Whether it’s due to a layoff, medical expenses, a change in family circumstances or just having less work available, life can often deal a tough blow to your financial fortunes.

Recovering from a financial disaster is never easy; however, with hard work and the ability to look forward, it can be done. Here’s how.

Step 1: Assess the damage

Evaluate exactly how much financial recovery you need. Are you thousands of dollars in debt? Do you need to find a new job? What are the long-term financial implications of the recent disaster?

Crunching the numbers and putting it all on paper will make it easier to take concrete steps toward recovery.

Step 2: Accept your new reality

Shock and denial are valid stages of grief for any major loss or disaster, but for recovery to be possible, it’s important to reach a place of acceptance. You can vent to a close friend, express your feelings in a journal, de-stress with your favorite low-cost hobby and then let go. Constantly harping on what could have been will only drain you of the energy you need to move on.

Step 3: Outline your goals

Clearly defining your goals will make it easier to go forward. Are you looking to rebuild a depleted emergency fund? Find gainful employment? Pay down your medical bills?

As you work through this step, choose goals that are SMART:

Specific

Measurable

Attainable

Realistic

Timely

Step 4: Create a recovery plan

Your plan should consist of consecutive steps that lead to a life of complete financial wellness. Here are some steps you may want to include:

Trim your spending until you can spend less than you earn.

Build a small emergency fund to help get you through an unexpected expense.

Seek new employment or new income streams.

Start paying down debts.

Save more aggressively, with one eye toward your retirement and another toward a large emergency fund with up to six months’ living expenses.

Step 5: Make it happen

Put your plan into action! If you were careful to set goals that are SMART, you should be able to take the first steps in your plan immediately.

Step 6: Let Ascend help

Ascend has a team of dedicated financial services officers that are ready and willing to take a look at your finances and help you chart a path to get where you want to be. There’s no cost to schedule an appointment at your favorite branch.