Financial Resilience

Recovering from Financial Difficulty

We all experience financial difficulties during our lives – and in these tough economic times, it is more important than ever to have financial resilience: the ability to recover quickly from financial difficulties. You can build your personal financial resilience by adopting the right mindset and gathering the courage to continue.

1. Adopting the right mindset

Life is like a rollercoaster, full of ups and downs, highs and lows. So are our financial lives, with highs like an unexpected bonus or a salary increase; and lows like being overindebted; retrenchment; an essential appliance or vehicle breakdown; a big medical expense; and even divorce or the loss of a loved one. According to Dr Suzan Taylor, resilience is a mindset. The resilient mindset recognises that these financial lows are not lethal to your financial plans or future – you can recover from financial difficulties! No matter what type of difficulties you face, there is a solution. As the saying goes: “Success is not final. Failure is not fatal. It is the courage to continue that counts.” The courage to continue despite the financial difficulties you face is all you need.

2. Gathering the courage to continue

Financial difficulties are among the top causes of stress in our lives, and can negatively affect our health, relationships and work performance. Proactively manage this stress by looking after yourself, ensuring you get enough sleep, water, exercise and healthy nutrition. A positive attitude and a hopeful outlook can be difficult to maintain during difficult financial times but they are vital for resilience. It is certainly easier to remain positive and hopeful when you have support, encouragement, assistance and advice. Reach out to family and friends who can provide support and encouragement and to professionals who can provide the right advice and assistance. Remember, your financial coach can help you when times are tough and is ready to provide guidance and assistance in overcoming the financial difficulties you face.