Is It Time for a Financial Fresh Start?
When money worries get you down it can be hard to see where to go next. In fact, it can seem as though you are in a long tunnel with no sign of the light at the other end.
In that sort of situation one of the boldest things you can do is make a completely fresh start. How could you do this and make it work?
Move Back Home
If you own a house could you sell it and make some money on the equity? Obviously this is a huge decision and not something to be taken lightly. If you are renting a house then what about moving back home with your parents? This isn’t an option for everyone but it could save you a lot of money while you get back on your feet. More and more people are now opting to do this when they run into financial problems. Even if you do it for a short period you could save enough to turn your finances around and move back out again. If you can’t go back home for some reason then maybe there is a close friend or relative you could stay with for a short period. As long as you use this time to save hard it is only likely to be a short term measure anyway. If you can’t live rent free with someone close to you then try sharing an apartment with other tenants. This can be really cheap and it can also be a lot of fun too.
Move Somewhere Else
Another way of making a financial fresh start is by moving to another city or country. This might seem kind of reckless but there are ways in which it also makes perfect sense. For instance, if your skills are more in demand elsewhere then you could earn more by moving there. Another possibility is that you work online and can live anywhere. In this case, spending some time somewhere with a lower cost of living can make a big difference to your finances. In either of these cases, you will want to make the move as cheaply as possible and maybe look for low cost, shared accommodation to get you started there.
File for Bankruptcy
It is easy to think that bankruptcy is the worst thing that could ever happen to you. Doesn’t this mean that you will never get another job and might have to live out on the streets for the rest of your life? The truth is that this is another decision not to be taken lightly but it could be right for you. This is a drastic step but it is one way of wiping the slate clean in order to start again. It has certainly got to be better than struggling on with debts you can’t afford and the sleepless nights this gives you. It is possible to file for bankruptcy, make a fresh start and then enjoy a normal financial life again in the future. Indeed, many now extremely wealthy businessmen – Peter Jones and Simon Cowell to name just two – have risen from the ashes of bankruptcy and gone on to rebuild their lives and run successful businesses.
Know Your Goals
Could it be as simple as writing down your financial goals? Maybe you want to earn more money, start your own business or spend less each month. By writing down your goals you will force yourself to face up to them and do something about this. This might be just what you need in order to change things and make the future better for you. If you have never considered your own financial goals then thinking about them could be the first step you need to take in order to change things and improve your finances in the long term.