We have all been there. Everything is going well and then all of a sudden, the heavens open and down comes the rain. The infamous rainy day can happen to any of us. It’s vital to find the money to solve your problems quickly, and that’s why we are bringing you our top five solutions that should help you when you face financial difficulties.
- Sell something (or things)
For some of this, this could work brilliantly; for others, who may not have many possessions, it might not help as much. Have a look around you and consider what someone would steal from you if they entered your property. Would they go for your jewelry, the car, your gadgets? Consider which of those you could live without and see if you could sell them to make some quick, easy money. Using a free platform such as Facebook marketplace is super for avoiding selling fees, but you will find that most people want something for as little as they can possibly pay. Therefore, you may find yourself recouping less than you would like.
- Payday loans
When you hear the term payday loan, you may automatically think it isn’t for you. However, they can help you get out of a rut. There are a wide range of different payday loans available, but sometimes finding the right one can be tricky. It is best to do extensive research rather than jumping feet first.
- Take a mortgage break
If you rent your property, this will not be a suitable option. For those of you who are homeowners, many mortgage companies offer payment breaks. This means that you could stop paying your mortgage for up to around three months. Of course, these payments will be added on to the end of your mortgage term and interest will accrue, possibly resulting in slightly higher monthly amounts once the break finishes. However, these small changes can be worth it if you need a quick injection of money. Having a large amount free after being paid can make all the difference.
- Ask a family member or friend
If you feel confident to, speak to a family member or friend to see if they are able to offer you some money as a loan. Often this means that you will not need to pay interest and they will be more understanding if you are unable to start making repayments straight away. However, if you do go down this route, be sure to pay your savior back. There is nothing worse than losing a friendship over money. Be fair.
- Set up an online campaign
This option is really only for those who need money for something that needs to be done immediately and not as a result of poor budgeting. There are several online platforms, such as GoFundMe, which allow people to ask people to consider donating to them to allow them to buy a special something or take a once in a lifetime trip. You must be great at selling your sob story to encourage people to donate rather than relying on word of mouth. It is an option from which there is no going back, so be certain it is what you really want before starting a campaign.