Although a lot of people say, “always plan for failure,” and caution to have safeguards in place for unexpected emergencies, you can’t fix the past, especially when it comes to finances. The glorious 20/20 of hindsight can shine a light on everything you should have done in a situation but once the fiscal emergency hits it will feel like you’re alone with a sad savings account and little hope. Let’s navigate through some easy solutions to implement after the fact to help pull you through to the next big payday.
Often the last step for many with money woes is to ask for outside help. Frequently, this entails enlisting the assistance of trusted friends or family; always a tricky proposition. With the help of no interest loans, however, you can get yourself out of the red without the hassle or embarrassment of owing money to people whom you know. With a simple loan, you can get your way through the emergency costs without breaking the bank when the time comes to make repayments.
Sell Unnecessary Possessions
Assuming you didn’t empty out your house when minimalism was trending, have a think about what you own and how much of it you regularly use. There’s a good chance someone on Facebook Marketplace or Craigslist will pay to take it off your hands. This can apply to clothes, old electronics, and even furniture you have no need for. You could possibly consider selling your car. Paying for public transport is often comparable to fuel costs, and if your local PT is a no-go, try buying a bicycle instead.
Ah, the awful gut-feeling, “Have I forgotten a bill?” ? In this day and age, it’s no longer needed. Most (if not all) of your bills can be handled as an automatic direct-debit payment. If you set it up that all your bills automatically, you can save yourself the hassle of trying to mentally keep track of everything paid and owed. This not only helps you to avoid costly late fees but also leaves time for you to focus on the real emergency at hand, which needs all the attention you can offer.
Call Your Creditors
Speaking of those bills, did you know it’s quite easy to talk to them about adjusting your payment options? Most creditors are happy to work out a plan for you to cover your costs over the long-term, and only get cranky if you try and ignore the bills. Simply getting in touch and letting them know about your situation is often enough to get you an extension on due dates or a relaxed monthly amount. Be upfront with them and save yourself an unnecessary headache later.
Pause the Stream
After setting up some direct-debits for your bills, consider putting a pause on the streaming subscriptions. Paid streaming services like Netflix or Spotify add up easily, and it’s not immediately obvious how much you’re spending a month until you note it all in one place. If there’s one you cannot live without, try canceling it anyway just to see what they’ll offer to keep you. You may be able to score a few months at a discounted rate.
And with that, you should be able to get through whatever unexpected hiccups have thrown themselves at you and your wallet. Pairing these steps with a modest, low-spend lifestyle until your bank account can back it up will see you through to the other side. Good luck!