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As recently as 2019, there were more than 750,000 non-businessbankruptcy filingsin the U.S., according to Debt.org.
Meanwhile, a large percentage of Americans are just one missed paycheck or unexpected expense away from financial hardship.
If you find yourself hitting rock bottom financially, the first thing you should probably do is not panic.
Next, develop a strategy to dig your way out of it.
Here are six ways toturn around your finances after hitting rock bottom.
If you are in debt, dont add to it.
Adopting the right habits immediately will help you move forward to the next steps.
VisitBenefits.govto find out what kinds of programs are available.
Open ahigh-yield savings accountto get the best return on your money.
Your initial savings can go toward building an emergency fund.
After that, you’ve got the option to start contributing to savings for big purchases and retirement.
You also need to figure out a way to boost your income.
Luckily, there are numerousside gigs and part-time jobsthat let you earn decent money outside of your full-time job.
Use the extra money to pay down debt, build savings and get current on all of your bills.
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