In the Middle of a Financial Emergency? Here are 4 Ways Out

Many of us struggle to juggle all of our financial responsibilities month in and month out for our entire lives, particularly when unexpected bills, charges and fines crop up. It’s not rare for a person to find themselves in a position where there are too many demands on their finances and just not enough cash. In this article, we’ll give you some valuable advice on what to do when you’ve found yourself in a hole of this kind.

Revise Your Current Financial Responsibilities

What can you do with the tools you already have to hand? For a start, why not take a look at your monthly outgoings and see if there are any unnecessary regular payments that you can cancel or freeze before they’re taken out this time around, such as subscriptions and membership fees. If you pay rent, why not talk to your landlord and request to delay payment until you’re in a better financial situation. If this is only until payday, they may be inclined to agree. Homeowners may be able to remortgage their property and release equity to achieve a little financial relief in an emergency, or other borrowings such as student loans can potentially be refinanced.

Work Out a Payment Plan

If your financial problems have come in the form of a fine, a charge or an overdue loan repayment, contact the relevant body and have a conversation about payment plans. Many of these companies will have resources in place to help people who don’t have all of the cash to hand instantly. All you need to do is make your position clear, and they may be willing to take some of the pressure off.

Borrow Funds

If your financial problems are simply a cash flow issue, you might consider borrowing. Don’t be shy to ask friends and family for a short-term loan to help you out. For their peace of mind, you can even make the agreement official by getting a document notarized. This will assure them that they’ll be repaid. Alternatively, you can look into short-term or payday loan options from ThinkSaveRetire.com. Always read the small print carefully, and don’t commit to anything unless you’re sure that you’ll be able to afford the required repayments on time and with interest. If you’re in a position to undertake this form of borrowing, it can really ease the pressure and help to bridge any financial gap until you get back on your feet.

Sell, Sell, Sell

It’s the final straw for many, but you may need to think about parting with a few possessions in order to make up the cash you need. Games consoles, jewelry and watches, designer clothing and other valuable items can fetch a decent amount of money online and none of these belongings are particularly essential. It’s painful to have to do it, but getting yourself out of trouble should be your first priority. You can treat yourself once again when this rough patch is over. Selling online is a great option as people beyond your neighborhood will be able to place bids on your items, ensuring you get the best price possible.