Where can I find out more about managing finances?
For more information about managing finances, including suggestions for taking action and a list of resources, visit the Lance Armstrong Foundation.
Why is knowing about assessing and managing finances important to people affected by cancer?
Cancer and its treatment can leave a survivor with need to review current and future financial goals. Dealing with financial matters might seem overwhelming. However, an assessment of your current situation can help define your present financial status, as well as prepare for future needs. Planned spending may help you avoid financial problems and be better prepared to deal with unexpected emergencies.
What do I need to know about assessing and managing finances?
As a survivor, you are likely to be very aware of how quickly and unexpectedly life can change. Events such as illness, treatment, medical costs, changes in employment, the birth of a child, inflation or investment losses can affect your personal and financial changes and challenges may provide you some financial security.
Personal financial assessment and management strategies include:
• Assessing and budgeting for your current financial situation
• Developing a financial plan
• Managing
• Recognizing signs of financial trouble
• Handling financial emergencies
• Dealing with unmanageable debt
What steps should I take to address assessing and managing finances?
After you have organized, assessed and budgeted for your current financial situation, it is time to develop a financial plan. This requires that you identify and write down future financial goals, such as saving for retirement, putting money away for a home purchase or paying off all credit card debt.
A written financial plan helps identify and clarify goals, increase income, reduce debt and manage your finances. Your plan does not need to be complicated. However, a financial plan does need to be monitored and re-evaluated on a regular basis. If you are not able to meet your original financial goals, you can always change your plan or adjust your goals. The important thing is to start taking steps now to get your finances under control.
