When you find yourself hit by an unexpected expense, it’s easy to feel overwhelmed. If your car breaks down or you’re hit with an expensive boiler issue, you could find yourself wondering how you’re going to manage until your next payday comes around.
In an ideal world, the easiest way to make sure that you’re prepared for any problem that comes your way is to focus on saving some extra cash from your income each month, which you can place into a rainy-day fund for emergencies.
As you can probably imagine, it takes time to build that kind of a cushion – particularly if you don’t have a solid income or you’re in debt, to begin with. Trust me, I get it!
1. Sell The Things You Don’t Need
If you’ve got a house full of clutter and not enough cash to pay for a sudden expense, then you might be in luck. Consider hitting an online marketplace like eBay to sell off some of the items you don’t need. You can always make a day of going through storage boxes, spare rooms and your loft to find things that you can sell.
2. Ask For An Advance On Your Wages
It’s pretty rare that a company would give you your whole wages in advance. However, there are some out there who are willing to give their workers a little bit of extra support when they’re struggling.
If you’re in a difficult position, you should speak to your boss about your options. The worst that can happen is that he or she will tell you that there’s nothing they can do.
3. Take On An Extra Freelance Job
These days, you might not be able to take another mainstream career on alongside your regular job, but that doesn’t mean that you can’t find other ways to earn some extra money.
For instance, the new gig-economy and remote working environment means that people all around the world are finding new ways to top up their income with freelance positions. You could design websites online, act as a virtual assistant, or even write blogs.
On the other hand, you could think about offline jobs too, like delivering food, or dog sitting. If you haven’t got those skills, or perhaps haven’t got childcare and can’t do another job, try your hand at matched betting using Freebets, or quick survey sites.
4. Tap I
nto Your Overdraft
When you’re setting up a current account with your bank, it’s a good idea to think about whether you can get an approved overdraft on the account that you can potentially go into TEMPORARILY while you sort your finances out.
That way, even if there’s no money left in your bank account, you should still be able to pay for certain expenses within reason. Consider speaking to your bank about the options that are available to you if you’re finding yourself in a rough place financially.
This one is NOT a long term solution by any means, and obviously, I’m talking about interest-free overdrafts.
5. Request Some Flexibility On Bills
Finally, if things look particularly drastic, remember that you can always contact your electricity or gas providers to find out whether you can put your payments on hold for a short time, or at least cut the cost down or spread out the cost until you’re back on your feet.
You can also ask for a ‘payment holiday’ on your mortgage and other big bills to help ease your financial situation.
Many providers are happy to discuss options with you when you’re suffering from a lack of cash, probably more than you think!
You can always ask your loved ones for help. It can be quite a tough thing to do, especially as it might hurt your pride and rejection is awful, but remember, they love you and they’ll want to help! Especially if you promise to pay them back and agree terms.
So there are my tips on how to help yourself out of a tricky financial situation. I hope I’ve given you some helpful advice!