I read a story about a woman who went into debt to feed her family. She relied on her credit card to pay for groceries but couldn’t afford to pay off the balance each month. Stories like this often surface after the holiday season, when overspending during Christmas leaves people struggling to pay their bills in January. But this wasn’t a holiday-related situation—it was summer. With credit card interest rates hovering around 20%, the cost of feeding her family was significantly higher. This is not a sustainable solution. As a CPA, I’ve always been mindful of my finances and have never felt stuck in my financial situation. However, I recognize that today’s economic challenges, especially with high inflation, are leaving many families in a tough spot. I feel for this woman—and others like her—who are burdened by debt just to meet basic needs. The first step to solving any problem is understanding it. That’s why I created the Income, Contribution, and Expense (ICE) Statement—a tool designed for people like her. If I could speak to her, I’d say this: 1) Understand Your Expenses Track every dollar you spend. Identify which expenses are essential and which are not. 2. Cut Unnecessary Costs If there are non-essential expenses, eliminate or reduce them. 3. Increase Your Income Explore options for generating additional income, like taking on a part-time job or freelancing. 4. Think About Your Future Once you’ve stabilized your finances, focus on contributing to your future. Build an emergency fund, save for retirement, or invest in your children’s education. Money isn’t the most important thing in the world, but it’s a crucial tool for achieving stability. Without enough to cover basic needs like food and shelter, families are left in a constant state of stress and anxiety. To help others like her, I created a Google Sheet template that’s free, simple, and accessible. It’s a basic financial tracking tool designed for those who are busy and on a tight budget. For a Free Copy Email me at atran@tymorltd.com, and I’ll send it your way. If you find yourself in a similar situation, take the first step toward financial stability—your family’s well-being depends on it. Anna Tran