Lagging Liquidity – 3 Low Risk Ways to See You Through a Cash Flow Crisis
Photo by Allef Vinicius on Unsplash
So the bank account is looking a little dry and the bills keep adding up? While it certainly doesn’t feel nice, there’s no need to panic just yet. Available cash flow is an issue in many households, so you can rest assured that you’re not alone in this. While that may not seem like much of a consolation at first, what it means is that many people before you have found their way back out of this situation. In other words, the silver lining is that if you’re smart about it, this issue can be resolved without dissolving into crisis.
Say goodbye to debt
The first thing you’re going to need to do is come up with a solid plan for reducing (and preferably wiping) your debts. This will help you out immediately, but will also make financial planning far less stressful in the future. If possible, consolidate your debts into a quick cash loan. These often have lower interest rates than other options on the market, and their repayment terms also tend to be more favorable than those attached to credit cards and other borrowing methods. This should also buy you some time before your next payment is due, so if you’re only having short-term cash flow issues, a loan of this type can offer a resolution. It should also be noted that even if your problems are more long-term, you’ll benefit from the extra time before you have to outlay more money as it will give you space to get a plan in place.
Pay in installments
You’d be surprised at how many bills you can pay off in installments. This can be a massive help if you’ve got a large bill due just before your next paycheck comes in. It can also set you up for better stability moving forward as multiple smaller payments are often easier to manage than paying a lump sum at the end of your bill cycle. Generally, all you’ll need to do to set this up is phone your provider and let them know what’s going on. The bonus with this tip is, because you’ve made contact and explained what’s going on, you may be able to get an extension if you can’t set up a payment plan at such short notice. Your provider may even be able to move you to a more favorable deal for future usage.
Utilize your support network
There are so many options out there for those who are struggling, and there’s no shame in accepting help. If you can’t get any assistance from friends or family, speak to a local charity. Many places offer food packages or stamps, and some can even provide expert financial advice to help you get back on track for the future. These services exist for a reason, and their employees or volunteers will help you out in any way that they can.
Everyone deserves to be able to have financial security and live comfortably. Try to think of this experience as a minor pothole or pit stop and create a logical plan for how you’re going to get through it. Humans are designed to come out the other side of this type of thing stronger for having dealt with it, so muster your confidence, swallow your pride, and follow these tips. Trust that you’ll find yourself safely back on the right path and soon enough, that’s where you’ll be.
