Tough Financial Rut? Tips On How You Can Ease The StressMonday, April 29, 2013 Mary Anne Velasco
Throughout our lives we can all go through periods of tough financial crises. It could be medical bills that you simply can't cover, unexpected utility bills that will incur large late payment fees, or even a broken down car that we rely on for work. Whatever form they come in, they are both damaging to our financial history and our mental health. The main question is how do we deal with them when they arrive and how we can make sure that we are prepared if they ever come back. Here are some great tips for helping you to free yourself from a financial emergency towards a brighter future.
❤ Short term/ payday loans
With the cost of living and travelling rising year upon year, many of us are struggling to get through the month between paycheques. So what do we do when we can't cover an emergency? Many unexpected payments will come with fees for paying late or not paying at all, but what many people forget is that late payments can also damage our credit history in the future. So, if you really can't make the payment and have exhausted all other avenues for helping you in this situation you can consider a payday loan. A quick search for payday loans online in Canada, will help you to see what is available to you.
Payday loans should only be used for times when you are in a financial rut, but when used correctly they can alleviate the stress and stop you from incurring any extra fees. If you do decide that this is right for you, then you need to make sure that you pay the loan back in full at the end of the term, this will make sure that you don't add on any debt that at the moment you don't need.
❤ Go through your budget with a fine tooth comb
Are you finding it difficult to keep your head above water financially? Well you are not alone, according to a recent poll by Forbes, approximately 13% or young adults are having to move back home in order to survive financially. One of the most important things to do when considering your finances, is to set yourself up with a month by month budget, not only to help you to remember payments, but also to highlight any areas where you can save some extra cash.
This can be a difficult thing to do, especially if you don't want to admit to yourself that your finances are not in a good way. However, it is almost imperative in order to start to save money. Once you have written down all of your incomings and outgoings, you will know what expendable income you will have each month and this is where you can get creative.
Look at ways you can save a few dollars each day, whether this means brewing your own coffee in the morning instead of visiting a coffee shop, or taking your own lunch to work. Either way, by taking your own lunch alone, you could save over $100 a month. If you were to save this money, then there would be no future stress caused by times of financial emergency.
There are also many ways that we can save money on payments that we have to make. If you have a credit card, then have you considered transferring your balance to a 0% card, saving you money on payments each month? One of the easiest places to save a few dollars each week is at the supermarket. Coupons have a stigma surrounding them, but they are a very useful tool that can save us money on the things we desperately need. By starting to think outside the box, you could be pleasantly surprised by how much you can save.