We may earn money or products from the companies mentioned in this post. This means if you click on the link and purchase the item, I will receive a small commission at no extra cost to you ... you're just helping re-supply our family's travel fund.
From time to time, all of us find ourselves in a tight spot financially. And when this happens, it’s the kind of thing that can be incredibly difficult to navigate. No matter what kind of financial understanding you have, or how many times you might have been in a similar situation in the past, there are always going to be difficulties with getting through something like this. However, the important thing to remember is that it is always possible to do so.
Below, we’re going to look at some of the top ways to deal with a financial emergency when one occurs. If you can do the following, or at least some of the following, you are going to find that you get out the other side of that situation much more easily, with more of your money intact. So let’s see what might be involved here.
Step Back
One of the most important pieces of advice of all is to take a moment to take stock of the situation. Just the act of stepping back, taking a deep breath and trying to look with objectivity at the situation can make a huge difference to how you feel about it. So that is something that you should certainly bear in mind if you are keen to get through it in one piece. Often, it turns out that a situation is nowhere near as bad as you thought it would be – you were just too hyper-focused on a detail, perhaps, or you had lost your sense of priorities, for example.
Stepping back gives you the chance to look at your finances and to figure out just how bad it really is. And you will almost always find that doing this shows it is nowhere near as bad as you had thought. So that is a great feeling to have, and one you are probably going to be grateful for.
Re-Budget
Once you have done that, it’s always worth taking a closer look again at your budget. The clearer you can get on that, and the better the budget is, the more likely it is that you are going to be able to get through the situation, no matter how bad it might seem. Just revisiting your budget might show that you have some pretty obvious errors that can be overcome, and that is the kind of thing that can make a world of difference.
So to do this right, you should make sure that you are being as focused and detailed as possible. If you can do that, you’ll be amazed at how much it can help, and the kind of end results that you find. The point here is to be as honest with yourself as possible. If you can do that, you will find you improve the budget sooner and get through the whole situation much faster too, so it’s really worth thinking about this if you are keen on getting that right.
Call In What You Are Owed
Now is the time to call in anything that you might be owed. That is not always an easy or pleasant thing to do, but it can make a huge difference to how easily you get through your situation, so it’s something you’ll want to bear in mind for sure. And it could be that you are owed quite a lot of money that you could certainly do with during an emergency situation like this.
With that in mind, you might need to think outside the box a little to ensure that you get this right. For instance, you might have payments due from a structured settlement, in which case it would probably be helpful to have access to those payments now rather than later on. You can get more information here on how to do that, and before you know it, you’ll have a lot more money in your account than you had before.
Alternatively, or additionally, there might also be individuals who owe you money, in which case this is probably the time to give them a ring. Again, this can be awkward, but it’s something that could help you get through your situation much more easily.
Ask To Pause Debt Repayments
If you have any debts that are causing you trouble during this difficult time, you might want to see if you can get these paused for a while. That might be easier than you think, and it’s something that is actually going to make it so much easier to get out of the bind you find yourself in. So considering that, you might want to contact your creditors and see whether they are happy to give you a brief ‘payment holiday’.
You might be surprised at how many of them will do this. It is certainly always worth asking, as the worst that can happen is they say no. This is something that looks simple but which could massively help you to overcome your troublesome situation, so it’s definitely worth thinking about if you have not done this already.
Get Help From Loved Ones
It might be that you need to call in some help from those around you, too. This is something that is going to really make a huge difference to how easily you get through the situation, but also how you feel emotionally at this difficult time, so that is something that you should bear in mind here for sure. If you can get help from your loved ones, then you are going to have a much better chance of getting through the situation in one piece.
Of course, it’s not always fun to ask for help, but sometimes it’s the best choice, so you should at least give yourself a chance to get through your difficult situation.
Leave a Reply