Financial problems are highlighted in a number of divorce cases due to the stress they bring. Financial stress can be crippling and lead to a number of health issues.
You might find that not managing your stress can lead to. deteriorating mental health. The truth is that there are programs that can help as well as organizations that help relieve people in one way or another.
Luckily, there are options rather than drowning in a debt that seems impossible to pay. The government along with nonprofit organizations can help you through this trying time.
There are plenty of options for people struggling that can help with food, rent, and other essentials. Looking into these possibilities is imperative as you won’t get help if you do not look/apply for it.
The following are programs/options you should look into if struggling financially.
No Kid Hungry
No child should be hungry in the United States which is why finding free meals for kids is more convenient than ever. No Kid Hungry dedicates itself to ridding the country of childhood hunger.
The pandemic took a toll on a number of people that lost their jobs. Jobs that were once stable have been eliminated due to various restrictions and a lack of cash flow to stay afloat.
Finding free meals is as easy as visiting the website and looking clicking on your state. School meals are even a part of this as breakfast should be a part of school meals. A child should not have to wait until lunch to eat.
This happens because their parents cannot afford food for breakfast. The meal programs even continue in the summer which is of paramount importance.
Refinancing A Loan For Cash Back
Cash flow issues can cause a mountain of stress for an entire family. Putting all kinds of charges on a credit card is not wise when there are other options. The interest rates on mortgages have been incredibly low for the last year.
Refinancing a home loan can give you money to live at a reasonable rate when compared to other types of loans. The beauty of this is that you do not have to pay taxes on the money you receive during the refinance process.
You might even find your mortgage payment decreases even when getting money back. If you are paying over 3 percent interest on your mortgage, look into a refinance now.
Using this money wisely is imperative especially if you have very little equity left in your home. A car loan being refinanced is another option if you simply cannot afford the monthly payment.
Reevaluate Your Spending Habits
Spending habits have to be modified if a job is lost or a huge bill comes up. There are places where you can cut your spending if you look hard enough. Listing out every single cost that you incur monthly can be quite revealing.
Cutting down on entertainment costs is a common way that people survive financial hardship. There are so many free options for entertainment in some cities to take advantage of. Use an app that analyzes your spending and can recommend whether an expenditure is wise.
Government Rental Assistance
The pandemic led to a number of landlords being unable to evict tenants. The restrictions have ended on this which has led a number of people without a place to stay. Applying for government rental assistance can be an option to ensure you have a place to lay your head.
Emergency housing is available as well for people that have been evicted for one reason or another.
Assistance with food is also available via the government food stamp program. There are restrictions to how much money can be earned in order to qualify. The number of children/dependents in the home is another factor that the government will consider.
Use Your Child Tax Credit Wisely
If you have a child that is under 6 years old and you qualify, you will receive $300 a month. If your child is over 6, then you qualify for $250 a month. The extra few hundred dollars a month can be lifesaving for some families.
The money can be used directly to pay off certain debts that you have. Targeting your debts that have the highest interest rates is imperative. Usually, credit cards carry the higher interest rates that you should be worried about.
If you can avoid using the help of a debt professional, you probably should as your credit could take a hit.
Look into your different options if struggling rather than struggling on your own. Do not underestimate the help that you can receive via different avenues.