Once in a while we come across with financial straits, and the only bailout is to handle it as fast as it is possible

Once in a while we come across with financial straits, and the only bailout is to handle it as fast as it is possible

Here we should stress the following idea that every time encountering difficulties we are to find a new approach to handle them. It is a better-known fact that the UK people like to spend lots of money every day. Obviously, if you like to splash out: need it or not, be ready to face the financial challenge. That is what we all need to do every day-to think how to overcome the forthcoming financial difficulties. As it is really can be called a burning issue, we’ve decided to prepare for you the information on handling with such kind of difficulties.

From the very beginning we would like you to take a pen or a pencil in your hand and a sheet of paper and write on it what, from your point of view, is your financial problem. For example, I cannot save money, or as soon as I have money, I want to spend it on a new gadget, or I waste too much money on delicious food. And this sentence is going to be a starting point for you; this is the core of your problem. Relying on the statement, why don’t you start to take a hold on yourself? Are you sure that you cannot live without a new gadget, or without “must have dress № 100 in my wardrobe? “Downsize the amounts of your desire to buy something that you really don’t need. Have a look at your personal expenses.

Returning back to the previous point, let’s try to find a settlement of the problem?

Again the settlement depends on a situation. There can be way out in downsizing expenses, or asking for help of your friends or relatives. If you feel that you cannot pay off the borrowed loan on time, the best solution will contain the following steps:

  • Let the lender know about the possibility of late payment;
  • Ask if there is a possibility of payment extension;
  • Now you have some time for saving money and it’s time for making a well-planned schema aimed at finding the money to pay back. And with this idea we are moving to our next point.

Talking about the plan here should be mentioned on thing:

it must be realistic, don’t dream about unachievable figures, you have a source of income, you know how much you earn and the possible sum of money to save per month. Based on the date, make a plan. Besides, try to identify the time frame within which the debt is to be paid off.

Feeling that you are in need of a help, you can resort to a support group for debt.

There is no need to give any detailed information about yourself to join the group, but you’ll have an opportunity to track the way the process of paying back is going on and all the time you need you can get a free consultation regarding your financial state.

It is a good idea to share your feelings concerning the situation with money with your relatives or close friends.

Of course, it is not necessary that they will be able to help you with money, but you’ll feel a kind of relief that you are not alone, not face to face with the problem.

Now it’s high time for a new piece of advice, and the thing is that you are to think about your living expenses.

If you cannot afford to rent a flat in this or that area, find something cheaper, and you’ll see that you’ll benefit and save more money. Stop to complain about hardships of life, try to adjust to the situation and find the way out.

Curb the vicious circle of debts; don’t try to take a new loan, without paying off the previous. It diminishes the chances of being approved, and lenders are frosty about such kinds of borrowers. Taking a loan is a good thing if you are in the urgent need of money. Don’t make it a habit to borrow without such kind of necessity. Make your credit score better than it is.

A good idea will be to start saving money for emergency cases

You are going to have your own emergency fund, instead of resorting to payday loans, for example, in future. No matter what can happen a car accident, or a sudden death of one of your relatives, you’ll be prepared for it financially, or at least you’ll have something not to borrow that much.

Self-restraint can be a real cure for many people, who cannot resist the temptation and spend money on something that thy really don’t need. Putting money in saving accounts doesn’t allow us to spend money that much, because you are not going to pay visit to a bank for taking out money.

One more crucial moment we would like to touch upon in the article is the ability to maintain the budget. If you still don’t know how to handle with it we’d highly recommend you to educate yourself in this sphere. If you know how much money you have per month at your disposal and the basic needs that you are to spend on it, where you can spend less, you’ll definitely benefit and be more prepared for financial challenges.

Try not to overspend, keep to the planned sum of money to be spent on this or that thing. For example, you would like to buy shoes, and you are going to spend £25, don’t spend more. Imagine, today you’ll overspend£ 5, tomorrow 10,all in all the overspending can fall into real expensive figures per month. And what about a year?

Besides, buy things only on cash, make notes of your purchasing, don’t waste your money and you’ll see how slowly you’ll find the way out from the debt pit.