Whenever monetary trouble strikes, it’s natural to feel panicked and alone. However, that doesn’t have to be the case, and having a good idea of the different routes you could take to help yourself out of this rut can lead you to take a more proactive approach. Some options will be gradual, based on changing your lifestyle, while others might help you to immediately grab hold of a fast-acting solution that can change your course.
A Loan
This might be the kind of solution that you’re looking for in a real bind, with different loans suiting different situations. While you might not be aware, you can find loans that you can access immediately and loans that are offered to you regardless of previous bad credit. Both of these facts can make them a much more appealing prospect to some people. There is also the option of short term loans, which might perfectly suit the situation you find yourself in rather than taking out a long, drawn-out loan.
Interest and Savings Accounts
An approach that you might generally see as a lot more gradual could be to open up a savings account that can offer the best interest rates possible. In this way, your life might not immediately see improvement, but the money that you save could increase more quickly. While some such accounts might be specifically for situations like saving for a house, others might be more general and worth inquiring about at your bank of choice.
Split Payments
When looking to put money down on an item or service that typically costs a lot of money, there is often an option to pay for it across multiple installments. If you don’t need to resort to this, you might be deterred by how it leaves the payments hanging over your head while they remain unpaid, but they can be extraordinarily useful when each payment can fit more neatly within your income. This is an option to be aware of as it can prevent you from feeling trapped by your current financial situation when wanting to spend money on new things.
Shared Payments
Alternatively, if financial problems are affecting multiple aspects of your life, you might consider how a lifestyle change could help. Having your own individual space is often preferable for a lot of people, but living with other people in a house-share situation is one example of how sharing payments can take a lot of the pressure off. This is a concept that you could also extend to other situations, such as buying a car that you would share with someone or grocery shopping with the aforementioned house share.
An Advance
While it might not be favorable for a lot of people, sometimes you find yourself in a situation where you need to make a payment now – without the available income. If it’s a matter that payday is still a while away and a short-term loan isn’t an option for you, you could consider asking your employer for an advance, though there’s no guarantee they’ll allow it. Even if they do, however, it’s best to avoid making this a regular occurrence, both for the sake of your professional relationship and for how it can affect your own money-spending habits.
Veeramachineni Lalitha
I am Finance Content Writer. I write Personal Finance, banking, investment, and insurance related content for top clients including Kotak Mahindra Bank, Edelweiss, ICICI BANK and IDFC FIRST Bank. My experience details : Linkedin