Even the most savvy money handlers can fall on hard times when unexpected circumstances push your budget beyond its limits. These ideas may help you emerge from a tough financial situation and get back on track.

Cut non-essential spending
When you’re comfortable in your lifestyle and finances are flowing, you probably give little thought to the extras in your life. But when money gets tight, this can actually be one of the easiest ways to help bring your finances back under control.

Start by taking a close look at where your money goes by listing every bill you pay each month and the amounts you pay. Then include all the day-to-day extras, such as eating out, shopping and other entertainment. If the total of your bills and extras don’t match or exceed your income, it’s time to make cuts, and the extras are the best place to start.

Eliminate overwhelming debt
Substantial balances on your mortgage can be crippling. It’s a feeling Jeri Smith knows all too well. The 68-year-old needed to sell her house, pay off her $120,000 mortgage balance and move into an apartment to avoid falling behind.

Fortunately, Smith recalled a conversation with her neighbors John and Corinne Tesh, owners of Citygate Homes LLC in Greensboro, North Carolina, an independently owned and operated HomeVestors franchisee.

The Tesh’s toured the house and felt it needed a lot of renovations, but they knew it would sell quickly after they rehabbed the property because of the neighborhood. They made an offer to purchase the home in cash. After the renovation was complete, they listed the home and received a full-price offer the first day on the market.

Extending their sensitivity and kindness, HomeVestors – largest home buyer in the U.S. with more than 65,000 houses bought since 1996 – hired movers for Smith and paid for six months of storage for items that did not fit in her new place. This allowed Smith to move without the burden she was expecting, including costly, time-consuming repairs and showing the home to potential buyers.

Examine insurance
Another area that can really affect your overall budget is the money you’re paying for insurance. People tend to choose an insurance policy and let it sit, but it’s good idea to analyze your insurance coverages at least annually (more often if you have a major life change or new purchase) to be sure they still fit your needs and budget. Don’t be afraid to shop for the best value and switch providers if needed.

Learn more about the real estate resources available to help you overcome a difficult financial situation at homevestors.com.

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