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Life isn’t always as straightforward as we might like it to be. We all experience peaks and troughs in our life journey and when it comes down to it, we just have to muddle our way through. But dealing with life’s difficulties isn’t necessarily solely an emotional journey for us. Even when the worst happens, the world keeps turning and you’ll find that you still need to keep up with financial commitments you’re tied into. You’ll still have to pay your rent or mortgage, you’ll still have to pay your bills, and things like finance plans and payment agreements will still continue to be deducted from your bank account. If something particularly difficult has occurred, you may find that you also need to take time off work so have a reduced income – this doesn’t make things any easier. So, what can you do to deal with your finances during difficult times? Here are a few ideas to get you started.
If you’re not already in a difficult situation, it’s worth planning for the future. Remember that everything isn’t always necessarily going to be plain sailing. You need to create some sort of savings that you can fall back on if needs be. Saving can be simple. You just need to budget and be disciplined. Figure out how much disposable income you have and dedicate part of that to a savings account.
Loans are always an option if you find that you are struggling financially. There are also various loans out there aimed at people going through hardship. BSF offer funeral home loans, while other companies will offer loans to pay for treatment or medical procedures. Take a look at what’s out there and see whether it’s suitable for you. This could allow you to pay large up-front costs and pay the sum back little by little as things begin to improve.
Talk to Your Employer
If you’re employed and find that you need to take time off, it’s always worth talking to your employer about your situation. You may find that they are lenient, understanding, or have some sort of plan in place to support employees who are going through hardship. You could find that alongside emotional support programs, they might offer financial support too. Perhaps they will offer you paid leave to recover, an advance on wages, or some sort of employer-to-employee loan. This, of course, isn’t guaranteed. But it’s always worth asking. You may be surprised.
Hopefully, things go well and you don’t actually end up having to use this advice. But it’s always good to be clued up, just in case. Preparation is key and knowing what to do with your finances during hard times can make them that little bit easier. So it’s more than worth the effort!