What can be more depressing than knowing that no matter how long you stay at work and do extra income, the moment you receive your paycheck, it couldn’t cover on the monthly bills and expenses? You look for ways to resolve the problem. At this point, you may have exhorted everything and overextended yourself with debt. What could be worse when all you depend on are these prepaid credit cards with those hidden fees? You need to take action and take this 5 step approach to this situation and solve this problem immediately.
Counting Money
1. Reduce the Expenses

This is the first step in resolving the situation. There has to be a way to cut on the budget. Perhaps, you needed to find a roommate to share on the apartment expenses. This will not only provide you company at home but also cut on the apartment rental expenses. Find a way to look for a trusted carpool on your way to work. Cut on the food budget. Eating at home is less expensive than dining out. Keep in mind that no matter how small these things would be, it will have a greater impact in lowering the budget. This way, you will have enough money to take care of the monthly bills. Avoid spending on things that are not even needed. Learn to differentiate from needs and wants. Else, they will only make the situation worse. You may check on the bills and determine which expenses that you cannot afford.

2. Look for an Extra Income

If the current job is not enough to support your monthly bills, find an additional income. In other words, if there is a need to take part-time jobs, now is the time. You may need to sell some goods during your extra time. Say when you needed to pay for medical expenses, getting another job can resolve the problem. Consider it not a long term solution rather, a short term approach in the time of need.

3. Look for a Long Term Solution

At this point, consider on taking another degree to increase your knowledge. This is another approach of getting a promotion or an increase at work.

4. Contact the Creditors

Remember, credit companies will also turn bad. You may need to contact these creditors and check if you are qualified for a reduced payment. Else, if it requires you to stop on using credit cards, do so. If not, payday loans are preferred to cover on the monthly expenses. Other than it is quick cash in the time of need, it doesn’t require any other documents and only a few qualifications, the cash will be sent within 24 hours.

5. Focus on the Priorities

This is the last approach but this is the most important step. Prioritize on the essentials more than anything else. Ensure that you have enough food, a shelter to stay, and utilities are all paid. Thereby, you may be able to have fun and relax. This should be able to make you survive in the coming months.

Always remember to manage the cash flow to avoid running short at the end of the month.

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