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Savvy Finance

Surviving a Financial Rough Patch

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No matter how careful you are with money, you’re bound to hit a rough patch from time-to-time. However, how you deal with a run of bad financial luck can determine the long-term outcome. If you’ve been hit with an unexpected bill or your income’s suddenly been slashed, you’ll want to ensure you can make ends meet. With this in mind, take a look at these top tips to surviving a financial rough patch:

Don’t Panic

When your finances take a hit, it’s easy to react by panic. It’s well-known that financial stress can affect your physical and emotional well-being, so it’s important to find healthy ways to de-stress. Once you’re feeling calm enough, you can find effective ways to overcome any financial problem.

Claim What You’re Entitled To

Often, people don’t realize that they’re eligible for financial support. Whether it’s claiming a government grant or finding the right attorney after an accident, you could be able to access funds you weren’t aware of. By being proactive and searching for your eligibility, you can determine exactly what support you can claim.

Audit Your Assets

Your assets, such as your property, investments, savings, and belongings, can add up to more than you realize. Even if you don’t sell any assets or cash in your investments, it’s good to know that you’ve got access to funds if you need them. From selling unused game consoles to downsizing your home, there are numerous options available if you have a range of assets.

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Recalibrate Your Budget

If you already have a household budget, you may need to re-do your calculations to deal with a financial rough patch. Alternatively, if you don’t have a budget, now is the time to make one. By seeing exactly where your money is going each month, you can decide what changes you need to make in order to reduce your outgoings.

Cut Your Costs

By cutting your expenditure, you can make your money go further and ensure your essentials are covered. Foregoing nights out or canceling subscriptions can be a good way to save a little more when your budget’s slashed. By switching vacations for staycations, for example, you can temporarily give up a few luxuries in order to get back on the right track.

Talk to Your Creditors

If you have outstanding debts and your financial situation changes, it’s important to let your creditors know. They may be able to offer you a reduced interest rate, which can help to minimize the impact of your financial troubles. Alternatively, they could offer to reduce your monthly repayments. Although this may mean you’ll be paying more in the long-term, it can help you to live on a smaller budget until your financial issues are resolved.

Getting Financial Advice

If you’re not sure how to deal with financial worries, it can be beneficial to access professional advice. By talking to a debt counselor or a financial advisor, you can access independent advice and create a plan to help you come through a financial rough patch as quickly as possible.

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