Strategies for financial recovery discussed at seminar
THREE RIVERS – The Three Rivers Public Library held a seminar on financial recovery on Saturday, March 9, explaining what people can do to recover from any financial hardships they may have.
The seminar, presented by Flagstar Bank through the FDIC’s Money Smart program, discussed how to evaluate personal financial situations, how to develop a financial recovery plan, how to implement those plans, and how to adjust those plans in the future.
Flagstar Bank Branch Manager Sabrina Helland said one of the first steps to evaluating a personal financial situation is to accept the current situation before changing it.
“This may be easier said than done, especially if you’re dealing with emotional aspects of losing a job, retirement savings, a partner, or the ability to work,” Helland said.
Some questions to think about, according to the seminar, were how much income you receive a month, when that income is received, how it’s prioritized currently, and how much overspending occurs.
Tips for prioritizing expenses were discussed as well. According to the seminar, basic necessities like mortgages, rent, food, utilities and transportation should always come first, followed by other high-priority expenses, such as insurance premiums and medical bills. After that, based on how much money is left over, prioritizing what else is left.