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Dealing With Disaster: Keep Your Finances in Check When The Going Gets Tough

Almost all of us will feel the pinch financially at one time or another. It could be a short term issue or something stretching over months and years, either way- it’s incredibly stressful. Here are some of the situations you could come up against, and what to do if you’ve found yourself in a pickle with money because of them.

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Losing Your Job

Losing your job can be incredibly stressful, and going from a regular wage to nothing can leave you worrying about just about everything in life. From how you will keep a roof over your head to how you will eat- it’s a situation that no one wants to end up in. if you’ve been let go from your job, the first thing you should do is speak to your local authority. You may be entitled to benefits and help from the government which can keep you going while you look for work. They can also refer you to a careers advisor who can help you to quickly and smoothly get back into paid work.

An Unexpected Bill or Expense

Life can have a funny way of tripping us up when things seem to be going well. You might be managing your money just right, and then BAM- your car breaks down, your washing machine stops working or you’re hit with a sky high bill that you just weren’t expecting. If you have savings then this would be the time to use them, and a financial buffer can certainly make life a little easier when these situations crop up. But if you don’t have any savings in the bank, there are a couple of options. One would be to take out a loan, this mariner finance review highlights loans that you can get even with a poor credit score. Just be sure to consider carefully and ensure you can afford the repayments. If this is a one off expense than a loan can be an efficient way to put things right, but shouldn’t be used for regular expenses as in time you will end up over committed. Another option would be to speak to a friend or family member and see if they can loan you some money. For everyone’s sake, it can be worth writing out a contract and repayment plan so that you know exactly what needs to be paid and when. Otherwise, you could try and work out a payment plan directly with whoever issued you the bill or expense. You might be able to negotiate affordable monthly payments until the amount is paid off.

A Big Event or Celebration

Big events such as Christmas or even yours or a loved ones wedding can set you back enormously, and leave you feeling the pinch financially. In these situations, it’s always better to see where you can make money saving cutbacks, and to plan in advance. For example, if you’re getting married how about baking your own wedding cake or growing your own flowers? You could also start saving a little money early on to fund the purchases you need to make. For events like Christmas, why not arrange secret santa instead of having to buy a gift for everyone? You could also bake cookies to give as gifts and other DIYs which can save you on cash.

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