Senior Situations: 4 Tips to Help You Survive a Financial Crisis

Most seniors are on a fixed income, and that will make it very difficult to deal with a financial crisis. From unexpected injuries to household disasters, older adults could find themselves drowning in debt in the blink of an eye. Here are a few tips and tricks that will help seniors survive a financial crisis.

Start with an Emergency Fund

Older adults need to have some type of emergency that they can access at any time. As a general rule, your emergency fund should be able to cover all of your expenses for at least three months. 

If you have people who depend on you financially, then you should try to build an emergency fund that will cover all living expenses for six months or longer. That fund will give you plenty of time to reorganize your finances after an accident or injury occurs.

Downsize

A senior who is on a fixed income never wants to get too far behind on their bills, and you should consider downsizing if your monthly expenses are beginning to overwhelm you. Living in a larger home or driving a new car might be impractical luxurious once you retire. Moving into a condo and downgrading to a used car could end up saving you thousands a year.

Search for Assistance Programs

There are hundreds of assistance programs for older adults who are struggling with their finances. In addition to state and federal programs, you might also want to contact AARP to discuss their Daily Money Management (DMM) programs. 




Those programs can help a senior create a budget, pay bills, and negotiate with creditors. They also offer classes on how to avoid scams and what to do if you are being harassed by aggressive debt collectors.

Contact an Attorney

If the financial crisis was caused by another party, then you need to contact personal injury lawyer to explore your legal options. Trying to win a civil case on your own is going to be nearly impossible, and an experienced lawyer can help you get the compensation that you deserve. Your legal representative will also negotiate with insurance representatives if your claim never makes it to court.

Racking up credit card debt is never ideal, but a credit card could be your last line of defense against a financial catastrophe. Once you are back on your feet and things have begun to stabilize, you should aggressively pay down your credit card debt in order to avoid huge late penalties and unmanageable interest rates.

3 Financial Situations Worth Finding Outside Help For

With financial issues related to high debt balances and a generally tight budget being common, many people struggle to manage their funds on a daily basis. However, situations inevitably can crop up from time to time that add onto everyday financial stress. 

Muddling through these issues on your own is one option, but you may enjoy a superior outcome if you seek expert support and guidance when critical situations develop. These are some of the more significant situations that may dictate the need for extra help.

Bankruptcy

If your debt problem has grown so severe that you are seriously considering filing for bankruptcy, reaching out to a bankruptcy attorney as well as a financial consultant are excellent steps to take. By consulting with a bankruptcy attorney, you may learn about your legal rights, discover how to protect yourself from creditors and determine the actual pros and cons associated with bankruptcy. 

A personal financial advisor may help you to determine if other options are available. For example, a debt consolidation loan may work well for some people and may eliminate the need for bankruptcy.

Divorce

A divorce is a legal matter that impacts numerous aspects of your life. One of the more significant areas that it affects is your personal financial situation. Through a divorce ruling, the ownership of your home, liquid assets, valuable personal property, retirement plan and other assets is determined. 

You may also be awarded child support or alimony, or you may be required to make these payments to your ex. Because divorce weighs heavily on your financial future, seeking legal support throughout this process is essential.

A Civil Lawsuit

Regardless of whether you are the plaintiff or the defendant in a civil lawsuit, your finances can be impacted by the ruling. Consider that you may be suing a neighbor over property damage, and the compensation from a lawsuit may be essential to pay for repair costs that you have incurred. 

On the other hand, you may be the defendant, and you may need lawsuit funding to manage expenses that you are required to pay. Hiring a seasoned personal injury lawyer who specializes in a related niche may help you to achieve a superior outcome. 

It is also important to know about potential legal costs that vary by location. It’s likely that lawsuit funding in Texas will be different compared to New York, for example.

For many people, financial situations are personal matters. You understandably may prefer to manage your finances independently when possible. However, in these critical situations, reaching out for professional assistance may be in your best interest.

Buying a Second Home: Is it Worth the Investment?

One of the top things that everyone hears about in terms of investing is to invest in real estate. The market is hot right now, with the power resting in the hands of the sellers and renters. If you’re considering getting a second home for your own vacationing purposes, renting out the space while not in use can be a great source of additional income. 

But is it really worth the investment? Here are four factors influencing the costs and profitability that will help you determine if buying a second or vacation home is really worth the investment for you.

Maintenance and repairs

When you buy property, you will have upkeep costs. Older homes are notorious for needing extra care and attention, even if the initial downpayment is less. Planning your budget according to the age of the structure and any known issues can help you avoid overspending. 

If the property requires too much care, then you may want to look for another option. In most cases, it will be a lot better to get a nicer, newer home that has a higher cost but will need less repairs than it is to get a cheaper but lower quality home.

Making money using your home as a vacation rental

Knowing your audience can help you make cover expenses for your property. Millennials make up 40 percent of travelers who search for web rentals. Advertising online, having an excellent SEO program, and using social media to connect to this audience is crucial to getting the right exposure should you use your investment for rental purposes. 




With a great SMM team or brand management company, you can successfully market your rental to reduce vacancies and increase the ROI of having a second home.

Managing tenants

Unless your second property is in a housing development with a homeowner's association, it might be best to hire a professional property management firm to take care of your rental. These experts collect rent, repair household systems, mow the lawn, vet potential renters, and arrange marketing and advertising. 

When you want to invest in the property without the everyday work, these agencies are the best option to remain hands-free. This is especially important for busier homeowners who don’t want to let a second home property turn into a second job.

Market awareness

Before you buy a vacation house or rental property, it is important to investigate the local market. Is there a shortage of houses for sale? Is the area vibrant and diverse enough to draw in the younger crowd? 

How many parks, shops within walking distance, and fine dining establishments are nearby factor into a tourists' decision to stay in a particular location. If you are looking to purchase in your top vacation spot, then you understand the importance of accessibility. Right now, it is more costly to buy a home, but that also means that you will get a greater profit from renting it. 

Waiting for a buyer’s market may result in a lower ROI when it comes to renting the property out again, so be aware of your financial needs and if your current budget can sustain a higher initial cost for greater profit afterward, or if you’d be better off waiting for lower starting costs.

Before you take on an additional mortgage or the responsibility of owning multiple properties, it is a good idea to consider why you want another house. Whether you plan to take on new property as the beginning of a grander real estate investment program or just to have an available vacation home for

On the Apartment Hunt? How to Make Sure Your Lease Application Hits the Bullseye

Though it might not be as strenuous as buying a home, looking for an apartment can be rather exhausting. With multiple applicants vying for the same apartment, you need to do all you can to prove to the landlord or rental agency that you’re the top candidate. These are some tips for making sure your lease application hits the bullseye.

Have a Good Rental History

In order for your application to be approved, you need to show that you’re in good standing with your previous landlords. There should be no evictions or broken leases on your record. There might be some landlords you didn’t get along with as well as others, but as long as you fulfilled the terms of the leases, there shouldn’t be an issue. 

If this is your first time renting an apartment, make sure that you pay close attention to all the rules of the lease to make sure you’re starting off your rental history on the right foot.

Meet Income Requirements

Apartment applications typically ask for employment and income verification's. Don’t go for apartments that are far out of your price range. Provide pay stubs that show you have steady employment and will be able to cover rent. 




If necessary, you may have to find an apartment with at least one other person to afford rent. This will protect you and the tenant.

Work On Your Credit

Landlords do a credit check with applications. If you have poor credit, it indicates that you will may trouble paying debts, which can cause concern for landlords. Good credit can be accomplished by keeping credit card balances low and paying bills on time. 

If you don’t have any credit history, you can work to building one by applying for a credit card and paying off the balance in full every month.

Be Respectful

When touring an apartment and submitting an application, you need to show gratitude and consideration. Come to the appointment on time, dressed well and introduce yourself with a firm handshake. Ask questions about things like amenities like apartment wifi and cable upgrades. 

Landlords can gauge a lot from how a potential tenant conducts themselves in the application process. A little kindness can go a long way towards getting your application approved.

It doesn’t take much to get approved for an apartment. You just need to have a good history as a tenant and provide evidence that you’ll be a dependable tenant. The future of your living situation can depend on how you handle the present.

Keeping Afloat: 4 Tips for Staying Financially Stable after an Accident

Any kind of accident can be life-changing. Even if you’re not severely injured, any injuries that you do sustain can result in not being able to work as you did before the accident. 

This means that you won’t be able to support yourself or your family in a financial manner, which can then lead to getting behind on monthly bills that include your house payment or utility payments. Fortunately, there are a few tips to keep in mind so that you do stay financially stable.

Make Phone Calls

Before you get behind on your finances, contact the people you owe money to so that you can make payment arrangements. Many companies will work with you to accept a lower payment each month or even extend the number of payments that you have as long as you are upfront about your situation. Stay in contact with all of these companies to show that you’re willing to make an effort in staying on top of your financial obligations.

Seek Help

Consult with an auto accident lawyer who can often help you file a suit to get money for your injuries and lost wages. Give the attorney all of the information that you have about the accident as well as medical records and details about your finances. Your attorney can do the work for you regarding talking to insurance companies and working to get the best settlement.

Better Budgeting

Take the time to go over your monthly budget. Since you might not have as much money to work with, you need to examine the things that you have to pay each month and the things that you can set aside until you’re financially stable once again. 



Any subscriptions that you have can often be pushed aside as well as any entertainment expenses that you can do without. Think of ways that you can save money each month, such as buying items when they are on sale or turning the lights off in the home unless someone is in the room.

Side Work

There are often several people who are seeking assistance doing things that they can’t do on their own. Talk to some of the people in your community about odd jobs that you can take on, such as raking leaves or cleaning a house. You can also advertise your services to try to make extra money.

With a little more organization and making a few phone calls, an accident doesn’t have to set you back. You’re going to have to stretch the money that you have, but if you detail your budget and seek assistance when needed, then this can be a time when you can stay on top of the essential payments that you need to make. Keep in mind that your family is there to offer assistance along with organizations and your attorney.

5 Steps to Take in The Year Before Retirement

It’s almost time for you to take a step back from the grind of working your normal 9-5. You’ve been working almost your whole life. Finally, it’s your turn to relax and enjoy your retirement. Though you’ve made a career, diligently saved, and taken all the right steps to make sure you may be secure, you’re still a little weary about what comes next. 

It’s normal to feel a little overwhelmed, there’s not much out there about what to do in this final stage. In order to make your last year in the workforce go smoothly, we’ve put together this list of five steps you need to take in the year before your retirement.

Be Debt Free

Though your savings have taken priority over the last few years, it may not have occurred to you that it would be best for your financial future to be completely debt free before retirement. There are several things that you can implement in your daily life to overcome financial stresses and gain a little peace of mind. But being debt free is one of the most important things to do for yourself during this period of time.

Because you’ll be on a stricter budget during your retirement, be certain to pay off any outstanding loans, mortgages, or any other debt if you can. If you are not in a position to completely pay off these debts, then think about consolidation before retirement. That way you can budget one, easy to remember payment! Do your research and learn more about personal pension options, facts and answer any questions before you start planning.

Income Estimates

Run the numbers for your monthly income from your pension account. Then, run them again. Be absolutely certain of the allowance you will be able to give to yourself, because financial surprises like running out of money in the middle of the month are not an option!



Find a reliable pension provider to deal with your savings and make certain you are taken care of in your golden years. Do some research to find the right private pension firm for your needs, or make certain to speak with someone from your company’s pension program before you retire. This way you have all of your financial information ready for your fun retirement plans!

Create a Detailed Budget

One of the most important, if not THE most important, things to do in the year before retirement is to sit down and create a detailed budget. You’ll be on a fixed income and unnecessary spending isn’t really an option for most. Here are a few things to consider while making a detailed monthly budget:

• Food
• Bills
• Car/House payments
• Holiday expenditures
• Self-care needs
• Transportation
• Entertainment

Any important personal needs

These are, of course, very basic needs, but being prepared with a detailed budget is extremely important. Be certain to include any “fun” expenditures like going out to dinner, seeing a movie, or even a big fishing trip! You may also look into ways to supplement your retirement finances to make certain that everything is taken care of so that you can relax!

Insurance and Investments

One thing that no one really talks about is how you’ll be receiving insurance benefits during your retirement. If you have had health insurance through your company for the last several years, you’ll need to find either a way to extend that insurance, or a new way get benefits. That way there are no unexpected medical incidents without proper coverage!

Make a List!

Saving money, finding ways to supplement your income, being budget wise, all of that is great preparation for your retirement. However, your priorities should also be on finding ways to ENJOY spending your days living a life of leisure.

Make a bucket list of all the things you would like to see, all of the foods you’d like to try, all of the places you’d like to visit. This will be helpful for your budget, yes, but this bucket list will also give you something to look forward to next year!

Our 5 Steps to Help You Before Retirement Next Year!

Whether you make a list, or a tight budget, these five steps are essential for planning for your retirement. This is your last year working, and after you’ve taken all of the steps we’ve laid out for you, you’ll be ready to sit back, relax, and really enjoy your retirement!