Identify the problem
First you have to identify the problem and face it.Do not panic stay calm in the situation of a financial crisis. This will help you focus on the solution. Adopt a positive attitude even if the situation is negative.
Make a plan
The plan can be a very effective tool. Make a list of all your expenses starting with the important expenses.Faced with a shortage of money you tend to use credit cards, and you increase your balance to the credit limit and you end up with higher payments which will lead to a bad credit score. This is a mistake to avoid in a crisis, you do not need to add more debt.
Prioritize your bills
Pay the most important bills and needs first, and then pay non – essential bills. The bills that have no immediate consequence will be paid later. if you have the rent or mortgage, the food and other daily needs paid on time you will have a sleep at night, and your subscriptions for sports, magasine and other leisure will be waiting.
Communicate with your creditors
Talk to your creditors, they could help you establish a repayment plan. Ask questions, ask for suitable solutions to your situation, whether to postpone a payment or renegotiate the terms and extend the contract.
Establish the limits of consumption.
Write a list and avoid unnecesary expenses.
Start living according to what you earn. If the expenses are higher than what you earn you will tend to fetch the differences in the debts. While if you consume what you earn or even less you will have peace of mind and you could put some money aside.
Learn how to handle the stress of money
In times of financial crisis, you become emotionally fragile, you are nervous, , many people become vulnerable that they turn to unhealthy activities and often obscure ideas. Conflicts and disputes start. If you feel strange behavior ask for help, talk to friends, family members, the person you trust with whom you feel comfortable or simply ask for help from a specialist. Do not wait for the situation to get worse.
Money should not take control of your life because you are the master of the game.