We all know we need to have savings put aside for when the unexpected happens and you can almost guarantee that it happens at the most inconvenient time or just after you’ve spent all your saved up money on something like a birthday, Christmas, the school uniform shop or replacing something that has already broken – thank you vacuum cleaner and microwave for both breaking within two days of each other.
So what happens if your pet becomes ill and requires a trip to the vets or the car breaks down and requires a lengthy stay in the garage to be fixed and pay day is still a fortnight away and you don’t have any savings put aside for this rainy day, what do you do? Money worries can be the absolute worst and can put us into a terrible tizzy if we let them. Here are some of my ideas to help in the short term:
Sell something – It’s amazing what we all have just sitting around gathering dust that we no longer need or use and it’s amazing how much of a gold mine some of these no longer wanted items can accumulate. If you have old computers, games, CDs, mobile phones, tablets etc there are many sites online that you can use to sell them. Sites like eBay and Music Magpie are good places to start but remember this cash isn’t instant and will take at least a few days before you receive it. You can visit shops on the high street like Cash Converters and CEX to sell your items quickly. They probably won’t give you the same amount as you could get on eBay for an item but it does save the waiting for items to sell, the hassle of posting the items and the costs of eBay fees.
Borrow from family and friends – I hate to ask my family for money but when times have been hard in the past we have borrowed from them and always made sure to pay them back. It’s important to remember to say when you’ll be able to pay the money back and ensure that you stick to your promise by paying the money back at the earliest possible moment. It wouldn’t be nice to fall out with those closest to you when they were helping you out in your hour of need.
Use a credit card – Using a credit card isn’t always a bad thing. If you have no money available and the only way of paying in an emergency is by using a credit card then do so. But remember only use it for an emergency and try to pay as much off the amount if not the full balance when your statement arrives or else you will incur interest if the card isn’t interest-free.
A loan – Sometimes we just can’t get the amount of money we require quick enough, we don’t have things we can sell and we have no family or friends who are in a position to help. In these instances, the only option is to take out a small loan. A loan can be a real life saver and can help bridge the gap until pay day arrives.
Remember all of the above are ideas that would work in the short term. If you are struggling with money on a day to day basis then seek professional advice from agencies such as The Citizens Advice Bureau or a charity such as Step Change. They will advise you how best to deal with your debts and money worries and they can help put the steps in place to help you get back on your feet again.
*This is a collaborative post and is in no terms meant to be used as financial advice – always seek professional advice*