Cash Crisis Needs Immediate Attention
At least once in every person’s life comes a time when the resources are few and a cash crisis appear. It can be hard enough to make ends meet on a decent wage, but, when the times get tough and the money just is not there to meet the need, a person can easily despair.
If you are hit with a serious financial situation and you find yourself scrambling around for emergency money, here’s how to assess your situation and get back on your feet. Let’s say you have a major home problem, or health issues, legal or tax problems or other tipes of emergency…what do you do?
Learn To Deal With Cash Crisis
Wherever there are cash crisis, you can be sure to find some emotional setback. You might just as well begin to prepare for the devastating fiscal and the emotional fallout that is sure to come. You will need to cope very well with both if you hope to make a solid financial comeback.
You must NEVER allow yourself the luxury of panic. There is no one there for you to just take over. You are all you have! The more you panic, the less effective you will be. It is only when you are at your most calm that you will be prepared to get to where you need to be and then overcome.
At even the first hint of a cash crisis, it’s important not to act right away. If you do it this way, you will inevitably make a mistake! You absolutely must regain your balance before you can even begin to make a plan. Whenever possible think about seeking out the aid of a financially perceptive friend or family member who can help you to come to a clearer perspective. Remember that ―”two heads are always better than just one!”
First, you need to know exactly how much you owe, how much money you have in hand and what it will take to cover the distance between the two. If you are not properly prepared, you must become prepared on the spot. Any type of cash crisis will catch you unaware and you will feel cornered.
Increase Your Income In Case of a Cash Crisis
Keep in mind that if you were to lose your job, you’d have to repay the loan immediately, or be taxed as though it was a withdrawal. This remedy could be very costly in the long run. So, what can you do?
-Take on a hobby that you can translate into dollars. Can you walk a neighborhood dog? Teach basket weaving? Host a dining room? Baby-sit for other kids? Do Computer graphics? Consider which of your talents might be worth a few extra bucks and then go out there and do it.
-Take on a part-time job. Many people suppliment their salaries with part-time jobs!
-Spend more wisely. We all hawe our own ways to waste money, now you need to see how you can eliminate the ones that you wouldn’t miss.
-Borrow from a trusted friend or relative. The interest rate can be zero, the cash is quick, but be sure you can repay. You need to have a plan for how you will pay back the loan even before you approach them.
Suffering a serious cash crisis is an excellent time to self-assess. Ask yourself where you went wrong, where you’re not paying attention and how you might be setting yourself up for future financial setbacks. Understanding the answer to this important questions will help you out next time you will be in this situation.
It is better for you to be prepared before the cash crisis starts! You won’t be able to anticipate every time a financial burden lands in your lap, but if you want to be cushioned against it, you have to anticipate the unanticipated. Be very careful because an emergency fund is for…Emergencies! It’s not supposed to be depleted every month. Take a closer look at your expenses for the last months, because it’s almost sure that you need to rethink your money management issues, and in a hurry!
Some Quick Fixes For Cash Crisis
1.The first thing you want to do is to get back on track very fast. If that means letting your credit card bill go for a bit, so be it! As soon you realize that you have a cash crisis, contact your credit card issuers and request reduced interest rates and payments, not only one, both!
2.For your car payment, call the creditor and request a payment extension.Perhaps you hate payment extensions because they requaire a fee and you still have to make the payment at the end of the contract. In this case, a payment extension can allow you a little breathing room to help you recover during your cash crisis. You have to know that you will have to pay a fee (usualy about 1/4 or 1/3 the car payment) for the extension. Your first and only goal at this time is freeing up the money you need!
3.Check to see if your mortgage holder will allow you an extension for a nominal fee. Do this today if possible!
4.Another quick fix is to host an on the spot yard sale. You will not have too much time for planning, so do a quick survey of your personal goods. That can include clothes that you no longer use, but that are in good condition, put a notice on laundry mats and grocery stores around town, and remember to place a sign at the end of your driveway. You can make quick $100-300 this way with very little time and effort!
5. If you have a larger item to sell, call into the local radio stations to see if they have a -Call in swap show- on the weekends. This is a very popular way to quick convert a gently used and more expensive items to fast cash in times of this situations!
6.Another quick option is with utility and telephone bill. If you aren’t already on a budget plan, ask that the current bill (plus any other previous balance you owe) to be set up for a budget plan. Expect to pay a down payment ( usualy 1/4 of the bill). The nice thing about it…it’s usualy interest free, and can give you some much needed breathing space for a month, you must be sure though that you maintain the regular utility payments and the budget payments in the coming month.
7.Getting fast cash through borrowing: if you are in a more advanced cash crisis, and all of the above solutions can’t fix it, you need to consider to take a small borrowing plan – payday loans. For more and more people this seems to be the best solution because you can have instant cash when anything else fails. Even more you can see if you are eligible and get a payday loan online, in just a few minutes, this way you are saving time, which is precious in when you have a cash crisis!