Financial Emergency: Don’t Panic
posted on Nov 15, 2019 | 431 likes
In a financial situation? Don’t panic just yet— we wrote this post for you.
The reality is that there are unpleasant financial surprises springing up everywhere, every day.
The good news is that there’s no cause for alarm, in fact, you don’t need to panic, it can be handled, and we will show you how in this post.
Whether it’s a recent job loss, a medical claim you never expected, relocation, a major home repair, or a mandatory professional certification that you’re supposed to take, having to face an unexpected financial expense can quickly create a sense of uncertainty and stress.
But don’t panic just yet— we wrote this post for you.
In this post, we have identified four tips that will help you successfully navigate your way through a financial emergency.
1. Reduce Spending Where Possible
First of all, when you realize that your car is moving too fast, you hit the brakes. In the same vain, when you sense and suddenly find yourself in a financial situation, you need to immediately look at your expenses and reduce it where possible.
Financial crises often have leading factors, sometimes the signs are glaring before they occur, other times they just drop on our laps unannounced, in any case, when you take a closer scrutiny of your financial lifestyle, chances are that you will find something to cut down.
Cutting down on your expenses involves discipline, downsizing isn’t always a pleasant exercise, but if it saves your ship from sinking permanently, then it’s worth the sacrifice. Do it.
Take time to review all of your current expenses. This will allow you to determine which costs you can realistically remove or reduce in your monthly budget. For example, start with the “nice-to-haves” that aren’t vital to your survival such as cable packages, gym memberships, and any other subscription services.
Next, think about your personal spending habits such as dining out, weekend entertainment, and shopping. Are there areas within these categories you can either cut back on, enjoy at home, or find a better deal on?
2. Sell unwanted personal Items
No one goes around hoping that things would get so tough that they would sell the properties they cherished so much and bought with their hard earned money, but if you find yourself in a financial pinch, it is a wise decision to look at the items in your possession that are not in active usage and sell them off.
Do you have a closet, four wardrobes stocked with expensive clothes and jewelries, a garage full of items you no longer use, or even an extra portion of your yard that is not in use? Now’s a great time to go through those items and gather anything you think you might be able to sell.
Properties depreciate, if you are not using them, they are losing value as the day goes by. It is a financially wise decision to sell them off to raise money to save an emergency situation.
3. Find a side hustle
Not earning enough to pay all the bills that comes in is a major course of financial mishaps. So, a great way out is to find a side hustle, start another income stream to argument what you currently have.
If your schedule allows, you may consider getting a second part-time or weekend job. If you find yourself limited on time, one-off gigs such as providing food or gift packs for an event over a weekend may prove flexible.
You could also consider shipping items from China and selling online, these are just a few things that can provide surprising breakthrough to your finances.
4. Remember you are not alone
Are you currently dealing with a financial emergency? Don’t Panic, that’s why Page Financials is here, we understand that all the listed items above can be non-existent, so what do you do? We can help.
We help salary earners who find themselves in various financial situations to get a breath of fresh air without sweating it trying to sell properties or running to friends and relatives.
Whatever is the situation, we can work with you to map out a loan plan that works best for you. Customers can access between 200k and 5Million to be repaid within 3 to 12 months.