Help: Finding Money During a Crisis
If you're finding it very difficult to increase your income due to an economic crisis you may benefit from reducing your costs.
Simple Tips That Can Make the Biggest Differences During Crisis Times
Work out exactly what your financial situation is, (no matter how grim) and work out how you can live on your reduced income or welfare payments. You may have a financial cushion: e.g. severance pay, leave entitlements or savings you can access. Try to spin any monies out as far as possible.
You may have accrued loyalty points or credit points. Now could be a great time to use them.
You could cancel any non-essential subscriptions and club memberships for a time
When I was in a real crisis situation I didn't go to a shopping centre (or onto any online shopping site for six months) as what I didn't see I didn't miss buying.
I paid off credit cards as they fell due as many have interest rates around 20+%
Renegotiating your housing loan so you're paying less interest could assist. If you're unable to make loan repayments you could see if your bank will let you use any excess payments you've already made to cover your loan. They are likely to have other offers that also may suit you. But read the fine print.
Some utilities offer price reductions if you pay your bills by the due date. If you can't afford to pay your bills you could approach one of the many charities for a cash payment, otherwise ask to pay it off over time
You may be able to access advice from one of the financial counselors available through many major charities. They're used to advising people who's finances are meager
Eating at home made a big difference to us (which is obvious during a pandemic) but is a great way of saving money at normal times too
We are living in extraordinary times at the moment. If others offer assistance, take it. Sometimes relatives or friends may feel it's a privilege to assist you, because they love you. And one day, when you're back on your feet you can repay it, or pay it forward to another.
DISCLAIMER: N.B. This is what I would do but it may not necessarily work for you in your current circumstance. All information provided is generic only and you are recommended to seek advice from a registered financial advisor.
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