Managing Your Finances During Tough Times

Make no mistake. If you’re managing your finances during tough times, we promise this: you are not alone!

There are many individuals and families that are currently doing their very best to keep their financial heads above water. Whether trying to research and execute

the best saving plan for their lifestyles and needs or tightening their money belts to the point that it’s difficult to take a bill-paying breath, we want to ensure that YOU maintain confidence.

Have no fear! There are proven ways to properly manage your finances so that you can get safely through life’s toughest financial times.

So, loosen that financial belt so that you can take a deep and healthy breath. Then read on for some excellent financial management advice.

Keep a Keen and Educated Eye on Your Adjusted Gross Income

Adjusted Gross Income (or AGI) is a calculation of gross income MINUS any tax deductions (or other adjustments) in line with IRS regulations.

Itemizing any allowed deduction or donation during tax filing season will reduce your AGI. Which will then lower the taxes due on your yearly income. Some of the best and most common deductions you can, and should, report include:    

  • Any interest fees attached to student loans and tuition
  • Relocation expenses attached to moving for work/job or military reasons
  • Alimony that has been paid out for the tax year
  • Health Saving Account deductions (if you have such an account)

You’ll receive more tax return money when you report more allowable deductions! Find out what else you can deduct by doing a bit of online research.

Universal Life Insurance. Know the Facts About How It Can Also Help with Financial Needs

Like so many different insurance policy plans, universal life insurance has a special benefit: building up your cash value.  

Did you realize that you can withdraw or borrow money from a universal life insurance account?

According to, “Any accumulated cash value in your policy may be borrowed against by way of a policy loan and used to provide living benefits. For example, if you were to have enough cash value in your policy, you could use it to help pay for educational expenses or even pay your insurance premiums. Or you may prefer to simply let the cash value grow and use it to supplement your income upon retirement.”

The financial benefits of having a life insurance like this universal type include:

  • The ability to withdraw money or borrow against your policy’s cash value
  • Premium flexibility
  • Interest earning on your cash value
  • Ability and flexibility to change your death benefit as needed

Carefully Navigate Your Spending and Financial Budget System

Tough financial times? We know you’ve got this! You’ll get through it all with careful navigation and financial “smarts!”

There are many online tools and apps that are designed to be you partner in managing this financial issue you’re dealing with right now.

Check out for tools that will not only assist you managing your budget, but also keep careful tabs on your progress; set up personalized budget information created to manage your budget more efficiently; get the lowdown on your money health – and receive information you need to improve it in order to maintain your current financial goals. And so much more!

And be sure to explore the popular Moneydance software system. “Moneydance is easy to use personal finance software that is loaded with all the features you need: online banking and bill payment, account management, budgeting and investment tracking”.

In conclusion, let’s reiterate the fact that you WILL get though today’s financial tough times! There are so many specialized websites and apps that will help you see the light at the end of today’s financial tunnel. Go ahead and open up your computer to begin discovering all that is out there to help you. Choose the service or program that works best for you. Before you know it, your financial tough time will become much easier to manage and succeed at!

Ellen Hollington

Ellen Hollington is a freelance writer who offers to ghostwrite, copywriting, and blogging services. She works closely with B2C and B2B businesses providing digital marketing content that gains social media attention and increases their search engine visibility.