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5 Steps to stop a financial train wreck

Learn how to stop or avoid a financial train wreck on this Queer Money®. Then kick off your financial independence journey now by getting your free copy of the 7-Step Credit Card Debt Slasher.

How to avoid the train station of BROKEsville

We received the following email from a listener: 

My credit card debt has swallowed me up. I was doing okay as a registered nurse until I left during COVID because I needed a mental health break. I eventually fell behind on credit card payments, and my interest rates went to 28%+. I’m working again but not earning what I was, and it’s been hard. My partner and I are looking for a home right now. I’m not going to lie; it feels a bit hopeless.

On episode 348 of the podcast, we discussed how to avoid the debt depression spiral. But what do you do if a financial train wreck is already in the making?

On this episode of Queer Money®, we share 5 ways to stop a financial train wreck, challenging you to start with a dinero detox and get honest with yourself about your money situation. We discuss how to perform financial triage, describing how to identify where your money is going, reduce your expenses and increase your income.

Listen in for insight on making consistent progress toward your money goals and learn how to break big financial problems into small, manageable pieces—and put the breaks on a financial train wreck!

Listen to learn the 5 steps you need to help stop a financial train wreck:   

Topics covered on how to stop a financial train wreck

• 5 steps to help you stop a financial train wreck
• Why we suggest a dinero detox to take a break from spending and reflect on your financial situation
• Why it’s crucial to be honest with yourself re: your money issues
• Free tools to help you improve your credit score
• What it means to do a simple financial snapshot of your current situation
• How to do a detailed spending analysis to identify where your money is going 
• The easiest ways to reduce your spending on groceries and entertainment
• Our top 3 strategies to increase your income
• How to break big financial problems into small, manageable pieces
• Being consistent as you work your way toward financial goals

Resources to stop a financial train wreck

• How to Avoid the Debt Depression Spiral on Queer Money® EP348
• Dinero Detox
• Improve or Build Your Credit Score Powered by Experian Boost
• Credit Card Debt Slasher Toolbox
• What Your Personal Spending Analysis Reveals to You on Queer Money® EP190
• Opportunity Knock$
• The Debt Lasso Method
• What Is Financial Self-Advocacy? on Queer Money® EP318
• Brian Thompson on Queer Money® EP011
• Nick Loper on Queer Money® EP093
• Daniella Flores on Queer Money® EP233
• Patricia Red Hawk on Queer Money® EP253
• Lakinya Francis on Queer Money® EP257
• Tom Brickman on Queer Money® EP303
• The Power of Now by Eckhart Tolle
• The Law of Attraction

Connect with David and John

• Debt Free Guys on Facebook
• Debt Free Guys on Twitter
• Debt Free Guys on YouTube
• 7-Step Credit Card Debt Slasher
• CreditWise
• Queer Money Facebook Group
• Queer Money on Instagram
• Subscribe on iTunes
• Email [email protected]

Get more on how to stop a financial train wreck

• The Real Reason for Income Inequality
  
• How To Retire? 21 Tips for Financial Planning for Retirement
• 9 Steps to Organize Your Finances