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How Financial Counselors Can Help You

Woman giving financial advice on phone

When you’re having trouble with your marriage, you might see a relationship counselor. When you need help with your money, you might work with financial counselors. Although you might think of counseling as something you only need when you have a problem with debt, the truth is that financial counselors can help you with all aspects of your finances, from understanding what you’re spending and earning, to putting together a budget. Working with a counselor can be a good idea if you’re currently facing problems or if you’d like to avoid any financial difficulties down the road.

Assess Your Situation

When you book an appointment with a financial counselor, the person you work with will ask you a number of questions to get a sense of what you are earning and what you are spending each month. He or she will most likely ask you about your debt, including how much you owe in total, what the interest rate is on each loan, and whether or not you’re able to make the minimum payments due each month. The counselor will also ask you about your payment habits. For example, he or she will ask if you usually pay on time or if you’re in the habit of missing the payment due date, either because you forget or because you don’t have the money to make a payment. All the information your counselor gets from you during the assessment will help him or her make the most appropriate recommendations to you.

Create a Budget

Another way that financial counselors help people is by helping them put together a budget that works with their financial situation. Some people who are deep in debt might find that creating a budget that sets firm spending limits for several categories each month, is all that they need to pull themselves out of debt. Others might find that they actually earn more than they thought and might be better able to start focusing on certain financial goals, such as saving for retirement or establishing an emergency fund, once they have a clear understanding of their expenses and income.

Creating a budget can be easy. It’s sticking to the budget that can be a challenge. A financial counselor can help you put together a plan for sticking with your budget, so that you avoid getting further into debt or avoid spending when you want to be saving or paying down debt.

Make Sense of Your Debt

Financial counseling can really help you when you are dealing with debt. A counselor will work with you to create the best plan for repaying your debt. It could be that creating a budget and making sure you pay debt first, before purchasing non-essentials, is all that it takes to help you out of debt. Some people might benefit from a debt management plan, or working with the counselor and their creditors to create a payment plan that gets a person out of debt within a few years. Debt management plans aren’t the right option for everyone, but they can help people who feel overwhelmed by debt get their financial life back on track.

The financial counselors at CESI are ready to help you take control of your financial life. Whether you’re deep in debt or would just like to put together a plan for the future.

Give us a call today to learn more about how we can help you.

Image Source: Pixabay

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4 Responses to How Financial Counselors Can Help You

  1. Corinthia Mintz says:

    I would like to create a budget, but I’m not sure where to start.

    • Tracy East says:

      Hi Corinthia – you can start filling out the form on our homepage at cesisolutions.org and it will direct you into our free debt analysis tool which will walk you through creating a budget. Should you ever need assistance, there are counselors available via chat or by calling the number on the page.

  2. Sandra Richardson says:

    I am a severe shopoholic. I am desperately trying to break free of this addiction. I do not have a job right now and am living off my savings. By my spending habits, I am putting myself in jeopardy of being out of money soon. I desperately want to live a simple life and pay Bill’s on time,and build my credit back up

    • Tracy East says:

      Hi Sandra – Thanks for reaching out! We’d love to connect with you and recommend some resources to help you with your debt and ongoing budgeting. Have you reached out to Debtors Anonymous? They can connect you with support resources in your area https://debtorsanonymous.org/

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