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Nine tips for recovering from a financial setback

Spotlight on Finance

— Remember, recovering from a financial setback is a process. Accept your situation, align your goals, restructure your lifestyle and move forward. It’s all about attitude. Think positive and know that if you create the opportunity to fix your financial house, chances are it will happen. Not only is it basic quantum mechanics, it is also financial common sense.

Money saving tips

Saving money can be hard, even in good times. But when you’re facing and/or recovering from a financial setback, saving money can seem both impossible and impractical. It’s not. So if you’re struggling in your current financial situation, take a deep breath and honestly analyze your spending. Look at what you’re doing on a daily basis and see what changes can be made. By changing your habits slightly, you will be amazed how much you can save each month. Here are some simple yet effective tips to save money every day.

  • Cook at home more often. Leave the stress of work behind and focus on cooking a healthy and satisfying meal.
  • Make your own coffee. Instead of buying a pricy cup of coffee at your favorite coffee shop, make it yourself. The amount you spend on your coffee shop coffee per week could pay for an entire supply of coffee for a month if you made it yourself.
  • Brown bag your lunch. Put your leftovers from last night in a container and bring it to work.
  • Make a list before you go grocery shopping. Have a plan and stick to it to avoid buying whatever looks good at the time.
  • Be familiar with your bank balance and avoid overdraft fees. If you need help reconciling your finances, talk with your banker.
  • Avoid ATM fees and plan ahead. If you know you’re going to need cash, get to your bank and take out money there. Or get cash back when using your debit card to purchase something at the grocery store.
  • Instead of buying books, borrow from the library and friends. Or try a secondhand bookstore.
  • Bottle your own water. If you’re not a fan of your tap water, invest in a filter.
  • Price check before buying anything expensive. Do your research and make sure you’re getting the best deal possible.
  • Avoid impulse buying. Ask yourself, can I live without it? If the answer is yes, then don’t buy.

Also, if you’re a parent, keep in mind that your relationship with money is the greatest influence on your children’s future relationship with money. Be a good financial role model. It’s an investment in your future as well as your child’s.

Anthony Lanzillo is senior vice president of KeyBank and leads the Capital Region’s Retail Banking team. He may be reached at 518-257-8598 or anthony_lanzillo@keybank.com.

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