With that in mind, here are five of the best ways to survive a financial emergency:
Ask for an extension
Start by reviewing your upcoming bills. If you want to avoid late fees on credit card payments or other monthly bills, take action and call your creditors. Explain the situation to the customer service representative and request an extension. In most cases you will receive one. Just don’t ask too often.
Visit family and friends
Then you need to figure out a free or cheap way to eat your meals until you get paid again. If you have family members or friends nearby, this might be a good time to stop by for dinner and offer to do the dishes afterwards. If you can get a few meals this way, think of your friends and relatives if they need help in the future. Although it may not be in the form of food, you should return the favor in any way you can.
Get help
After food and recurring bills, the next things you need to take care of are essentials like gas and heating. In these situations, you may need to be willing to ask for help. Find a carpool buddy until you have a few dollars left in your pocket, or scrape together some change to take the bus to work or school. In winter you can usually get heating help by consulting your local energy supplier. Most countries offer heating assistance for people with a low income or financial problems.
Discuss ways to save
In the meantime, you should explore ways to reduce your chances of running out of money in the future. Look at your monthly expenses and see where you can save. Renegotiate monthly bills to temporarily get a lower payment. Contact your insurance company to see how you qualify for a discount if you have multiple insurance policies, such as auto, renters, or life insurance. There is also the option of asking your boss for that raise, but don’t use your financial situation as the main reason to ask for more money.
Make money fast
In some cases you need some money quickly to make ends meet. If you’re not sure how to make a few extra dollars quickly, take a look at some of your most valuable assets. Offer some of your treasures for sale online to make quick money without having to get a second job. You can offer old clothes, tools, sporting goods, baby toys or more to stretch your budget even further this month.
A serious financial emergency can be a stressful situation, but following these tips can help you stretch the few dollars you have left in your bank account during a difficult time.
Photo credit: Suzy T
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