We can sometimes find ourselves in the situation where we need money and we wonder where to get it. It may be that we suddenly get a bill that we cannot pay, need to buy food or other items and not have the money or have something break down that we need to replace. In these situations it can be easy to go into a panic and worry about what might happen. You may just think that the only option for you is to borrow the money, but there may be cheaper options for you as well. It is worth taking a step back and think through the situation and possible solutions.
- Do I really need the money today? – it is worth thinking about whether you really need to spend that money today or whether you can wait. Will you be able to delay paying until you get paid? If you owe for a bill, for example, then phone the company and see if they will let you wait to pay it. If it is something that you need to buy, maybe you can wait a little while.
- Do I have money in savings or anywhere else that I can use? – it is worth thinking about whether you have money available anywhere that you may have forgotten about. Perhaps in a savings account somewhere, an old handbag or purse or places like that. If you collect coins in a jar, then count them up and see if you can use them. There are lots of ways that you might be able to find some money.
- Can I get an advance on my salary? – If you are earning money t hen it could be possible to ask your employer if they could give you an advance on your salary. Larger companies are more likely to be able to help out with this than smaller ones.
- Can I buy the item but delay paying for it? – It may be possible that you could use credit for some items. For example you may be able to use your credit card or a store card so that you buy it right away but do not have to pay for it immediately This works well if you make sure that you pay off the bill in full before you get charged any interest.
- Can I earn money anywhere? – It can be worth thinking about whether you can earn money so that you can afford what you need. It may be that you could pick up some work sell some things or help someone out in order to earn some extra money. You might be able to do some extra hours in the job that you are doing now so that you can get some extra pay as well.
- If I have to borrow what are the cheapest options? – if you do find that your only way is to borrow money, then you need to compare your options. Borrowing always comes with a charge and it is important to make sure that you are not paying more than necessary for the money that you borrow.