It’s a horrible feeling to look at your bank statement and realise that you’re almost out of cash. However, there are ways to survive until you get paid. Whilst you won’t be able to fully stop spending – after all, you still need to eat – you might be able to get by until your next cheque comes through. Below are a few options that may be able to help you survive until pay day.
Stop Spending
The first thing you’ll want to do is stop paying out for anything that isn’t mandatory. For example, see if you have any monthly costs that are causing you to struggle financially, but aren’t vital, such as a gym membership, or a phone contract. Cancel as many of these non-vital expenditures as you can. If you spend a lot of money on takeaways or nights’ out, you’ll also want to give these a miss until you can get your finances back on track. The only money that should be going out of your bank should be for necessities.
Find Other Ways to Make Money
Next, you want to look for other ways of making money. Perhaps you could pick up a part time job, or earn some money by doing odd jobs for people. Alternatively, you could consider selling some of your possessions for cash on sites like eBay and Gumtree. Take a look at the non-essential items that you own – do you really need to keep that piece of jewellery, or would it be better to be sold and put towards your rent?
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Check Your Overdraft
An overdraft offers an easy way of borrowing money for a short period of time from your bank. Ideally, you shouldn’t treat it as extra money that is yours to spend, but if you have ran out of money and need to buy food or pay bills, an overdraft may be able to help you. Before using it, speak to your bank to see if there are any charges for use, and what these are. Your bank may also be willing to extend your overdraft if they’re sure you will be able to repay it when you get paid.
Credit Cards and Short Term Loans
If you are unable to make use of an overdraft, other financial options available to you are credit cards and short term loans. We recommend only using these if you are sure you can pay back what you owe at the end of the month, otherwise you will only make the situation worse. Use websites like www.verymerryloans.com to compare the options available to you. Make note of the interest rates, and how much you will be expected to pay back, and when.
Although running out of money so early in the month can be extremely disheartening, it isn’t the end of the world. Keep the above tips in mind, and you should be able to get some cash together to help you survive until pay day.