Coping with a Lack of Funds: Tips for Financial Survival
I recall a conversation with a friend who had fallen on hard times. She had moved to a new city to live with a friend but was now struggling to make ends meet. Her job provided a meager income, and with rent due in a few months, she was barely scraping by. Worse still, her relationship with this friend had deteriorated so she needed to rent her own place.
Sadly, this is a common story for many people today.
Life often throws curveballs at us, and we struggle financially. These situations can lead to worrying about how to afford necessities, which is further exacerbated by the current economic uncertainty.
Surviving tough financial times requires careful planning and persistence. As long as you don’t quit and apply the right tips, you can be on your way to better times in a short time.
This article will highlight some tips for coping with a lack of funds.
Assess your situation
Some financial hardships are self-inflicted, such as investing all of your savings in a Ponzi scheme which would also cause a lack of funds. Therefore, it’s crucial to assess your financial situation and identify the root cause. Ask yourself if your current financial situation is due to any personal fault, such as a wrong investment or a bad habit.
By accurately diagnosing the problem, you can take proactive steps toward finding a solution.
Make a plan to get out of your current situation
Take where you are as “point A.” Think of a better place in the near future where you are more comfortable financially, and call this ‘point B. Now, think of the steps you need to take to get from point A to point B.
Write these down.
You can do this with a family member, partner, friend, or professional. This plan should be as actionable as possible and not based on vague dreams or lofty ambitions. Remember, your immediate goal is to move from a financial lack to a more comfortable phase.