If you are used to being independent when it comes to your personal finances, and then suddenly need to rely on others, this can be frustrating. But, things happen and sometimes you need some help to get over the unexpected circumstances which have taken a toll on your finances. Whether it is a relationship breakdown, job loss or injury, there are many services out there to help with your finances. Here are a few ways having someone around to assist can help:
Simplify your finances: If you are on a low fixed income, whether it’s through welfare, retirement funds, social security or an annuity, you have a set amount you should try to budget to. If you are already working to a strict budget and still do not have enough to live off, there are many government and non-profit services to help with your short fall. This can come in the form of benefits or specialised loans or grants.
Avoid Scams: Unfortunately, those who are desperate for money or doing it tough financial, are generally prime targets for scammers and fraudsters. Thieves target vulnerable members of the community because they know that you may be more open to any type of solution that they may offer you. Remember, frauds do not have to be black and white in the sense that someone steals money from you. They can also come in a legal form in which a lender provides you a loan with very poor terms.
Cut Expenses: This may seem like a no brainer, but you would be surprised on how much you can cut out of a budget and still get by fine. In addition, you do not have to always cut something out of your lifestyle – In certain cases; you can just buy the cheaper version or purchase with less frequency, your savings and checking account will thank you for it.
Professional Help: At a certain point in time if what you are doing is not working, you need to make a change. Seeking the assistance of a financial counsellor can go a long way in getting on top of your finances and getting ahead. These services are free or low cost and you can find a local provider by quickly searching online. If you did not study banking or finance in school, getting help from a professional who did may be worth your time.
Finances are a tricky topic that some are open about and like to discuss and others try to keep very private. Regardless of how you feel about the topic of finances, it comes down to spending less than you earn and if that is not enough to make ends meet – get some help.