The home is so much more than a structure of wood and stone, brick, and mortar. It’s a huge piece of the jigsaw puzzle that is your life. When the rest of the world seems against you, it’s your refuge. When you’re battered by the wind and rain, it’s a place where you can towel dry and warm up under a blanket with a hot cocoa. When your self-esteem is attacked by a boss for whom your best is never enough and a job that always wants more of you than you can give, it’s your refuge where you can be yourself in the company of people who know that you are in fact pretty awesome. It’s an extension of your personality, decorated in a way that caters for your own personal palette and sprinkled with visual confections that delight and wow guests.
It’s your fortress that protects you from the world and its ills. But if you’re not careful with your finances, it can fall under siege. In a capricious economy, most of us are only ever a couple of paydays away from foreclosure and the home in which we’ve made memories and planned for our future can become just another commodity for your mortgage lender. In an era where no job is ever completely secure and no industry is completely bulletproof every household needs to take appropriate steps to protect their homes from foreclosure if the worst should happen…
Educate yourself and know who to look to for help
None of us is an island and very often knowing where to look for help in times of crisis can mean all the difference between losing your home and retaining it while you right the ship financially. An attorney with experience in foreclosure law can be tremendously helpful in times of crisis. Likewise, a financial planner and accountant, while they may represent more overheads will often help you to save or generate more money than they cost.
Never stop saving
We have a habit of treating saving as a fair weather game, but in lean times or rich saving should be a discipline that all households embrace all the time. By all means, adjust the amount you pay in depending on your changing financial circumstances but if you’re making sure that you pay something in every month, you’ll eventually accrue an extremely handy emergency fund which may be tremendously helpful should you encounter unexpected financial difficulties.
Budget, budget, budget
Like saving, a comprehensive household budget should be something your household sticks within both fair weather and foul. Lots of families budget in times of financial difficulty but can become lax when their fortunes improve. Sticking to your budget month on month, year on year will make controlling your financial fortunes much easier.
Prioritize your debts
Finally, your mortgage is your number one priority. While you may well have other important debts, the punitive measures taken against you are far harsher when you don’t keep up with your mortgage payments.
In many cases, households can make their finances much easier to manage by consolidating their debts so that they can better prioritize their mortgages.
Today’s contributor offers great advice on keeping prepared. Making smart decisions every day can help keep your roof over your head!