Sometimes life throws us a curveball, and no matter how well we have looked after our finances in the past, the present wasn’t prepared for the carnage. There is always a way to pick yourself back up again and continue as you had before, so let us guide you through the process.
Track Your Finance Situation
So something has changed in your life; maybe you received a massive medical bill, or perhaps a natural disaster has destroyed your home. These times are tough, not just for the physical and emotional pain you are going through, but the doom of financial pressure is creeping behind you.
Take a breath. You’re going to fix it.
When life gives you lemons, the first thing you should do is figure out what to do next. Take out a pen and paper or an excel spreadsheet and track your finances. Put it down in an easy-to-understand format. An unexpected bill can be easy to add to the list (even if it is daunting), but a job that hasn’t been given a figure can be challenging. This is when you need to research how much it costs to get to your goal, whether that’s repairing your home or buying a new car.
Whenever you need to make a new payment, add this cost to your list. Leave no receipt uncollected.
Create A Budget
Now you have your data, you can try to create a budget. Depending on when you get paid or receive an allowance, divide your cost into monthly, daily, or weekly payments. Then minus these payments from your income.
If the equation leaves you in the negatives, then you need to adjust your budget to stop you from getting into more debt.
This could mean taking out a loan to pay for your medical bill in one go and paying monthly to a lender instead. The idea is to lower your monthly payments to a reasonable goal.
You may notice that you can reduce your monthly costs by cutting out some unnecessary payments. A monthly subscription to a wine club or a family-sized subscription to Netflix, for example.
Go through the list and see what can be cut to stop you from going into the negatives each month.
Could A Quick Cash Loan Help?
A quick cash loan is a type of loan which needs to be repaid in a short amount of time. Because of the short-term nature of the loan, they tend to have higher interest rates so the lenders can still make money.
Sometimes the lemons in our life are affordable, but we weren’t expecting our car to break down, and we have already spent our monthly budget on the kid’s birthday party.
In cases like these, where you could afford the bills if it weren’t for a different big payment you have already made, a quick cash loan can be super helpful. The lender gives you the money and expects you to pay it back in a month or so, allowing you to pay for your kid’s birthday party and a car repair without having to sacrifice either.
You then pay for the loan either in installments or on your next payday. CreditNinja’s quick cash loans, for example, are entirely online. This means that as soon as your car breaks down and you see the financial issue rising in your head, you can go onto their website, fill in a quick payment form, and get the money into your account before the car repair team arrives.
Look At Local Government Support
Depending on your current situation, the government may be able to support you through the crisis. If your home has been destroyed due to a natural disaster, your local government may have a refuge place available for you to stay and a financial support system prepared to help you rebuild.
Take these opportunities as the lifeline that they are. Our money-driven society did not account for half of the terrible disasters that can plague our lives, which is why the government has schemes to help those unduly affected.
Every local government will have different systems in place, so go to their website and search through their content to see what is available to you.
Keep An Eye On Your Progress
Once you’ve found a support system to help you out of this crisis, be sure to keep on top of the issue. Ignoring your problems will allow them to grow, so once a month, check on your process and see if anything needs to be adjusted to fit with your new budget.
For example, if you need to put your Netflix account on hold while you pay for your quick cash loan, keep an eye on how long you have left. Once the loan has been paid off, you can go back to watching your award-winning shows.
Remember that when life gives you lemons, you can make lemonade. It might not be the drink you were hoping for, but at least you won’t be left thirsty.