Life Aligned: Budgeting starts with asking for help

Not too many people like to admit they’re wrong or don’t know what they’re doing, no matter what the project or endeavor is. Money certainly is no different.

The hardest part for most as far as saving money goes is the ability to budget, understand their credit and score, and to know what kind of debt they have and come up with a plan to get rid of it.

The fact remains is that the average individual has about $20,000 in credit card debt, another $50,000 in school loans, along with the average home purchase at around $170,000 and cars sitting at around $30,000.

If that sounds like a lot to manage, you’re right. The house and car aren’t as much of a concern since that is more about business as usual when it comes to debt, rather than having unsecured money that has nothing to show for it (credit cards).

The education number is high but also understood due to its nature and the fact that most student loans are protected by a very low interest rate.

The focus of this is more about asking for help when it comes to credit card debt and your credit score, specifically the amount of debt you’re carrying and your debt to income ratio. Realistically, the debt to income ratio should be about 60 to 40 in favor of the income, obviously. Some suggest a 70 to 30 split, which is wonderful but hard to achieve.

Asking for help doesn’t always have to a professional endeavor, either. You don’t necessarily have to seek out the help of a financial planner or credit advocate in the form of a lawyer or even a credit consolidation company.

Those avenues certainly are perfectly fine, but they might not be that necessary when it comes to your situation. If it is, so be it. Those individuals or agencies might be more helpful, but if you know what you should be doing and have a decent to above average salary, you might want to consider a spouse, sibling or parent to make you accountable for your plan and how you spend and budget.

Some have gone as far as saying that they give those individuals or ones of that nature money to save for them or ask them to keep an eye on them, for example, when they’re out to eat or shopping at the mall.

You shouldn’t feel defeated for asking for help but rather a sense of relief that you’re on the right path to crushing your debt, raising your credit score and finding that financial stability that has eluded you.

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