What Code Do I Use For My Federal Taxes W-2 How to Get Back on Your Feet After Debt Settlement

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How to Get Back on Your Feet After Debt Settlement

Getting back on your feet after any financial setback can seem like a daunting task, but I can assure you that it can be done. Most importantly, remember where you came from and what it took to gain financial freedom from debt! Never forget the past and learning from it is a powerful tool and great motivation to move forward. Getting back on your feet financially requires all of your focus and constant monitoring and review. Here’s how to get back on your feet after debt settlement:

1. Consult your tax professional. You should have done this before you negotiated the settlement of your debts and that the IRS Form 1099 should not be a surprise. Make sure you do income tax planning so that you don’t owe the tax office!

2. Build one Emergency reserve: I’m a big fan of the Dave Ramsey program, mostly. One of my favorite tools that Dave always recommends we start with is what he calls the “Murphy account.” According to Murphy’s Law, anything that can go wrong will. So a murphy account is a savings account that should be set up immediately with at least $1000.00 and continue to build your savings. Then, when Murphy calls and your tire goes flat, you need car repairs, a new radiator, or dental work; you can use this aid fund for these events. If you use this account, you’ll have to work hard to top up those amounts next time.

Gone are the days of having a credit card for emergencies, and haven’t you just learned how hard it is to get out of debt? So why would I go back? Promise yourself you’ll never go back. It is not necessary for an emergency fund [aka a Murphy Account].

3. Live and die a Budget! There is no magic bullet, no pill to take, and no “get rich quick” program that will magically get you to your financial goals. The only way to get ahead financially is to spend less than you earn. Budget is a requirement and there is no getting around it. Make it fun with what Dave Ramsey “gives away” to your money before you even get it. Review your budget each month to see where your money is going. Over time, you will begin to see your expenses and look at each bill and ask how you can reduce it.

For example, disconnecting devices to reduce the electricity bill; cut extra television channels; ask your insurance agent if you need this additional insurance; Learn how to make your own mini version of the “extreme couponing” game to save money at the grocery store.

4. Plan your future. No one can do that for you, and I don’t expect to live well, if at all, on Social Security alone. Many financial experts provide free consultations, and you should at least take advantage of the opportunity to ask questions that will help you set your goals. You may be working hard to pay off your mortgage, send the kids to college, set up a retirement account, etc.

The right insurance policies and the right amount of insurance coverage are also important to protect everything from your health to all your assets. Speaking of tools, have you thought about that dreaded estate planning conversation? Don’t shirk your financial responsibility and put your plan in writing.

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