Managing financial strain from conditions such as unemployment, dissolution of marriage, or an inability to meet debts can be intensely trying. It’s easy to fall into the habit of being anxious, angry, uncertain, and depressed, which can further lead to even poorer financial decision-making. Here are some ways to cope:
1. Seek Immediate Assistance
Acknowledge when you are experiencing financial distress and do not hesitate to seek help. Contact a qualified counselor; consult with a friend or family member. Or, if you feel up to it, you may want to lend support to someone else who is also in financial distress. When you are in this situation, reaching out to any of these individuals can provide the emotional support and practical advice that can help you navigate through this trying time.
2. Maintain a Positive Perspective
Recognize that no circumstance is without hope. Under the right kind of guidance, with sufficient patience, and by tapping into the support of those who love you, you can emerge from the kind of financial difficulties that threaten not only your economic well-being but also your sense of self-worth—those difficulties that the media so frequently portray as insurmountable.
3. Identify True Friends
When you’re in urgent need of help, it’s vital to determine who really cares about you. Contact those in your close circle—friends and family—who can provide you with kind words of support and some astute ideas about how to urgently raise some emergency funds. Listen to them and follow their leads.
4. Set Priorities
Disregard your feelings and think only of your family’s financial wellness. As a progenitor, your ability to reflect on your finances and avoid the emotional toll they can take makes a statement to your children. Choose to model the behavior of handling financial emergencies with effective coping strategies and no anxiety.
5. Creative Budgeting Tips
Tip #1: Contact Creditors
Return to a normal pathway by getting in touch with your credit card issuer to ask for lower interest rates and payments. Make this your top priority as soon as you’re able to access some money.
Tip #2: Request Payment Extensions
When it comes to making car payments, you might want to think about reaching out to a counselor for a possible payment extension. This could buy you some time and help restore your financial health.
Tip #3: Mortgage Relief
Consult your mortgage lender about getting an extension for a small fee. Move quickly to take advantage of this option.
Tip #4: Host a Yard Sale
Hold a fast yard sale to clear out stuff you don’t want anymore and earn some cash. Collect garments, glassware, and literature you’ve outgrown. To boost your customer base, promote your sale in the neighborhood.
Tip #5: Utilize Local Radio Stations
If items of considerable size are what you have to move, reach out to your neighboring radio stations and inquire about their weekend swapping programs. These shows can turn your sizeable, unused belongings into weekend cash with little effort on your part.
Tip #6: Set Up a Budget Plan
If you are having difficulties with utility or phone bills, inquire if you can establish a budget plan. This can assist in spreading out payments and can furnish some breathing room.
Tip #7: Community Assistance
Contact nearby churches and community organizations for urgent help. They usually have resources at hand for people in monetary trouble.
6. Consider Borrowing as a Last Resort
In a really tough spot? After you’ve tried all other options, think about this: A loan can be your lifesaver. Start with the folks who know you best—family members. Then move on to the local banks. And whatever you do, steer clear of payday loans. They can suck you into a dark, downward financial spiral.
Conclusion
To get through financial emergencies, you need emotional support, practical strategies, and a good deal of resourcefulness. If you put the following tips into practice, you can take back the reins over your money and ride toward a more stable future.
