No matter how money-conscious you are, there will sometimes be bills or charges that crop up in your life. Perhaps you were driving a little too fast on the drive home last week? Or maybe, a freak weather storm has ruined many parts of your home. No matter what the reason for bills cropping up, it can be difficult to know how to deal with the payments, especially if you don’t have the money at hand. In situations like these, what do you do?
To save any mind-boggling the next time you have an unexpected charge, take a look at these tips on how you can cope when the going gets tough.
Speak to the companies
On occasions where you’ve been landed with a huge utility bill and you’re unsure whether you can pay it all off in one bulk, you should consider phoning your providers and speaking to them. While they want their money, they have to be understanding when it comes to repayments. More often than not, they will be able to set up a payment plan with you and as long as you stick to the agreement, it shouldn’t affect your financial position in any way.
Remember that if you don’t think the charges you’ve been given are correct, to question your providers. Mistakes can be made, and it’s your right and responsibility to check that the charges are correct. You might be pleasantly surprised and find that the charges have been put there by mistake! Don’t forget to also check tariffs for all of your utilities regularly to make sure that you’ve got the best price.
Sometimes, there are bills that come through the door that you just know there’s no getting out of. A broken boiler, for example, is something that needs fixing promptly, and you know the bill isn’t going to be small. So what do you do in these situations? It’s unlikely that you can pay it off bit by bit, so where does the money come from? At times like these, loaning money from companies like Bonsai Finance is often a step that many people consider.
The great thing about companies like these is that you can see how much you’ll be repaying and choose when you repay as well, so you’ve got control over your loan. Just remember that if payments are missed or it turns out you can’t afford the repayments, it could seriously damage your credit score alongside late charges being put in place. Make sure that you can make the repayments to avoid any issues.
Dip into your savings
We know that your hard earned savings are being kept for something nice for the family, like a vacation away, or a new car. However, savings are a great way of getting out of sticky situations too. Perhaps a bill from your child’s school has come through that you weren’t expecting? Consider dipping into your savings so that your regular income isn’t affected and you can swiftly pay off the charges.
Have a garage sale
A great way to raise money quickly is by hosting a garage sale for your unwanted or unused belongings. Why not get the whole street involved so that there’s a mass garage sale and everybody can make some money? Remember to choose your items carefully and price them up beforehand. Don’t let something valuable go for any less than you want otherwise you’ll end up regretting it. While you might not be able to make the full amount from a garage sale, the injection of money will certainly help when you’re worried about money.
Speak to a trusted family member or friend
Being stuck for money isn’t fun, but if you’ve got family members or friends that you know would be happy to help you out, then now might be the time to speak to a trusted family member or friend and ask for some help with your finances. Draw up a contract and a repayment plan so that they’ve got the peace of mind that they’re going to get their money back if needed. Just remember that money can be a cause of fallouts between family and friends, so as long as you pay them back everything should be fine.
Pick up some extra hours
If you know you’ve got time before the deadline for the bill, then now might be the time to pick up some extra hours at work. Any money that you earn from your extra work should be put away ready to pay the bill once you’ve got the full amount. Some companies offer time and a half for overtime worked, so make sure that you check with your boss to see if you’re eligible.
Do some freelancing
Another great way of making some money quickly is by picking up some freelancing work. Perhaps you’ve got a keen eye for proofreading content, or maybe you quite enjoy writing content for websites? Websites like Upwork and Fiverr offer the perfect platform for both freelancers and also people who are looking for freelancers to do some work for them. It’s a fast, safe, and efficient way of making some money. Just remember that when you’re working for yourself, you must declare the incomes that you make!
Cut back on your monthly budget
Finally, to give yourself a few extra pennies at the end of each month, try and cut down on your monthly budget. Buy home brand products rather than big name brands, and cut back on days out or nights at the pub. You’ll soon find that you’ve got some extra money that will able you to pay off those unexpected bills that inconvenience us from time to time!