{"id":15275,"date":"2017-02-01T07:00:17","date_gmt":"2017-02-01T13:00:17","guid":{"rendered":"https:\/\/www.hrblock.com\/tax-center\/?p=15275"},"modified":"2021-08-16T16:43:53","modified_gmt":"2021-08-16T21:43:53","slug":"tips-to-get-out-of-financial-crisis","status":"publish","type":"post","link":"https:\/\/www.hrblock.com\/tax-center\/lifestyle\/financial-education\/tips-to-get-out-of-financial-crisis\/","title":{"rendered":"Get Out of Your Financial Crisis In 6 Steps"},"content":{"rendered":"

Do you feel like you are stuck in a financial crisis and can\u2019t get ahead? Don\u2019t worry, you are not alone! Many people find themselves in a financial rut from time to time and feel it is impossible to change their situation. You can break out of a financial rut, but you can still regain the motivation you had before and move on. Don\u2019t give up. Here are six simple, unique ways to improve your financial crisis and get on track so you’re not repeating your version of \u201cGroundhog Day\u201d.<\/p>\n

1 \u2013  Go on a Cash-only Detox<\/h2>\n

Say NO to credit cards and go on a cash-only detox! One of the best ways to change your spending habits is to switch to cash. When you hand the cash over to pay, you are conscious of your spending. Put away the \u201cplastic\u201d and start using the envelope budget system. Create an envelope for each category: groceries, housing, insurance, etc. and divide the cash into the different envelopes. If you spend $400 in groceries each month, you will withdraw $400 in cash and deposit it into the groceries envelope. Once the cash is gone, it\u2019s gone. This helps you to control your spending and live within your means.<\/p>\n

(Estimated cash saved per month: $100 to $200)<\/strong><\/em><\/p>\n

2 \u2013 Cut Out the Small Expenses<\/h2>\n

Do you go out for a daily coffee? Save money by making your own coffee at home rather than buying one each day. If you buy coffee at a cafe, you can easily spend around $5 a day, and thus, $100\/month, then $1,300\/year. Commit yourself to making your own coffee at home and realize that you don\u2019t need that extra expense. Put that extra money to debt or savings. This is an opportunity to save some money<\/a>.<\/p>\n

(Estimated cash saved per month: $100)<\/strong><\/em><\/p>\n

3 \u2013 Pack a Lunch Next Week<\/h2>\n

Starting next week, go grocery shopping and cook at home. You don\u2019t have to brown-bag your food all the time, but if do it for five days in a row starting next week, you will get the habit of eating healthier and saving money. If you would\u2019ve spent an average of $8 a day buying lunch, transfer that money to your savings account and start saving for your next goal.<\/p>\n

(Estimated cash saved per month: $160)<\/strong><\/em><\/p>\n

4 \u2013 Automate Your Finances<\/h2>\n

Automate your finances and save time and money. If you accidentally miss a bill\u2019s due date, it will cost you $25 in late fees. Consider signing up for automatic bill pay and pay all your bills on time. You can also set up automatic bank transfers from your checking account into your savings account to set a money goal. As an added bonus, remember that the best way to raise your credit score is to consistently paying on time.<\/p>\n

(Estimated cash saved per month: $25 to $100)<\/strong><\/em><\/p>\n

5 \u2013 Get Cable for Less<\/h2>\n

If you want to keep your expenses at a minimum, find an affordable cable option that works for you and saves you money. The average monthly cable is about $100. Consider using internet streaming services that provides a selection of shows and movies for around $8 a month. For less than $10 a month, you have flexibility and the ability to sign up and cancel with no termination fees.<\/p>\n

(Estimated cash saved per month: $92)<\/strong><\/em><\/p>\n

6 \u2013 Fill out Your Taxes for FREE<\/h2>\n

If you are a taxpayer with a simple tax return filing a 1040EZ, or claiming earned income credit and filing a 1040A, or itemizing your deduction with a 1040-A, you may file your taxes online for free<\/a> and from the comfort of your home with H&R Block.  You just upload your tax information easily and have the option to have your return check by a tax advisor before filing.<\/p>\n

(Estimated cash saved per month: $100)<\/strong><\/em><\/p>\n

While it will take some effort to get out of a financial crisis, use the strategies listed above, and you may find that you are not repeating the same day over and over!<\/p>\n","protected":false},"excerpt":{"rendered":"

Do you feel like you are stuck in a financial crisis and can\u2019t get ahead? Don\u2019t worry, you are not alone! Many people find themselves in a financial rut from time to time and feel it is impossible to change their situation. You can break out of a financial rut, but you can still regain the […]<\/p>\n","protected":false},"author":418,"featured_media":26203,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[26,4783],"tags":[],"class_list":["post-15275","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-lifestyle","category-financial-education"],"acf":[],"yoast_head":"Tips to Get Out of Your Financial Crisis | H&R Block<\/title>\n<meta name=\"description\" content=\"While it will take some effort to get out of a financial crisis, these strategies from H&R Block can get you back on track.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.hrblock.com\/tax-center\/lifestyle\/financial-education\/tips-to-get-out-of-financial-crisis\/\" \/>\n<meta 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