It happens. Sometimes even the most frugal of us can find ourselves in a financial jam. There are many reasons for this to happen. You may have been injured and can’t work. You might be suffering from an illness that is causing you to miss work. You may have been laid off or lost your job. What can you do?
Well, dealing with a falling income means that you will have to save more and spend less. Beyond that, though, there are certain things that you can do to get the funds you need. Let’s take a closer look.
Alternatives to Payday Loans
Payday loans are no good, we all know that. However, there are alternatives out there that can get you the money you need quickly. A fast payday loan alternative can be the key to getting you through your financial crisis. They have minimum requirements for eligibility, you can get the money quickly, and repayment options are flexible. All you need to qualify is a valid social security number, a checking account that is active, and a source of income that can be verified. With these types of loans, you can get up to $1250.
In the Beginning
Before you go running around taking out loans, you need to evaluate your situation. Take a minute to sit down and evaluate the entire thing. Running around panicking will not solve a single thing and it will only serve to add to your levels of stress. It is understandable to have a million things going through your head. It is probably a given that being calm, cool, and collected is the furthest thing from your mind. However, having the ability to carefully look over your situation will allow you to make the right decisions.
Find out which resources are available to you. You might be able to borrow money from a family member or friend to tide you over or you might have to think about taking out a loan. Remember though that most financial institutions will frown on loaning money in smaller amounts, but those options that offer alternatives to payday loans are happy to do so.
Once you know exactly what kind of situation you are facing and what your resources are, you need to set your priorities. Go through your complete budget and find out if there is anywhere you will be able to cut your costs. For example, if you can’t afford to pay the power bill, you can probably put your cable service on hold for a month or so.
You need to know which ones of your bills will need to be paid right away and which can be paid at a later date. Just don’t cut out the insurance… any insurance. This can turn your minor financial crisis into a major one fairly quickly if anything happens.
Create a Plan
Sit down with your significant other and work through the bills and budget. You need to decide how you will be able to pay everything. Also, is there maybe an opportunity for either one of you to earn a bit more? Can either one of you maybe spend a little bit less? You need to know exactly how you will be spending all of your money for the next couple of months. You also need to come up with a plan to track your progress.
Call the Creditors
If you have any bills that you just can’t pay the minimum payments on, call your creditor to see if they will work with you on the payments. Do this before the bills go to collections because this will end up costing you a lot more while simultaneously limiting your options.
Do not let this financial crisis be a wasted opportunity. You need to use it to explore new areas and to sharpen your financial skills. Think of ways to advance your job to a higher skill level so that you can get paid more, or look at this as a time for a change. Don’t just remain idle or you will never get out of the situation that you are currently in. You might even think about volunteering somewhere to fill in the time gap when you aren’t looking for new opportunities to earn income.