Why a Fresh Financial Start Makes Sense

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Why a Fresh Financial Start Makes Sense

By |July 20th, 2015|

Does your debt make you feel stuck in a bad place in your life?

You can’t get ahead, no matter what you try.

You pour everything you’ve got into worrying about the bills, so there’s no energy left to put into making the other parts of your life better.

You can’t focus at work so you underperform, which hinders your chances at raises and promotions.

Seeing friends and family members is just another opportunity to be reminded of how well they’re doing, and how poorly your life is turning out.

One thing you know is this – you’re stuck in a bad place. And you need to figure a way out of it of it’s just going to get worse.

If this sounds like your world, you should consider starting over … from the beginning.

A Second Chance To Get It Right

Nothing is perfect the first time.

Whether it’s a bestselling book, a painting, a movie, or your life … expecting it to be perfect is unreasonable.

In spite of the fact that we’re all human (and, therefore, imperfect), we never want to start over once we’ve put effort into doing something. It feels like giving up, and we’re wired to avoid that scenario.

But sometimes the only way to get a better result is to scrap everything and start over.

You’re in so much debt there’s no way you can ever pay it off. Or the house is headed towards foreclosure. Or the creditor sued you and got a judgment, so the wage garnishment will put you over the edge financially.

None of these situations are fun. But if you’ve ever been there then you know it’s easier to get things right if you start over.

You’ve got the benefit of knowing what doesn’t work so you can avoid it next time around. With that knowledge you can make better choices from the beginning.

Often, getting a fresh financial start produces better results and, ultimately, makes you wealthier in the process.

6 Reasons to Look Forward To a Fresh Start

  1. Adjust Your Expectations: The second version usually turns out better than the first. A fresh start lets you take a second look at your financial goals and decide what’s really important to you.
  2. Get Your Mojo Back: If you are stuck in a debt rut, a fresh start gives you a break so you can recharge your batteries and get energy. They energy will help you think about new ways to manage your finances and break the cycle of old, bad habits.
  3. Get on the Right Path: It’s easy to keep making the same mistakes when you’re drowning in debt because you’re too busy struggling to keep your head above water. A fresh start gives you the chance to get out of the way of the rising tide, catch your breath, and correct your course. You’ll also have a chance to account for changes in your financial position that arose before you got into debt.
  4. Get Some New Ideas: When you’re trying to deal with your debts there’s no time to think of new ideas. Now that you have time to stop and regroup you can start gathering new ideas for ways to handle your personal finances. Take the time to read new books and reputable websites about personal finances so you can have a good handle on the basics.
  5. Practice: If you’re like most people, you didn’t get an education in managing your money. That’s why you can look at your money mistakes as a learning experience, and practice for a better result next time.
  6. Gain New Perspective: The only way to get a fresh start is to go back to the starting line. Ditch all of your old habits and to allow you to take a different approach to managing your finances. This new perspective may be just the thing to help you figure out how to make the most of your money this time around.

When It’s Time for a Fresh Start, Don’t Delay

When you’re in over your head with no clear way out, a fresh start can be the answer to making your life a better one.

But in order for it to work, you’ve got to take action. Things won’t get better until you start to move forward.

Talk with a lawyer about your financial issues and learn all your options. Learn about bankruptcy, debt settlement, credit counseling and everything else you can do to get out of debt quickly and as painlessly as possible.

Map out the pros and cons of each choice, then move in the right direction.

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About the Author:

I've been a consumer protection lawyer since 1995, working to help people end their bill problems. I'm a faculty member at the Student Loan Law Workshop, a nationally recognized speaker, and a long-time member of both the National Association of Consumer Bankruptcy Attorneys and National Association of Consumer Advocates.