Being stuck in a financial rut can certainly be depressing.
There’s not much you may do in the world with little or no money. The pressure to come up with the cash to get the bills paid and put food on the table can often feel overwhelming.
In this post, we’ll look at some tips on how to deal with tough financial times and what you can do to improve your outlook.
#1 – Take a Step Back and Reassess Your Situation
Whether your current financial hole is through your digging or not, there are always ways to claw yourself back out. Running around like a stress-head isn’t going to help, so the best thing you can do at first is to take some time out. Step away from your problems, calm your mind and then start to think about the situation logically, with a fresh mind and new perspective.
It’s almost impossible to think clearly about anything when you’re stressed. Although taking some time out can feel counterintuitive when you know things need to get paid, and you have to find money fast, it’s often necessary to be able to come up with some fresh ideas and a new direction.
#2 – Get An Emergency Credit Card
Most people don’t fancy having any extra debt, but sometimes just having something like a credit card with a limit of a few dollars on it can be a major blessing during tough times. Many credit cards have an interest-free period. Even if you do have to use the card temporarily, if you pay back the amount you spent during the interest-free period, you won’t pay any interest.
Credit cards attract high-interest rates, so they’re not ideal just for everyday spending, but having one for emergency funds can give you peace of mind.
#3 – Avail of a Fast Cash Loan
Aside from trying to obtain finance from a bank, there are a lot of independent lenders out there, such as companies like Sunshine Loans, who offer small, fast cash loans often on the same day you apply.
Even if you have a relatively poor credit record, these lenders will usually give you the green light when you apply for a loan. If part of your income is from a government benefit, you can still apply.
Fast cash loans are a quick and convenient way to get your hands on some money to tide you over until your financial rut improves. Generally, loans up to $2000 are available, so quite easy numbers to repay.
#4 – Prioritise Your Spending
This is kind of like budgeting, only perhaps a little more strict. If you don’t have enough money during the month to cover everything you feel you need to pay, then you’ll have to make a list of the absolute priorities.
Maybe some payments or bills can be deferred for a month or two, or you could negotiate a reduced minimum payment amount for the month.
In one sense, when things are tight, you really need to pay yourself first. In other words, having money for food for you and your family is really a higher priority than paying one of your bills. If you do not have food to eat, you will not be able to sustain yourself to keep going and earn the money you need to pay for everything else.
#5 – Determine Ways You Can Increase Your Income
During a time where you’re cutting back on your spending and likely juggling your finances, it’s also wise to see if you can come up with ways – temporarily or permanently – where you can make more money.
This could be a second job or something you do in your own time on the weekends to put some extra cash in your pocket. Many people are turning to the internet to find ways to make money online from home. The beauty of this method is you can work your own hours, so what you do online fits in with your lifestyle.
There are several ways you can make extra money, both online and offline.
#6 – Stay Positive
The power of being positive should not be underestimated. Money flows like a river. It comes and goes. Although things might be a struggle now, keep in mind that it won’t be like that forever.