With inflation rising and the pressures of expenses mounting, it can feel impossible to get ahead financially. Facing financial hardships can be scary and stressful, especially if you’ve never had to go through one before. Here are a few tips for getting through a major financial hardship. 

Look at What Resources You Have

First, try to look at the resources that you have available to you. Often, you’ll have some resources in place that are meant to help you get through a major financial hardship. For example, you might have a “rainy day fund” that you’ve been saving for emergencies. 

If you get laid off and don’t have an income, dipping into those savings with caution can be a great resource to keep your family afloat. You can also research financial resources provided by the country such as Benefits.gov and USA.gov. These websites can provide you with information on how to receive financial help, such as food assistance, help with bills, etc., when you’re in a serious crisis. 

Try to Negotiate

Next, try to negotiate with lenders/landlords about fixed expenses that you have. For example, if you’re renting your current place of residence, talk to your landlord to see if you can negotiate a different rent due date or amount if you’re having difficulty affording rent. 

Even if you’re locked into a mortgage, there might be negotiation options that you can look into. Requesting mortgage forbearance can help you avoid foreclosure on your home. Make sure that you try to make negotiations with debt collectors, lenders, insurance agencies, and other organizations that might be managing some of your fixed expenses. 

Budget and Cut Unnecessary Expenses

Finally, if you’re going through a major financial crisis, make sure that you’re sticking to a budget and cutting unnecessary expenses. Make sure that you track and look through all of your monthly expenses. There might be more unnecessary expenses than you’re expecting. For example, it will be necessary to keep your home heated, powered, and running water. It will also be necessary to keep food on your table. However, paying for your streaming services or your online shopping subscriptions is not necessary even though they might seem convenient. Paying a more expensive phone bill to have newer smartphones is also unnecessary when you could downgrade your phones for a more affordable bill. Examining your expenses will help you to see where you can cut corners and save money during a financial crisis. 

So, if you’re trying to get through a major financial crisis with all of the difficulties in the economy, remember these tips. Make sure that you look at what resources are available to you, try to negotiate, and budget and cut unnecessary expenses. This will help you to have a more affordable, sustainable life even amid financial difficulties.

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