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We’ve all been there.
An unexpected emergency derails our finances. We receive an unexpected tax bill. We spend more money than we thought we had. And consequently, we find ourselves strapped for cash until payday rolls around again.
When such a situation arises, there are a few things you might want to do.
If you have money available to pay your bills and put food on the table, then great. This is how you should prioritize your spending. Anything else – your weekend takeaways, another month on your Netflix subscription, luxury items from the supermarket – should be curtailed, for now at least.
If you don’t have money to pay your bills, you need to call the relevant billing companies. When they get a handle on your financial situation, they might offer you a grace period for a month where you don’t have to pay anything, or they might suggest a payment plan, especially if you have been in this position before. Of course, they might not offer you a solution at all (though most probably will), but if you can pay them something rather than nothing, even if it’s the bare minimum, you should be able to appease them.
If you are constantly struggling to make ends meet on a regular basis, a loan is not the answer. And it’s certainly not the answer if you are always living in your overdraft. You should seek help from a debt-relief charity to help you if you are struggling financially. However, if you are generally pretty good with your money, then a loan can be a good short-term solution, provided you only apply for what you need and don’t get dazzled by the prospect of extravagant spending with the potential for extra cash in your pocket. Look for a reputable company – Wise Loan, being one such example – and work with them on a repayment plan that you are able to afford.
To give you a quick cash injection, you could sell your clutter online. From old books to unused cell phones, you probably have a few things at home you could make money from. You might also sign up to a few online survey sites, as while taking paid surveys won’t make you a fortune, they will give you a little extra money to pay for some of your necessities. You might even take on temporary work, with a company that will pay you daily or weekly, so look online for a temping agency or scour the job ads for opportunities near you. Sign up to Fiverr too, and offer your services on a freelance basis. And if you can’t make money elsewhere, consider speaking to friends and family. Provided you can pay them back at some point; they might be willing to give you some money to tide you over until payday.
Running out of money can be stressful, but there are steps you can take to help yourself, as we have discussed here. We hope these tips were useful, but if you have any other pieces of advice for our readers, be sure to share your ideas with me.
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