Realizing all the potential expenses that may materialize following an impaired driving charge can be shocking. You might feel like you’re in a whirlwind, bombarded by new, unexpected financial challenges that you were not aware of. This also comes at a time when you are experiencing the logistical problems that come in dealing with a loss of your driver’s license.
You’re worried. Will you be okay financially? Look at the following points to recognize that you can likely make it through with a few adjustments.
1. Do the math. Figure out if you can support yourself financially with the dollars you now earn. Remember to include other funds that will be coming in, like child support, alimony, or stock dividends.
2. Act now. If you’re going to need a new or different job or additional income, start doing something about it now. If you begin bringing in additional dollars right away, it’ll take some of the pressure off later.
3. Determine monthly expenses. How much are your monthly outgoing expenditures? Can you count your basic expenditures on one hand: mortgage or rent, car payment, utility bill, food costs, and phone/internet charges?
· For the other hand, you’ll have insurance, entertainment, and savings. If you have a lot of monthly payments like 2 or 3 credit cards and more than one car payment, it’s time to consider some spending cuts.
4. Don’t panic. If you need to make reductions, decide what you’ll cut out.
· Maybe you can sell one of the cars to eliminate an extra car payment and reduce your car insurance. Perhaps you can decrease charges for cell phone(s), internet, cable or cut out paying for your phone land line.
· Maybe you can combine your 2 or 3 credit card payments all onto one card for 1 monthly payment for everything you owe. If you must, cancel your Netflix account or whatever extra accounts you can do without, at least for now.
· Once you have your expenses under control and know how your money situation will be, you can add back services you want.
5. Look at options to fund the extra expenses. Talk with your financial advisor or someone else you trust about the best way to handle the deficit budget deficit that you have identified through your budget. It may make sense to look at dipping into savings or taking a loan against an RRSP. Be mindful of paying penalties and the overall impact of these decisions.
The point is to ensure you’re not living right up to the edge of what you make. If you are, it can make for a rather nerve-wracking life. With some planning, you might be able to reduce your expenses and still live a financially comfortable life.
Remember, the most effective way to navigate an impaired driving charge event and support your family is to be knowledgeable, healthy, and resilient. Take steps to fully understand your budget and make informed decisions about your next course of action. This preparation will set you on a path toward stability and fulfillment once this situation is resolved.
Recognize that millions of people have overcome impaired driving charges, and you can too. Reflect on the toughest times you’ve faced, knowing that your intelligence and resourcefulness will guide you through. Follow the recommendations provided here and through other blog postings, and in the Road to Overcoming Impaired Driving Charges book. Members also have access to tools and a supportive community at www.overcomedui.ca.
Trust that you’ll emerge from this experience successfully.
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