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How to Deal with a Financial Emergency

When your financial situation goes from “getting by” to “getting hit left and right” - how do you handle it? Whether it’s one large bill or a bunch of bills adding up, financial emergencies can come on fast and leave you stressed to the max. You can handle it, though, with a little bit of knowledge, a dash of resourcefulness, and a heaping of hope.

Evaluate The Situation

When a big bill hits, the stress can be overwhelming. You may get really emotional or you may completely shut down; either way, you definitely don’t want to tackle the issue. Here’s the thing, though: When you face down the financial emergency, it helps you bring back a sense of control. That feeling of being back in the driver’s seat of your financial future can do wonders for your stress levels. Plus, by definition, a financial emergency is one that is not going away. Ignoring it will only make it worse in the long run - which is sure to stress you out even more. So, let’s evaluate the situation with a few questions.

1. What is the breakdown of total costs?
What are the total costs associated with the financial emergency? What does that break down to in costs per day, per week, per month? Sometimes, a high dollar amount can seem a lot less scary when you look at it from a daily, weekly, or even monthly standpoint.

2. How long will it take to recover?
Realistically, how much time will it take to get back on your feet? Consider what you can afford to pay towards the bill each week or month. This will give you an idea of how long you’ll be dealing with the issue and give you a clear view of the light at the end of the tunnel.

3. How did this happen?
Maybe the cause is obvious, like a medical emergency. Sometimes it’s not as obvious. What other factors played a part in creating the situation? Answering it takes honesty and could go a long way in helping you avoid this in the future.


Lower Other Expenses

A financial emergency can often bring about “survival mode” where your main focus becomes maintaining your shelter, food, and clothing. That means extraneous bills need to be cut in order to free up funds that can go towards covering the costs of the financial emergency. By following the above advice of figuring out how much you need to pay towards the bill, you will have a strong sense of how much you need to lower your other bills to balance it out.

Here are a few suggestions to lowering your expenses:
  • Defer payments: Whether that’s your car payment, student loan payment, or even credit card bill, reach out to the companies and see if there is anything they can do to help. Sometimes, they are willing to defer your payment for a month, freeing up that much-needed cash.
  • Drop unnecessary bills: Cable is more of a luxury item than a necessity. With the average household paying $181 for cable, dropping it will open up a significant amount of money each month. Look into lowering your monthly mobile bill as well - either by minimizing your data or finding savings through their customer service with deals they might be running.
  • Get creative with purchases: There are some purchases you can’t avoid during a financial emergency, such as food. Look for ways to lower those bills by using coupons, shopping at discount stores, or cruising the aisles for sales.

Find Emergency Cash Resources

Sometimes, emergency situations call for emergency cash. If you need to get actual cash in-hand, there are multiple options available to you. One great option is a payday loan with 310-LOAN. Our payday loans are fast, confidential, and it’s simple to apply. You don’t even have to leave your house; in just a few minutes, you can complete an online payday loan application right from your computer or mobile device. And with 310-LOAN, you can have cash in your bank account in as little as 30 minutes upon approval.

Other ways to make quick cash include:
  • Sell something valuable. Depending on how fast you need the money, selling your valuables may be an option.
  • Talk to friends or family. Loved ones understand when we’re in a tight spot and may be willing to help you dig out.
  • Contact local charities. There are numerous charities throughout the country who may be able to help pay bills or purchase groceries.

For more advice on how to come up with emergency cash, check out our blog, “9 Emergency Cash Options When You Need Them.”

More than anything, when you’re in this situation, take it easy on yourself! Sometimes life gets in the way and beating yourself up isn’t going to improve the situation. Handling the financial emergency on a day-to-day basis will help you feel less overwhelmed, and the small steps you take towards solving the problem will go a long way in making you feel more in control.

For any financial emergency - and even just helping you over the next hump - think of 310-LOAN for your payday loan needs!

   

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