Stuck In A jam? 5 Ways To Get Out Of A Tricky Financial Situation

Stuck In A jam? 5 Ways To Get Out Of A Tricky Financial Situation

Financial difficulties and troubles affect most of us at some point in our lives. It’s a stressful time, and it can often feel like there’s no way out.

It can leave you feeling anxious, depressed and helpless, but there is help out there and it’s important that you don’t let your financial situation begin to affect both your physical and mental health.

One size does not fit all, but these top tips will help you to analyse your situation and determine the best way to move forward and resolve your financial difficulties…

Identify the Underlying Problems

The first step is understanding what is causing your financial strain. By identifying the underlying issues, you can then move forward in putting together a plan to resolve this.

If your low-pay is struggling to make ends meet, perhaps it’s time to re-evaluate your choice of job, or even look for a second job.

There is an increasing amount of flexible, home-based opportunities that can earn you extra cash from the comfort of your own surroundings.

Use your skills base to your advantage and research potential opportunities where you can earn extra cash each month to ease your financial worries.

Reach Out for Help

Stuck In A jam? 5 Ways To Get Out Of A Tricky Financial Situation

There’s no shame in asking for help, we all need it at some point! Speak to your family, is there anyone who can lend you money to get you out of your tricky financial situation?

If friends and family aren’t an option, it could be worth comparing short term loans to help you out. These will ease your stress and take care of any financial difficulty whilst you get back on your feet.

There are always situations in life which we can’t account for, for example, the need for a new car, or a hefty bill from the plumber.

As an isolated event, short term loans can be a real lifesaver but it’s important not to rely on them regularly as you could find yourself in a downward spiral.

You don’t want to find yourself in increasing debt, so make sure you can afford to pay back the loan and not use them for recurring bills you can’t cover.

Create a Budget

In order to maintain your finances and avoid any future financial woes, it’s a good idea to create a monthly budget and most importantly – stick to it!

Combat your money troubles and start with a spreadsheet. Determine your outgoings against what’s coming in and allocate a budget for food and hobbies/entertainment.

This will give you a better understanding of what you can spend and it might make you question some of your unnecessary purchases.

Sell Sell Sell

Stuck In A jam? 5 Ways To Get Out Of A Tricky Financial Situation

If you’re looking to gather funds fast, why not participate in a car boot sale or use your eBay account to sell unwanted items? As they say, one man’s trash is another man’s treasure!

Clothing, toys, homeware and old furniture can all help to earn you some handy extra funds each month. Minimise your life and clear your home from unnecessary clutter whilst making money in the process. It’s a win-win situation!

Review Your Progress

Once you’ve got your plan in action, made some extra money or borrowed via a short-term loan, it’s best to keep a track of your financial progress and review every 3 months at a minimum.

This way you can understand if your plan is working, and if not, why not? Once you get on track and start doing better than you perhaps thought you could, refresh your goals and improve your plan.

About author

Poppy loves personal finance almost as much as she loves her two cats, Tif and Taz.
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