Being retired I cant imagine the hardship some younger than I are going through. Uncertain times even if you are working or both working - when will one of you be asked to drop down to 3 days a week?
Some families live week to week, no savings and find it near impossible to do so. Then when your salary is cut or an unexpected bill arrives it's stress of huge proportions. Take cars for example. They are more reliable than years ago but just getting a service can be a huge expense. Our car's turbo seized and it cost us $4,000. Luckily we had the money at the time but if your saving ability is say $50 it would take 18 months to save for that and I bet some unexpected expenses come in that time that erodes your savings away.
So I would like those that have serious debt issues to not be afraid to seek out a financial adviser or even a friend that is financially capable. Furthermore if your finances collapse especially during this pandemic, dont be ashamed nor afraid to file for bankruptcy.
Bankruptcy isnt the end of the world. You will get immediate relief and yes creditors will claim this and that like your car and your home- sounds terrible I know but I's suggest you treat the next 3 years while bankrupt as a period whereby you are resetting your life. You will be permitted to have some credit so you can afford white goods etc. Check with your financial adviser of research that aspect of the process.
Life has its ups and downs. Some of us is capable of being tight in a fiscal sense, others not, it isnt a blame game so you shouldnt feel ashamed. Learn from it, wait the 3 years and allow that period to be a time of planning so when that period is over you can be wiser and hopefully in more stable times.
Does anyone have any suggestions?