Unfortunately, financial hell happens to the best of us at one point or another. Usually, it’s when everything is ticking over nicely that the car grinds to an infinite halt or the boiler explodes, or both, forcing us to dig deeper than we thought possible. Panicking about how you’re going to pay for next month’s bills has got to be one of the most stressful situations a family can go through, but there are ways to get through it and to realign your finances.
Be realistic about your budget
The first thing you need to do is cut back on your monthly spending habits. Do you have a gym membership which barely sees the soles of your sneakers? Can you stop any monthly subscriptions to music or movie websites? There are many ways to live a more frugal life; skip Friday night drinks and go for a walk instead, cook over ordering in takeout or simply camp in the garden with the kids at the weekend instead of spending money on an amusement park. Knowing your limits and sticking to them will let you begin to recover from any hardship.
Assess your debts
If your debts have become unmanageable, it is necessary to take a good, hard look at what needs to be done about them. You can either choose to consolidate them by doing a balance transfer to a no interest credit card or do some research into debt relief grants and loans. These loans and grants are designed to spread the cost of repaying money into much easier chunks if you are in a hole that is too deep to climb out of yourself.
Get a second job
If you’ve got yourself into enough trouble that just cutting back on spending isn’t going to cut it, you may need to get a second job at weekends or in the evenings to create a little extra cash. There are plenty of options out there, and if working in a restaurant or bar isn’t an option due to family commitments, you can try your hand at freelance writing or designing. All you need to do is a quick online search to see work out which websites and companies offer what you need – whether that’s regular remote work that can be done for the spare room, or temporary work just for a few months to get you back on your feet!
Make some lifestyle changes
There’s no time like finding yourself in financial trouble that is better to reassess some of your life choices. Maybe now is the time to dig up the garden and start a veggie patch? Or do some research into renting an allotment from your local government. By growing your own vegetables, you will save on a huge chunk of your weekly grocery shop, and will, eventually, only need to buy meat and dairy throughout most of the year. Making a lifestyle change which saves you money could also involve selling the car and only walking or using public transport, or cutting down on your household possessions. Not only are all of these good for your bank balance, but your health too. Swings and roundabouts!