How to Get Through a Financial Crisis

Item. In one week’s time, a young salesman (single) lost his job and wrecked his car. No job, no money, no transportation.

Item. In one week’s time, a middle-aged woman learned that her husband’s illness meant he would not be able to work. No work, few savings and bills to pay.

These are personal and family crises. They happen all the time--often, when you least suspect them.

How you or your family reacts to crisis situations similar to the items mentioned here--or worse--can mean the difference between keeping, or losing, your solvency and sanity.

You can fall back into the slough of despair, feel sorry for yourself and maybe do something stupid or dangerous that makes things worse.

Or you can be honest with yourself, your friends and family and start working on some sort of damage control and crisis management plan.

Communication Important

Get the word out to members of your family and special friends--even those who don’t live in your city or state. Get the word out to professional people or people you might know in your work.

Tell them the truth and don’t ask for money. Just say you want them to keep you in mind and keep you in their prayers. Any constructive ideas, suggestions, names, addresses, telephone numbers might help you in some way.

Then start checking in with religious, business or professional organizations where you are counted as a member in good standing.

Next on your list should be your city and county government social services office. You should ask about the possibility of free or low-cost legal help if you need it and the possibility of crisis counseling.

If you haven’t lost your job, make an appointment to see your immediate boss or the head of your organization. Explain your situation as openly and as truthfully as you can. Say that you have a plan and may need to work evenings or weekends to make it work.

Help From Employer

It’s just possible that your employer might be able to give a helping hand. You might be able to “moonlight” for your own boss instead of someone you don’t know. And your employer may co-sign a re-financing loan you might need.

Credit managers around town should be told of your problems and your plan to solve the problems. If bills are late, some credit managers at banks, stores and the like might let you off without slapping a late-payment penalty on your next bill.

When you have a crisis--and a plan worked out to tackle it--it seems the whole world wants to help. Everyone has had some sort of crisis in the past and may be sympathetic to your cause.

If you are not directly asking for money and have a solid plan worked out to manage your crisis, then people will tend to help you out--not run in the opposite direction.