None of us can predict the future and it is nigh on impossible to predict when some seismic event beyond our control will completely turn our world upside down. It is not uncommon in such scenarios for us to find ourselves with gaps in our finances.
Oftentimes, a small burst of cash is all we need to see ourselves through a particularly difficult period. Whether you find yourself in need of cash to cover your personal debts or to get a business off the ground, when it comes to finding a reliable way of obtaining a modest amount of money, options are limited.
For those seeking big loans, it’s as easy as walking into a bank with a proposal. For many of us, however, those of us who don’t require such large advances of cash, there are fewer options. There are still some providers of the kind of short-term, cash loan that we need, as well as a number of ways we can raise some or all of the money by ourselves.
For those who don’t need the money right this second but who are simply looking for ways to make some very rapid savings, there are numerous options open to you. Saving money is mostly a matter of common sense and planning. People who seem to have an unnatural gift for managing money are usually those that like to keep their lives organised to what many of us would consider an excessive degree anyway. It is demonstrably true, however, that better organisational skills lead to more refined decision making, and in the case of managing one’s personal finances, there really is no such thing as too much management.
Simple things, both at home and at work, are often the biggest money savers. Lots of small savings will quickly add up, meaning that one only needs to take a multitude of small, easy steps rather than radically readjusting their lifestyle for the sake of their finances. One of the most prominent examples of this is electronic devices.
We often stop thinking entirely about the fact that electronic devices cost money to run. A games console or television, even a light or a ceiling fan, that are left on when not in use are costing you money! You can invest in a remote-control plug that will allow you to switch everything off at the wall with the press of a button; this is perfect for ensuring that all electronic devices are switched off when they are not needed.
Another easy way to help you save and manage your money is to use an app that tracks your expenditure. You can find a few suitable options here.
Sell Unused Items
Many of us are sitting on absolute treasure troves without ever realising it. Do you have a cupboard overstuffed with DVDs that you haven’t watched in as long as you can remember? If so, it might be time to box it all up and sell it on. Again, you are unlikely to get much money for any individual DVD as they are incredibly cheap and common, but if you have a large collection, those pennies can add up. The money you make won’t be life changing, but it can go some way to helping you clear any current debts and begin to pay off any outstanding balances.
Short Term Loans
Short term loans are for smaller amounts of money than the type of loan normally given out by a bank or similar institution. Short term loans are usually for amounts between £1,000 and £5,000 and are given for only a short term, usually a matter of months rather than years. The advantage of such a loan is that it is almost instantaneous, meaning the money is available virtually straight away.
Before committing to any kind of loan it is important to have a good understanding of one’s own finances. Establish exactly what your regular income and outgoings are and use a loan calculator to work out how much you can afford to borrow and repay each month. An easy-to-use loan calculator that you can try out can be found at: https://www.118118money.com/money-guidance/financial-tools/loan-calculator/.
By not using a loan calculator you increase the chance of errors being made in your calculations and when it comes to your finances you want to be certain about any steps you take. As such you should check, double check, and triple check, everything to be certain that you can afford to take any steps that you are considering.
Needless to say, loans eventually need to be paid back and while one might expect short term loans to be seen as safer bets than big loans by lenders, the interest rates charged do not always reflect this. Be certain that the terms of any loan you take out are ones that you won’t have any trouble sticking to, as problems repaying a loan can snowball and create a more serious situation. A loan calculator is a good way of minimising the chances of this happening.
When looking to bridge any gaps in your finances, there are a number of options open to you, depending on how much money you need and how quickly you need it. Never take on more debt than you are sure you can repay.