When things go bad sometimes they get worse!
That is what one of my clients told me this morning. I asked why he would say that.
His credit card debt was rising because his hours had been cut. It seems he had planned on the overtime in his budget. Not a new story or scenario, now that his hours have been cut he has to adjust his standard of living...the problem is adjusting sooner than later.
So his option, to cure his financial problem, selling his home in a down market. Many homeowners are faced with the same decision.
Before making the final decision to list your home for sale consider some of these options. It may sound odd a Realtor telling you not to sell your home just yet. It shouldn't sound odd. Realtors many times offer clients advice to wait or not sell depending on the reason why a client is going to sell.
My job is to help clients buy and sell homes. That is only part of my job. The other part is to offer expert real estate advice.
•· Refinancing, the rates are low. If you are planning to stay in your home at least three more years you will pay for the refinance costs in your lower house payment if you have a 1% higher interest rate than your current interest rate. Of course make sure you are not paying higher than normal closing costs.
•· Consider selling boats, cars, snowmobiles and wave runners to pay down your debt. In other words reduce your toys. You can always buy them again when your financial situation is better.
•· Clean the house, have that yard sale. Sometimes a few hundred dollars gets you stabilized and you can evaluate your options.
The point is do not rush into things. Things usually don't go from bad to worse. If you have something bad happen analyze the cause, set up new options to minimize the impact for the next time the same thing or something similar happens. It is likely to happen again.
Maintain a budget that you can keep without utilizing your overtime hours. Look at coupon options to reduce your food bill. Look at using generic brand name products. Reduce your electrical consumption and heating and air conditioning costs by changing temperatures a downward a few degrees. Look at your hot water heater reduce the temperature setting by 5 degrees. Take shorter showers.
It takes a few thoughtful steps and you can change your budget.
Hope this review helps you make adjustments that make your life easier.
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