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5 Ways Out of a Financial Tight Spot

5 Ways Out of a Financial Tight Spot

In life, a lot of things can’t be predicted, and sometimes, this includes big expenses. You may not expect to have to pay for a new part for your car or for your child to go on an expensive school trip, or for your dog to need surgery, but these costs do sometimes come up. Financial tight spots can present a lot of challenges. It can be extremely stressful and lead to arguments at home if you have money worries. It is therefore important to find the best solution you can, as quickly as possible. As well as the information provided below, it may be worth checking out this guide to financial health, for more information on how to get your financial life back on track.

Here are five ways to approach a financial tight spot and how to go about using them.


When your problem is not on a grand scale, taking out a small personal loan can be the quickest and easiest way to deal with it. By using a loan calculator, you can find out how much you are eligible to borrow from a lender. You can also discover from the loan calculator how much you will have to repay per month to get the loan and live with the debt until it is fully repaid. This is important because while loans can be an excellent solution for a financial problem and can be very affordable, you do need to know that you can afford the repayments before you commit.

Taking on a loan you can’t afford to repay can be a disaster for your credit rating and stress levels, so make sure you use a loan calculator (which you can find here) to see what you can comfortably cope with repaying before applying for any kind of loan. When taking out a loan it is fundamental that you can afford to pay it back. Avoiding late repayments is also essential. You can find out more about avoiding late loan repayments at pennilessparenting.com.

Borrow From People You Know

Another way to get around a financial problem can be to simply talk to friends or family about the situation and ask for some help. People are often keener to help than you might expect and these kinds of informal loans mean you don’t have to worry about interest on the repayments. Obviously, not everyone knows someone with the resources to help them. However, if you do, asking friends and family may take a bit of swallowing your pride but can turn out to be a great solution.

Credit Cards

Credit cards are another financial product that you can apply for, which can help you out when you are in a difficult financial position. When applying for a credit card without SSN, you’ll want to be sure that you find card issuers that dont require an SSN before going ahead with an application. Credit cards with high spending limits and low-interest rates are only available to people with good credit ratings. However, for just about anyone, there is the option to get a credit building credit card. These give you a low limit at the start and need to be paid off in full each month to avoid high rates of interest, but they can give you access to funds quickly and will also boost the credit rating you have as you use them and repay the debt. Doing this will give you access to more credit products in the future and will also help you get out of your current bad financial circumstances quicker.

Sell Things

Another good way out of a bad financial position can be to take advantage of the marketplaces on the internet and sell some of your old stuff. You can get paid for old jewelry, phone, furniture or clothes. You can use sites like eBay to sell things you no longer need or use and you might be surprised at how valuable some of the things you own are. Things like old bags, clothes and children’s items can sell for quite a good price, and you may also find you can get a good amount for other things like books, video game consoles, and jewelry.

If you don’t want to have the hassle of posting things to buyers, you can also consider selling things on Facebook groups where people sell and trade in your local area, or even doing something more traditional like selling at a car boot sale. You can often make the money you need by doing these kinds of activities without even having to incur any debt.


Another thing that can save you in a financial pinch is getting an overdraft or having your existing overdraft extended if you already have one. It can be easier to go down this road than getting a new loan or credit card from your bank, as often it can be agreed very quickly and the funds made immediately available for you to use. Overdrafts are designed to help people out in tight money situations and your bank may well be willing to let you get one if you have a good history with them.

These are all things you can consider doing if your money situation has reached a crisis point. In all cases, be sure to do your research and pick out an option that offers you the best solution in your personal circumstances.


  • gloria patterson

    Good information and something that a lot of people would/will need. My nieces use mom & dad as the bank for them. But they both keep track and pay them back as quick as possible.

  • Sue E

    I had to pin this! This information is sound and I would like to share it with family and friends. Thank you for sharing!

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