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Top Tips for Getting Through a Financial Crisis

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Many people go through a financial setback at one point in their lives. Some common causes can be the loss of your business or your job, overspending, unforeseen expenses, illness or even addiction. Regardless of the cause, the soonest you take action the better.

Accept the situation and figure out what went wrong

You are going through serious financial problems and denying it will only make you spend more and sink more deeply. Though things may look bad, don’t lose your hope. If the financial crisis is due to the loss of your job, don’t stop searching for a new one.

If your difficulty is due to overspending, you need to be honest with yourself and cut down all unnecessary expenses.

Take an inventory

You need to know what resources you have, what your monthly income is if any and your monthly expenses. What is your debt, the monthly pays and how late are you in making those payments? Write everything down, so you have a clear picture of your situation.

Get professional help

No, you shouldn’t pay a lot of money to various financial consultants because you clearly can’t afford it. But since you got in a difficult situation you can’t rely on yourself either. The best option is to get free but good advice from one of the debt charities, like Step Change Debt Charity.

They will give you the best advice for free and will provide solutions like making a debt management plan, individual voluntary arrangements, debt relief orders and others. These tools are made to either allow you to pay as little as you can on a monthly basis to cover your debt, or to postpone any payment for 12 months if you qualify.

Solve your immediate financial necessities

If you need money for a short period to cover unforeseen expenses but you don’t have any savings you can get a payday loan that will solve your problem.

You can typically get less than £5,000 but the approval process is very quick, and there are not many conditions to apply, but you do have to be employed. It is a very short-term loan, and some lenders go as far as 30 days.  One of the best sites that allow you apply to several lenders is

Make a plan and stick to it

Once you know what you need to do, don’t derail from your plan. Overcoming a financial crisis is a long-term endeavour and, as painful as it gets sometimes, you need to make sure you see it through.

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