Experiencing problems with money is a common occurrence, which people go through in different ways. You might have a month or two when money is a little tighter than usual, but you can also experience long periods of financial hardship when it can feel more difficult to get to a more financially comfortable place. When you’re having problems with money, it’s easy to give in to your instincts to try and hide it. You can feel ashamed about your financial issues and worried about asking for help. However, there are many times when it’s best to ask for help, and there are lots of ways you might be able to get the help that you need.
Lost Your Job
Being out of work can cause you a lot of stress and anxiety. Even if you have some savings that you can survive on, it can feel like there’s a clock ticking to when you really need to be back at work. Naturally, the first thing that you will probably do is apply for unemployment, if possible. While you won’t always be eligible, it can help you to stay afloat if you are approved. Of course, looking for a new job is your priority, but, in the meantime, you can take steps to stretch your available funds as far as possible. Good budgeting can help you to save money and avoid spending beyond your means. As well as unemployment, you can find other assistance programs that you might be eligible for.
Unable to Work
Sometimes being out of work isn’t a result of having been let go. You may not be able to work, perhaps because of an illness or injury. Even though you want to be working, you might be unable to because you’re not physically or mentally well enough to do so. Being unable to work due to your health could be temporary, or it might be a long-term situation. Either way, there are ways that you might be able to get the financial assistance that you need.
If you’re out of work due to an injury caused by someone else, you might be able to claim compensation. A car accident lawyer or personal injury lawyer might help you to bring about a civil case, which will help to pay your medical bills and expenses from being out of work. If you have disability insurance, making a claim can also help you. Short-term policies can help you for up to two years, while long-term policies could provide coverage for a number of years or as long as you have the disability.
There are also social security benefits that are available if you are unable to work due to your health or disability. The SSDI and SSI programs might be able to help you if you are eligible. You could also be able to access Medicaid or Medicare if you need help with health insurance too.
Struggling with Debt
A certain amount of debt is fairly normal to have. If you own your own home, you likely have a mortgage or had one at some point. Many people buy their vehicles with the help of an auto loan. However, there are times when debt can become too much, and you need to look for a way out. When you’re buried under a lot of debt, you need to find solutions that get you into a healthier position. Debt becomes dangerous when it’s eating into your budget, and you’re struggling to make your monthly payments.
There are several ways you can get help with debt and start solving the problem. The first step is often to get advice on your debt and finances so that you can work out what to do. Everyone’s situation is different, and there are various methods for dealing with debt, so it’s useful to have professional advice to help you work out the best thing to do. Credit counseling services can be a good place to start, especially as you can find free or low-cost options from a variety of places. Credit unions and nonprofit agencies are just two of the options that can help you.
Faced with Unexpected Expenses
Even when you plan for some of life’s unexpected events, you can be taken by surprise by expensive things cropping up. It’s worse if you have several things happen at once, and you have to suddenly pay for more than one unexpected expense. Ideally, you have savings and insurance policies that can help you out. However, even with these things, you can find that you’re short on funds. It can be tempting to take on debt to pay for things, but it’s not always the best option. You might consider borrowing money from friends or family. If you do, provide a guarantee that you will pay them back.
Relying on Savings or Credit Cards
If you end up having to dip into your savings or use a credit card when you get to the end of the month, this could soon become a problem. It might be fine for a month or two when it won’t affect you too much in the long-term. However, the longer you have to do this, the more your savings will dwindle, or your debt will grow. If this is a pattern that you’re following, you need to make a change. Either increasing your income or reducing your spending might be necessary. Of course, this is often easier said than done. When you need help, you might want to get advice on how to budget better or how to seek opportunities to earn more.
Behind on Paying the Bills
It can be easier to get behind on paying the bills than you think. Once you miss a payment, it’s tempting to stick your head in the sand and try to ignore it. However, it’s often best to get in touch with your bill provider and talk to them. They can often help you to work out a payment plan or even change the service that you’re receiving so that it’s more affordable.
When you need financial help, don’t leave it too late to ask for help. Find the right resources to deal with your money troubles.
