If you find yourself short on cash, you might feel desperate, especially if you have bills to pay. Don’t panic; just follow these six baby steps to help meet your money needs until you can get back on your feet:
Check your savings account.
The first place you should look for emergency money is your savings account. However, not everyone has a savings safety net in place, so you may need to proceed to the next step.
Ask for an advance.
Depending on your relationship with your employer, you might be able to ask for an advance on your next week’s wages. Of course, this means that your paycheck will be smaller the following week, so you want to consider this carefully before asking.
If you can wait until the next paycheck, or if your employer will pay you “as you earn,” working overtime or picking up a second job can help you get through those small money worries and even get some savings in the bank.
Borrow for the short term.
If you are sure you can pay the money back in time, a payday loan or online loan can be a lifesaver for those with no credit. These are often very easy to obtain and give you cash quickly, so you can get your bills paid.
Look for different lenders.
If you don’t want to borrow online, consider applying for a loan at a credit union. They are usually more lenient than banks, and can work with you to meet your needs. Avoid borrowing from friends and family, as this can seriously strain your relationships.
Take advantage of emergency services.
Most people go through hard times at some point in their lives, and there is no shame in asking for help. Your local government can put you in touch with emergency services such as food stamps and even cash to pay your bills. Apply for anything you think you might be eligible for, and do your best to get back on track with your finances as soon as you can.
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