What To Do During A Financial Emergency Benefits
If you find yourself in the unfortunate situation where your financial prospects are outstripped by your need, it’s natural to feel alarmed. However, it’s important to understand that this can happen to anyone at any time, that you are not alone, and that there are some key steps you can take in order to ensure that you can weather this period.
In the latest knowledge hub article from Building Better Opportunities, we’ve put together this quick guide to help you through a financial emergency. By following these steps, you should be well on your way to getting back on your feet.
Prioritise your spending
Our first recommendation for making it through this difficult period is to prioritise your spending. The way you do this is to break your spending down into various categories such as:
- Children/Retirement Fund
Once you’ve broken down your spending into these categories, it’s time to assess your spending. Go through your spending over a month or so and make a note about any outgoings that must be paid on time. These could be bills or for expenses such as food and travel to work or doctor’s appointments. These will be your priority outgoings and you should make every effort to pay these bills on time.
The next group of spendings will be the non-priority outgoings. Ideally, you will be continuing to pay these bills through this difficult time; however, as these outgoings aren’t conducive to life, if you do find yourself unable to pay it shouldn’t be that big of a problem, relatively speaking. If you find that some of your bills are in this category (for example if you consider your mobile phone to not be a priority) it’s best to contact your provider soon and explain the situation. They may be able to help you.
The last group of expenses will be those which you definitely do not need to pay. This category includes treats, travel, and other expenses that aren’t conducive towards improving your current financial situation.
Find Ways To Cut Spending
Now that you’ve identified costs that you can cut out, it’s time to downsize your expenses – at least temporarily. Immediately cut out every expense from the third category. Afterwards, go through your priority and non-priority outgoings and see if you can find cheaper alternatives. For example, if you’re struggling to pay your bills, your provider may be able to offer you cheaper alternatives or you may be able to arrange a temporary rent arrear.
After you’ve gone through your outgoings, it’s time to double check your potential additional income. As well as any income you may be receiving, you should also check whether you’re eligible for certain benefits. You can do this by going on the government’s website and checking on there.
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Finding yourself in the middle of a financial emergency is never an easy situation. It’s stressful, tiring, and it feels like it won’t end. However, it doesn’t mean the end of the world. With a little bit of help and support, it is possible to come through this time in an even better place than when you entered it.
For help with work placements, job searches, and work experience opportunities, get in touch with Building Better Opportunities today. Our dedicated and experienced staff are here to help you get back on your feet.
For welfare advice in Staffordshire, contact Building Better Opportunities today.