How To Navigate Your Way Through A Difficult Financial Situation

Photo by Michael Longmire on Unsplash

From time to time, we all find ourselves in difficult financial situations. Whether your hours have been cut back at work due to the COVID-19 pandemic, or you’ve had to pay out of pocket to deal with an emergency situation – you may be pinching the pennies a little more than usual.

The most important thing to remember is that it is nothing to be embarrassed about if you are struggling financially. Sometimes such situations are unavoidable, and nobody will think any less of you if you need to reach out for more support. After all, many people are in the same situation.

With that in mind, here are just some of the ways you can begin to navigate a challenging financial situation.

Start budgeting.

Budgeting is an easy way to start saving money every day. Putting together a budget (and writing it down), means that you can hold yourself accountable when making purchases, and could reduce the amount of money you spend unnecessarily. For example, you can make a list of everything you need to purchase in a given week and source cheaper alternatives. You can then set aside a small amount of money for treats and luxuries – such as takeaway coffee – and ensure that you don’t overspend.

Use Cashback When Getting Money Online.

If you are a big fan of retail therapy and do a large amount of shopping online, you could benefit greatly from using apps that generate cashback. This means you can earn some money back from purchases each time you shop. The most popular app tends to be Swagbucks, and you can find a useful beginners guide to Swagbucks here!

Turn Your Hobby Into A Side hustle.

If you are looking for a way to substitute your income, you can pick up a side-hustle. In this case, it is important to focus on something you are good at and enjoy doing, as this gives you the most opportunity to earn money and remain focused. Popular side hustles include:

Copywriting
Photography
Editing
Drawing/Painting
Driving (Taxi, Delivery)

Make the most of available support.

When struggling financially, it is important that you aren’t afraid to reach out for help whenever you need it. For example, you may be eligible for Payday loans, which can help tide you over until you receive your next paycheck, meaning you won’t get behind on any important bills. Additionally, you may be able to get your hands on some government support to help relieve some of the pressure you may be facing.

Remain positive.

When dealing with any difficult situation, you must find a way to remain positive. This helps you discover practical solutions to your problem and helps you find your way out of a tough situation much quicker. As a result, you should ensure that you develop a positive money mindset. This means that you should acknowledge any mistakes you may have made in the past, and deal with them appropriately. For example, don’t hang onto your mistakes – understand that they are inevitable. Learn from them as opposed to wallowing in them, and move forward with your head held high.