Coping With a Cash Drought

Coping With a Cash Drought

It happens to all of us at one time or another-those moments where money is short and it’s hard to see your way through. Instead of falling into despair and worrying about what you are going to do, there are some measures you can take to deal with the current situation and make sure that your finances are more sorted in the future.

 

The first thing you should do is take a good long look at the situation and try to work out what-and where-the problems are. You must acknowledge the situation-it’s no good being an ostrich and burying your head in the sand about it-then start making lists. It is worth setting out a spreadsheet or other detailed way to look at your expenses, debt and ongoing bills.

 

Next, you must make essential payments a priority. Accept that some payments are potentially going to be missed when you are in a time of financial drought, and focus on paying those which cannot be deferred. For example, always make sure you pay your rent or your mortgage as you can’t make do without a roof over your head. You may have credit cards to pay off, in their case you can just go for the minimum payments until you are more stable. It is always worth getting in touch with a company to whom you owe money, as in some cases they can give you extra breathing time or even freeze repayments for a while.

 

While you’re working out your pennies it is a good time to work out your expenditures and reset your spending priorities. If you are going through a tight time finance wise, you should look at cutting back on non essential spending-clothes, social trips, restaurants-these are luxuries that can easily be put aside until you have more cash available. Don’t worry, you won’t have to be a Scrooge forever-just until you are back on track.

 

Have a look into what you can do to cut your costs. It may mean doing your food shopping in a different supermarket, buying certain items in bulk or simply buying things in season when they are cheaper. You can also resort to bargaining and being a bit cheeky, to see if you can shave a few pounds off one purchase or another-the savings do add up over time.

 

If you have extra time on your hands, time that you spend worrying about the state of your finances, why not put it to good use and get a part time job? This isn’t always the easiest solution, but there may well be seasonal work or flexible jobs that you can use to augment your money situation temporarily. You don’t have to work yourself to the bone for the rest of time, but having a bit of extra income when money is stretched can be a real help.

 

Even if your financial situation seems hopeless, don’t despair- there are always steps you can take to improve it.

 

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