Financial Tips

Life and Credit : Staying Financially Stable During Illness

Advice from a ClearPoint financial specialist and cancer survivor

If I can do it, then you can too. I'm referring to how I managed to keep my head above water financially while dealing with many life challenges. I suppose it helped that I learned valuable financial skills through my 15–year career as a certified credit counselor with Credit Counselors. I have made it my life's work to ensure that my clients have the necessary tools available to regain control of their finances, yet I never thought that I would one day have to heed my own advice.

I was diagnosed with cancer a few years ago, and it was devastating in more ways than one. I had to not only cope with the disease physically, but also had to handle the emotional, and financial strain that accompanied my situation. I had a hard time believing that this had actually happened to me. Me - the single parent, the bread winner, the rock of the family. How was I going to cope? How would I pay my bills? Where could I turn for support? And then it dawned on me. My employer. I had been helping individuals cope with difficult financial matters for so long, and now I was the one that needed help. So I pooled my resources and went to work on a new household budget.

Here are some of the smart tips and helpful strategies that helped see me through that hard time:

• Attitude is everything - Trust me on this one. A bad attitude will only make it that much more difficult to, not only cope with your debt management issues, but also will de-motivate you from doing anything about it. The problem is there, and it's not going away, so just do yourself a favor and adopt a positive outlook. This is a challenge that WILL be resolved.
• Map it out - The best way to tackle your situation head on is to map out all the figures ahead of time. This way you will have a rough idea of what you are up against - medical co-payments, medication expenses, time away from work, etc.
• Clear Your Mind - When you are at home, there are a million and one things that can distract you from your task at hand, whether it be television, kids, or household chores. I advise to remove yourself from your comfort zone so that you can focus directly on revising your household budget. You may come up with ideas you hadn't considered before. Here are a few of them:
  
  
  • Pared down my cell phone package. You'll find you really don't need all the extra features. - I saved $40
  • Cut down the cable package to basic cable. - I saved $60
  • Cut out buying bottled water and bought a reusable cooler - I saved $40
  • Always went to the grocery store on a full stomach and with a list. This way I didn't buy impulsively - I saved $75
  • Got rid of the little things that can add up such as daily coffee and magazine subscriptions, and started taking the bus to work - I saved $100

  I found that with the savings strategies I implemented, I was able to save up enough money to start my cancer treatments.

• It never hurts to ask - I decided to ask for a charitable write-off, even though I doubted I would quality. Much to my surprise, I did! I was able to have my bill reduced by half, and I learned that anything is possible if you just ask.
• Safety in numbers - No one likes to feel as if they are facing a challenge alone. Dealing with cancer was tough, but was made easier with the support of family, friends and even clients. I was also there to listen to my clients and provide them with a supportive ear. I believe that this helped tremendously.
• Plan for tomorrow - Aside from positive thinking, you should also be forward thinking. I knew I would conquer cancer, and I wanted to make sure that I set up a comfortable financial situation in which to enjoy my future days. I helped ensure a secure financial future by contributing to my 401K plan consistently, and putting aside (even a small amount) monthly into a savings account.

An important lesson: I always tried to remind myself that although times were tough, I KNEW I could get through it, and I maintained a positive attitude by reminding myself of all the good things in life that were worth living for. Thanks to perseverance, positivity, and vital financial lessons learned through my employer, Credit Counselors, I am happy to report that I am cancer-free and debt-free. It's the best feeling in the world.