Getting hit with unforeseen expenses will leave anyone feeling stressed out. It’s even more intense when you are not in a comfortable enough position to pay up or when doing so will leave you in a difficult position financially. When you’re faced with this kind of scenario, first take a deep breath, then examine the reality of your circumstances. Consider the following five tips for overcoming the situation and turning your luck around:
1. Hang Up On Payday Lenders
After searching online for information regarding fast finance options, chances are you’re going to start receiving ads and potential cold calls from payday lenders. Regardless of how promising the solution may sound, you need to avoid agreeing to any loans without having a good, hard look at all the terms and conditions.
Payday lenders are known for their extremely high-interest rates that can financially cripple you even when you’re making steady repayments. For fast cash loans, you’re better off when you stick to small loan amounts from reputable and industry-backed lenders like not-for-profits. They’ll offer smaller fees and charges and a lot more transparency.
2. Take A Break From Using Your Car
It may sound radical but there are numerous different benefits that result from spending some time apart from your vehicle. The money you save on gas will help pay a portion of your emergency expenses in the short term. In the long term, you will get more exercise into your day by walking or biking, which can reduce your stress levels and benefit your heart health. You’ll also lower your carbon emissions and effect on the environment.
3. Sublet Your Room
If you own your home or have a rental agreement that allows subletting, then research the ways you can use it to your advantage and make some extra cash fast to cover your emergency. You could stay with a close friend or relative while you rent out either just your room or your entire home for a couple of days or even a week to make up the cash you need. With accommodation hosting sites like Airbnb, it’s easier than ever!
4. Sell Unwanted Belongings Online
If you’re due for a home declutter then this option is for you. Unless you lead a minimalistic lifestyle, you have items in your home or storage that you can do without. What makes this option so viable, is that you don’t need to deal with delivery or handling too much. All you need to do is post an ad online for pick-up and somebody will pay you to pick up your unwanted goods. Some common items buyers look into throughout the year include classic books and textbooks, kitchenware, furniture, and technology.
Many people are intimidated by negotiating. This feeling can stem from an inconvenient fear of rejection. The reason you should always see if you can get a better deal or a more cost-effective solution is because you’re not going to end up paying more, you can only come out of it paying less if they agree. It never hurts to try! Learn some different negotiation techniques and see how it goes. This can apply to negotiate your emergency expenses, your bills or any other charge.
Don’t let a sudden expense keep you feeling down. By following through on the above tips and staying focused, you will overcome the situation before you know it.