3 Things that Mom – or a Mother Figure – Suggests You Keep in Mind About Your Finances
- May 9, 2021
- By: Greenpath Financial Wellness
With Mother’s Day upon us, there are some things Mom – or a Mother figure in your life – would suggest you keep in mind about your debt. They are helpful reminders all of us can benefit from.
She would remind you that certain “facts” shared among family, co-workers and friends seem true, because we have heard them again and again. However, the truth can be much different from what we may think.
When it comes to our money, there are plenty of misconceptions about seeking advice for debt management. And some people are simply hesitant for various reasons ranging from not knowing where to begin to choosing to avoid the issue altogether.
Mom – or a Mother figure – would ask you to remember that being proactive and seeking counsel from a financial expert is the best way to start putting a plan together to support your financial health and wellness.
To get you started, here are three leading things Mom would agree are important to know about your debt:
1: You don’t have to go it alone
The phrase, “pull yourself up by your own bootstraps,” doesn’t mean you can’t seek advice from expert sources to gather all the necessary facts to make an informed decision. This is one of the biggest misconceptions people have about managing finances.
Whether you need to get a handle on high credit card balances, understand your options when facing foreclosure or want to fix your credit score, you don’t have to face your finances alone.
As someone’s Mom likely has said,” Sometimes asking for help is the bravest move you can make.”
A financial counseling session is a good first step for people to work one-on-one with a certified HUD-approved counselor. Not only will they help you understand your full financial situation, but they will also develop a customized action plan for your unique situation.
For those trying to avoid foreclosure, a certified HUD housing counselor is a powerful resource to understand the specific options available to you. They can provide information about mortgage repayment options, contact and engage with your mortgage servicer, and provide additional solutions.
Once you know your options, you can choose the best path to achieve your financial goals.
2: Slow and steady wins the race
Another misconception Mom would likely point to is that issues with debt or other financial challenges can be solved instantly.
Debt settlement companies promote an aggressive payment approach, with claims of cutting your debt in half and making you debt free in 12 months. But debt settlement can negatively affect your credit score and it may cost you more in fees than you think. So it’s important to know the difference between Debt Settlement vs. Debt Management programs.
A debt management plan from GreenPath will allow you to pay off 100% of your debt instead of settling, with low single digit interest rates.
Whether it’s overwhelming consumer debt, student loan balances or issues with keeping up with housing costs, the fix will not happen overnight. So having continued support that increases your financial knowledge and skills is important.
Having a trusted source, along with advice or an action plan that provides tried and true strategies, can propel people toward financial health with confidence.
3: Don’t wait to get financial guidance
At GreenPath, our focus is on financial wellness. This includes providing unbiased answers to all your questions related to budgeting, goal setting, saving, as well as debt reduction.
The misconception that you can’t get help unless you are in the midst of a serious financial crisis deters people from seeking advice to create a long-term plan with measurable action steps.
By seeking advice now and not waiting until you have a stressful financial event allows you to set good money management practices in place. Following a plan does take some discipline, but the reward is having a handle on your money, which ultimately leads to financial security.
Mom might remind us of this famous quote from Oprah Winfrey – “You get in life what you have the courage to ask for.”
Mom – and Mom Figures – Know Best
Counselors at GreenPath Financial Wellness are here to answer your questions.
GreenPath can help you gain a better understanding of your financial picture and what steps to take to gain financial health. It’s free, confidential and no pressure.
Request a call.