Finding a route to pay day

pay day loan alternatives

When we have a pressing, urgent bill that needs paying, making extra money to settle it might not be an option. We need to get the bill paid and we need an almost instant solution. So how can we ensure that we pay larger (or unexpected) bills on time, when the books just aren’t balancing?

Tacking The Problem Head On

We’ve all been there; a large bill is due and we just don’t have the funds to cover it. But ignoring it isn’t an option. Remember, if you bury your head in the sand, it could lead to the problem escalating. Money may be added onto what we owe already and in some cases, our credit file may be damaged.

If you have a bill that’s looming, but you don’t how you’re going to pay it, it is important to act before deadline day. Firstly, you need to look at your bank account and work out if there’s any give within your balance. Could you afford to cut back elsewhere to get the bill paid? Is there a savings account somewhere that you could dip into?

The solution to your problem might not be immediately obvious. So you might have to think outside the box to solve it. Often, making extra money takes time and energy, but if you could come up with a plan to bring in some extra funds, then a friend, or family member may be happy to lend you the money for a short period.

Asking For An Extension

Have you heard the phrase: “you don’t ask, you don’t get”? Well it applies in this instance. If you speak to the company you owe cash to, then they may be able to offer you an extension. Call them up, explain that you have a slight cashflow issue and ask if the payment date can be extended by a few days, or weeks. They might refuse, or charge you extra cash for extending, but if you don’t ask the question, you won’t know the answer!

Reaching For Credit

If you need a short-term credit line, then there are places that can help.  Payday loans alternatives may be able to lend you the money you need to solve the problem.  Companies like Polar Credit can offer plans to those that need a short-term fix.

Taking out credit to pay urgent bills could make sense, as it will prevent you from missing the due date and ending up with a black mark against your credit file. Just ensure that you have a plan to repay any credit that you do take out.

Increasing Your Income Streams

If you found yourself in a pickle and you didn’t have any savings to fall back on, then once you’ve found a short-term solution to the issue, it might be worth looking at your finances more generally. I would suggest trying to increase the number of income streams that you have.

Make a list of potential side-hustle ideas. Think about what you own which you could sell for a profit. And look at potential passive income streams. If you can establish new ways to boost your income now, then it will help you in the future.

The Importance Of Keeping Calm

If you’re facing an unexpected bill, or you’ve remembered that you need to pay something urgently, then it’s important to keep a cool head. Life happens and sometimes we all end up in a position where we owe something that we can’t afford to pay. You just need to remember that it isn’t the end of the world and nothing is unfixable. With a bit of time and thought, you can solve the immediate issue, as well as future-proofing yourself against other financial setbacks.

Note: this is a collaborative post.