We will sometimes fall into difficult financial times. What do you usually do to pass? Having financial difficulties is frightening and worries? In the article What should I do when I have financial difficulties , let us share ways to overcome the financial difficulties that each person has encountered. Please leave a comment on your passages so I can know more! The following are some of my personal share. Invite you to read it together.
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- 1 DO NOT BE TOO ANXIOUS OR RUSHED
- 2 WRITE DOWN THE PROBLEMS WE ARE HAVING
- 3 PRIORITY TO SOLVE SMALL PROBLEMS AND EASY HANDLING FIRST
- 4 FINANCIAL ITEMS MUST BE SEPARATE AND NOT SHARED
- 5 CUT DOWN ON UNNECESSARY EXPENSES
- 6 SAVE AND EARN EXTRA MONEY
- 7 CONTACT THE CREDITOR AND EXTEND THE TIME
- 8 THANKS TO THE HELP OF FAMILY AND FRIENDS
- 9 Author
DO NOT BE TOO ANXIOUS OR RUSHED
We all know, money is a popular payment method and helps us solve many things. For example: daily living expenses, meals, money to meet friends, gas money to travel … Without real money we will feel stuck.
For those who have a habit of spending money comfortably, when having financial difficulties, running out of money will feel very uncomfortable. They will quickly find a way to get back money to spend by borrowing. So I owe more.
When you’re in a drought situation, don’t become hasty to find a way to make money. But calm down and think why I fell into this situation, what is a temporary fix? How long can I hold out … If you become hasty, it will make the situation worse and still not solve anything. One of these simple examples is because of a lot of money, so you have to borrow a lot of money, leading to a debt to your husband, and you can’t get back.
WRITE DOWN THE PROBLEMS WE ARE HAVING
After you’ve calmly considered everything, write down the problems you’re having. As:
+ Who are you missing money for?
+ Which debt needs prepayment?
+ What did you spend in the past month but got a lot of money like this?
+ Causes or reasons why you fall into this situation
+ Do you lend money to anyone?
Know the problems we are having by writing down paper to make it easier to think and find solutions. With these problems, we need to do something, is there any way to temporarily fix it …
PRIORITY TO SOLVE SMALL PROBLEMS AND EASY HANDLING FIRST
After knowing the problems we are having in the second step, we will consider and prioritize the most small, most manageable problems. For example, paying small debts first, or bank debt may ask for an extension of time …
In the difficult period, solve any problem that will be good on that problem and reduce the burden. So don’t think that solving small problems won’t help you! Because remember, at this time our finances are very limited, we will not be able to afford and pay big debts or solve bigger problems. So start with small things then find ways to solve other problems better.
FINANCIAL ITEMS MUST BE SEPARATE AND NOT SHARED
One of the best ways to do this is to remind you that it is not possible to have financial resources involved and shared. Why is it necessary to be separated? First, each financial item will have different uses. Second, when we put all the items together, it is very difficult to manage and capture the correct spending information for each item. When facing financial difficulties, it is impossible to determine where the cause is and cannot find a solution.
Personal finance, corporate finance, living expenses, or savings … should be different and not shared. Suppose that when you have a financial difficulty in the company, you can borrow the savings money temporarily to manage and know which loan you have borrowed so that you can return it the next time.
Therefore, I think this is an important way and most noticeable in the ways that we need to know when facing financial difficulties.
CUT DOWN ON UNNECESSARY EXPENSES
Having encountered financial difficulties, lack of money but also spent wasted money is not the right way. During this period, calculate and cut down on unnecessary expenses to save costs and use that money to handle other tasks.
For example, you can cut down on shopping for Tet clothes because you still have a lot of new things in the closet anyway. Spend that money to pay off debts and buy food for Tet. For the company’s operations, when facing financial difficulties, we can cut costs such as advertising, redesigning stores, but instead focus on addressing supply problems, suppliers. level.
SAVE AND EARN EXTRA MONEY
When falling into a state of drought, don’t just relax and stand there. Because no one will be able to help us. Save and keep working to make money. In addition to the main job, we can find additional jobs to increase income. When we have money, we can repay and do what we want. Paying off debt is the way we get out of the best financial crisis.
CONTACT THE CREDITOR AND EXTEND THE TIME
One of the more ways we can apply when we cannot afford to pay off debt in a short time is to contact the creditor and beg for alms. Please state the reason and hope the creditor can sympathize for us to extend the repayment period next month, because we are not eligible to pay now. In this case, I think we should write a pledge so that creditors can be assured and begging.
For personal debt or familiar partner debt, there is no need to write a pledge but just mention the current situation we are suffering from and beg for alms. I think creditors will sympathize and allow them to extend the time.
THANKS TO THE HELP OF FAMILY AND FRIENDS
The last way I want to share with you, and I think that people often use it is thanks to the help of family and friends.
When it is too difficult and there really is no other way, we can ask to borrow money from family and friends and then go to work to pay for it later. For familiar people like family and friends, if they have money they will be willing to lend us. So please don’t abuse their kindness! Remember to pay someone else.
Nobody wants me to fall into a difficult period of money shortage. Therefore, have a reasonable revenue and expenditure plan and manage and control your finances. Hopefully, the sharing in this article will help you to overcome the financial hardship if you encounter it. Leave below the comment section to let me know how you have passed this stage! Thank you for accompanying me on this article.
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