How to Handle an Emergency Cash Flow Problem
Have you been there? Payday comes around and suddenly you’ve got relief for those cash problems you’ve been sitting on for the last couple of weeks. Now you can finally pay the utility bills you’ve been sitting on for the last while, you can make a payment towards your credit card, you head off to the grocery store to stock up on food, and you might even treat yourself to a meal out.
Before you know it, that paycheque has disappeared and you’re back to waiting for your bank account to fill up all over again. If this sounds like an all-too-familiar pattern, then you’re dealing with a recurring budgeting and cash flow problem. You need a solution.
Getting Some Extra Help
There are many ways to handle personal emergency cash flow problems, so it’s always a good idea of what to know when the issue arises. Whether it be to find the loan options when you need a fast solution to your temporary problem or to modify your budget and monthly spending plan, there’s always something that can be done.
Have you considered what kind of financial relief you can get from a payday loans direct lender? A fast payday loan from a reliable and trustworthy provider of short-term online loans can be the source of cash you need that doesn’t come with the hoops and hurdles of a personal loan from the bank. You could also turn to family and friends in a time of need, however exchanging money can be taxing on your relationships and complicate things.
If you are continuously seeking loans or extra cash to make it until your next payday, then it might be time to consider getting a temporary job that can help you earn a little side cash to pad your bank account and cover costs.
Dealing with Your Kind of Paycheque
How often do you get paid? Depending on who is paying you and what your work entails, you might have a unique pay schedule that you’ll need to take into consideration when planning your finances. Are you getting paid every week? Every two weeks? Once a month? Or are you a freelancer who only gets paid when they find client work?
Monthly paycheques can be particularly challenging when it comes to setting up a personal budget and spending plan. One way to adapt to this schedule for earning is to take your monthly budget and divide it into a weekly amount. To do this, start out by looking at the payment due dates on all of your monthly essentials. They are likely not all due on the first of the month.
Map out where these due dates fall during the month and plan to pay them according to your weekly schedule. The total amount that you earn during a month is ideally enough to cover each monthly payment obligation as it comes up, but if you find that you have money left over at the end of week 2 and not enough for week 3, then move a bill into the week with leftovers.
Take Preventative Measures
There really is no solution to the “survive until payday” mentality as effective as budgeting and planning. You have to work out the money you have and face the numbers head-on. If you haven’t simplified your banking with online banking and personal finance budgeting apps, you’re missing out on a simple and effective way to get (and stay) ahead of your expenses.