support From a Professional
Everyone needs a little help from time to time. Specifically, when it comes to your finances. Here are three common signs that you are struggling and need to get financial support from a professional for guidance:
1. Your Debt Is Unmanageable
You’re overwhelmed by a massive amount of debt. You try to make payments every single month to chip away at the pile. However, it doesn’t seem to be getting smaller. If anything, the interest seems to be making the pile bigger.
You’re not the only one who is staring up at a mountain of payments and wondering how they’re ever going to tackle it all. The credit bureau Equifax found that the average citizen owes $72,950 in consumer debt this year.
Increased rates of:
- student debt
- lower rates of job security
- high costs of living
All of these things can be attributed to this growing problem.
If you’re struggling, you should think about seeing a licensed insolvency trustee for help. They offer useful advice and practical solutions for people who are trying to conquer that mountain of debt. Click here to see how David Sklar & Associates services like credit counseling and consumer proposals can get you back on track.
2. You Don’t Have a Back-Up Plan
You have no savings or an emergency fund. Your current financial situation is a tightrope walk. You’re moving forward, but if you make one wrong move, it would be a disaster. There is no safety net in place to catch you when you fall.
Again, you’re not alone in this. Research shows that nearly half of the country’s homeowners don’t have a reliable emergency fund to turn to when disaster strikes. A survey from Manulife Bank found that 14% haven’t put anything away for emergencies. 24% in the survey have opened a fund but have no clue how much is inside of it.
- Talk to your bank about opening up a savings account to start an emergency fund
- extend your credit options so that you can borrow funds for surprise expenses
You don’t want to set yourself up for such a vulnerable scenario. Your bank will likely have more benefits and lower interest rates than alternative lenders offering quick loans.
3. You’re Living with Extreme Financial Anxiety
You’re always thinking about money. It occupies your thoughts when you’re at work. It keeps you from going to sleep. You’re plagued with a constant feeling of financial anxiety, and you don’t know how you can make it stop.
If you’re not sure what financial anxiety is, here are some of the common symptoms of the psychological issue:
- You’re afraid to talk about money with your significant other
- You ignore your bank statements on purpose
- Financial decisions paralyze you
- You’re scared to spend anything
Money matters shouldn’t take such a heavy toll on your mental health. If you’re dealing with this problem, you should seek out financial help. You should also consider seeing a mental health specialist to discuss effective coping mechanisms for stress and anxiety.
Are You Ready to Take the Leap?
There is no reason that you should feel compelled to handle all of your financial issues on your own. That can be a heavy burden. Get some financial support from an expert and take some of the load off. You may be happy that you did.
Are you seeking professional advice for your financial situation? Has it worked for you?
AUTHOR LaTia Longuemire
My name is LaTia Longuemire. I enjoy writing, singing, and cooking in my spare time. My passion is helping others. At this stage in my lifetime, I'm primarily focused on my children. They are everything that keeps my world spinning.