When Money is Tight: 4 Reasons to Get Professional Help

Most people have debt. It’s not uncommon to finish a college degree with some student loans, owe monthly payments on the family vehicle, or be paying off a 15, 20, or 30 year mortgage on your home. But there might come a point when your debt becomes a little too much to handle. If you find yourself struggling to make ends meet, don’t think that you have to do it alone.
Here are four reasons you should seek professional financial assistance.

1. They Know Their Trade

You might have done some research into the world of finance and investing, but magazines, online articles, and TV programs can only get you so far. Financial professionals have valuable knowledge to share; they work with figures and bank balances on a daily basis, and they are well equipped to advise you.
In addition to their wealth of knowledge and experience, financial advisors also have valuable resources, research tools, and software available to them that can make all the difference in your financial situation.

2. Debt Accumulates

Even if you think you can get your finances under control on your own, don’t risk it. If you’re behind on payments and facing significant expenses (such as car repairs, family vacations, a move, or additional children) in the near future, you’ll want to seek help as quickly as possible. Debt has a nasty habit of accumulating, and unless you take preventative measures, you could be in over your head.
A financial advisor will be able to offer you the tools to dissolve your debt before it spirals out of control. He or she will sit down with you and create a budget, consolidate your debt, or talk about other options like a consumer proposal (Mississauga has some wonderful options like Paddon & Yorke Inc. if you’re in the area) that will cap your debt levels instead of letting them weigh you down.

3. Financial Stress Affects Family Life

According to Sonya Britt, a Kansas State University researcher, financial trouble is the leading predictor of divorce. If you don’t have a handle on your debt and spending habits, financial trouble comes no matter how much you make. She recommends that new couples seek a financial advisor as part of their premarital counseling—waiting until finances become a point of argument is only asking for marital discontent.
No matter how deep in debt you are or how long you’ve been married, avoid the added stress on your marital and family life by contacting a professional financial advisor. Everyone has different ideas about how to use and spend money, and having a third party to explain the intricacies of debt and budgeting can be an invaluable tool.

4. Time is Money

Time is precious, and you never know when your financial instability will catch up with you. If the car breaks down, your basement floods, the stock market dives, or you experience a setback at work, you’ll want to be as financially stable as possible. It’s hard to build up an emergency savings when you’re struggling to pay off credit card debt. Ask yourself these questions:

• If I lose my job, can I afford to support my family for at least nine months?
• Will I be able to pay for my children’s college education?
• Will I be out of debt by the time I reach retirement age?
• Am I aware of how ever-changing tax laws can affect my future investments?
• Am I prepared to deal with the fluctuating housing market, interest rates, and stock market?

Time can wreak havoc with your finances, so don’t wait to speak to a financial advisor. Take control of your finances now so that you can be prepared for the future.
 
Getting struggling finances under control isn’t easy. With the help of a professional advisor, however, any debt can be overcome; don’t be afraid to ask for the help that will put you on the path to financial stability and peace of mind.