Financial Emergencies: Getting the Help You Need Now and Preventing it in the Future

by James Hendrickson on September 26, 2017 · 0 comments

loan moneyJust about all of us has faced some sort of financial emergency. Unfortunately, they never come at a time when you have the means to deal with it. You’re doing well and then one day, a utility bill comes in the mail and it’s twice the normal amount with a shut-off notice, or you head into work and your boss tells you that your hours have been reduced, or you go to take a shower and the ceiling starts leaking. There’s always something, and never enough money to go around. Short of running away and assuming a new identity, what can you do to resolve the matter, or even better, to prevent it from happening in the future.

Handling the Right Now

Though there are things you can do to prevent being in a financial jam in the future, at the moment you need to handle the right now. Right now, you have a huge bill to cover and not enough money in your banking account to cover it. What can you do to get out of this jam, and fast?

·  Ask someone you know – If you’re talking about a few hundred dollars you may be able to find some relief with your friends or family members.

·  Borrow from pension – If you have a pension or 401K account you could potentially borrow funds from the account to hold you over.

·  Installment loans – If you don’t have the credit rating needed to borrow from a bank, you could apply for an installment loan. Companies such as Blue Trust Loans provides consumers with the opportunity to apply for as much as $1250. Installment loans are approved fast and repayment options are flexible giving you time to recuperate.

·  Do some odd and end jobs – There are some odd and end jobs that you could complete in the meantime to earn some extra cash to handle your financial emergency. Mowing the lawns of a few neighbors, babysitting, or even helping someone file their taxes for a fee can earn you cash on the spot.

·  Charge it – If you have a credit card that could cover the expense, go ahead and charge it to your card. However, remember, you will need to budget to pay it back.

Managing Your Finances

The best solution to dealing with a financial emergency is managing your finances so that it doesn’t catch you off guard. There are creative ways of doing this. Here are a few examples:

·  Save often – Financial emergencies likely startle your finances because you’re not prepared for it. The first line of defense when something costly comes up should be your savings account. If you haven’t been adding money to this, you need to. Whether you’re saving $5 a week or $500 a month, the savings you compile will add up over the years and act as a nest egg the next time you need more cash than you earn.

·  Increase your income – If the issue is that you don’t make enough money to handle your finances then you should start looking for ways to increase your income. Whether you start a blog on personal finance to help others or you create how-to videos on YouTube and earn from advertisements, every penny you earn can be used for a rainy day.

·  Kick bad habits – There are a lot of bad spending habits that could ruin your budget. From getting a Starbucks coffee every day to splurging at the mall every weekend, you may not realize how much you’re messing up. Start tracking your spending to determine where your triggers lie and then kick those bad habits to the curb.

·  Ask for help – Managing money is not easy for everyone, especially when you don’t have a lot of it. If you’re in over your head and need assistance, reach out before it’s too late. Credit counseling, debt consolidation companies, and even the companies you owe money to may be willing to help you until you’re able to get back on your feet.

Money makes the world go around. When you don’t have enough, it can seem like your world has stopped. When dealing with a financial crisis be sure that you’re making informed decisions. Whether you decide to take out an installment loan or borrow the money from your friends, remember to be responsible and repay the funds to prevent further emergencies in the future. Once you’ve resolved the matter, be sure to employ the above-mentioned tips to minimize the chances of it happening again.

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