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5 Ways to Build Financial Resilience During Tough Times

March 18, 2020


In order to embrace life’s many challenges, we need to remain resilient. When someone is resilient, they have the ability to bounce back quickly from life’s difficulties and setbacks. People who aren’t resilient tend to turn to unhealthy coping mechanisms when life gets tough.

Do you believe that you’re resilient? If not, you may want to develop this trait.  Doing so can help you overcome financial difficulties and help you achieve your financial goals.

Are you struggling to repair your credit? Are you drowning in debt? Would you like to save money for a future goal? Resilience will allow you to see beyond your current struggles and stay focused on your bigger financial goals. In this article, we’ll discuss how you can build your resilience for the long haul.

Learn to accept change

Accepting change plays an important role in building resilience.  Money is transient, and your financial situation can change at any time. Sometimes, people who struggle to pay their bills win the lottery, while millionaires lose large sums of money in the stock market. Nothing about money is guaranteed, and it’s bound to change. Once you learn to accept change and the fact that it’s inevitable, you’ll feel more comfortable weathering a financial storm.

Keep things in perspective

While it’s true that your financial situation may feel hopeless, you should remember that someone else in the world is suffering from a more dire situation. Talking to trusted friends and family can help give you the perspective you need. Once you put things into perspective and realize that credit problems aren’t necessarily a life-or-death situation, then you will start to feel calmer and more collected.

Practice mindfulness

One major reason that people get so stressed out about money issues is because they’re “future-tripping” or worrying too much about what the future holds. Instead, practice mindfulness and remember to stay in the present moment. By doing so, you can feel grateful for all the things you do have now instead of worrying too much about what you may not have in the future.

Find purpose in your life

Sometimes, helping others can help you get out of your own head and inspire you to discover what truly matters in life: relationships with fellow human beings. When was the last time you volunteered or helped someone less fortunate than you? Channeling your energy into something positive will help you put things into perspective and worry less about your financial situation.

Be proactive

When you are experiencing financial issues, the most important thing you can do is be proactive.  This is not always the easiest to accomplish when your mind is focused on the crisis at hand.  With that being said, you need to acknowledge the problem as soon as possible and move straight into damage control.

Choosing to be proactive as quickly as possible will allow you to come up with a game plan for getting your finances in order.  Your situation is unique, so be sure to find solutions that are specific to your situation.  As a starting point, figure out what creditors you need to contact to arrange late or partial payments.  You also want to review your current budget and see what needs to be revised.

You can weather tough financial times with resilience

Falling on hard times is something that can happen to anyone regardless of your financial standing.  In order to weather the storm, you need to build up your resilience so that you bounce back with minimal financial damage.  The above tips will help you overcome financial difficulties with more confidence and focus.

Denise Amara is a Senior Credit Strategist and Editor at, the ultimate authority on credit repair. Denise has over 8 years experience writing comprehensive guides that help consumers better their habits as it relates to personal finance and credit.