{"id":7167,"date":"2026-01-09T10:00:10","date_gmt":"2026-01-09T16:00:10","guid":{"rendered":"https:\/\/stpaulfcu.org\/?post_type=education&p=7167"},"modified":"2026-01-09T10:00:55","modified_gmt":"2026-01-09T16:00:55","slug":"dealing-with-a-financial-setback","status":"publish","type":"education","link":"https:\/\/stpaulfcu.org\/education\/dealing-with-a-financial-setback\/","title":{"rendered":"Dealing with a Financial Setback"},"content":{"rendered":"\n

Financial setbacks come in all shapes and sizes. It can be an expensive household repair, a medical emergency, getting laid off or the birth of a baby. Whatever the situation, it\u2019s impossible to plan for every financial hit you will take in your lifetime.<\/p>\n\n\n\n

But don\u2019t fret. If you\u2019re hit with hard times, here\u2019s some tips to keep in mind.<\/p>\n\n\n\n

1. Don\u2019t panic<\/strong><\/h2>\n\n\n\n

Keeping calm will allow you to think more clearly and resolve your deficit quicker. As difficult as things seem now, they\u2019ll always look a little better after some levelheaded planning.<\/p>\n\n\n\n

2. Crunch the numbers<\/strong><\/h2>\n\n\n\n

Sit down and work out exactly how much more money you\u2019ll need to cover your new expense or to fill the gap of income loss.<\/p>\n\n\n\n

3. Work twice as hard<\/strong><\/h2>\n\n\n\n

The only ways for stretching a deficit to cover your needs are to either earn more or spend less. Since tightening your budget is almost always stressful, try finding ways to add to your income first. If possible, put in more hours at work. Consider freelancing or consulting. Take a side job for some extra cash. Do whatever it takes!<\/p>\n\n\n\n

4. Trim your spending<\/strong><\/h2>\n\n\n\n

Now it\u2019s time to see which expenses you can trim. First, you\u2019ll need to prioritize. List all the expenses you cannot do without and those that would be irresponsible to neglect. Then, take an honest look at your remaining expenses to see where you can cut back. Shop the sales to cut your grocery bill in half. Trim spontaneous purchases by only using cash. If you\u2019re a two-car family, consider cutting back to one car for now. Push off your vacation plans until things start looking up.<\/p>\n\n\n\n

5. Contact your creditors<\/strong><\/h2>\n\n\n\n

If you cannot make some of your minimum monthly payments anymore, contact your creditors before they come calling on you. Most creditors will be happy to work out a reasonable payment plan with you.<\/p>\n\n\n\n

6. Reach out to family and friends<\/strong><\/h2>\n\n\n\n

Tell your family and friends what\u2019s going on. They\u2019ll support you and encourage you until you get back on your feet, and they may even be able to help out with employment opportunities or contacts.<\/p>\n\n\n\n

7. Be proactive<\/strong><\/h2>\n\n\n\n

Hindsight is always 20\/20. Harness the urgency you feel now to get into the habit of building up an emergency fund. As soon as you\u2019re back on your feet, start putting away money for protection in the event of future setbacks. Experts recommend having 3-6 months worth of living expenses saved up in case you can\u2019t work for any reason.<\/p>\n\n\n\n

Do you need help recovering from a financial crisis? We can help! Call, click, or stop by St. Paul Federal today, for help with money management or debt consolidation. Our partners at KOFE<\/a> are also a great resource to help you get back on track.<\/p>\n","protected":false},"excerpt":{"rendered":"

Financial setbacks come in all shapes and sizes. It can be an expensive household repair, a medical emergency, getting laid off or the birth of a baby. Whatever the situation, it\u2019s impossible to plan for every financial hit you will take in your lifetime. But don\u2019t fret. If you\u2019re hit with hard times, here\u2019s some […]<\/p>\n","protected":false},"featured_media":7168,"template":"","education-category":[194],"class_list":["post-7167","education","type-education","status-publish","has-post-thumbnail","hentry","education-category-tips-resources"],"yoast_head":"\nDealing with a Financial Setback - St. Paul Federal Credit Union<\/title>\n<meta name=\"description\" content=\"Financial setbacks come in all shapes and sizes. 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