smart spending

5 ways to rebound from a financial disaster

Create a budget
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Create a budget

Brighter futures hinge on what we do today. One important strategy for avoiding financial disaster is to have money put aside for those proverbial rainy days; but how to save when you're still struggling? Lauren Lyons Cole, a CFP, says a financial disaster can have the positive side effect of jump-starting your budget.

"The hardest part about being on a budget is being realistic," Cole says.

When budgeting, Cole advises building in savings in order to create a financial cushion. "Saving even $50 a month in a high-yield savings account can go a long way toward keeping you on track the next time something unexpected comes up," she says.

For help, she suggests online account aggregators such as Mint.com and LearnVest.com.


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