Panic will not help to find a way out — it will only increase stress. Therefore, sit down and carefully consider your position. Determine the cause of financial tension. Perhaps it is obvious: for example, you lost your job or went on maternity leave.
But it may also be like this: you have noticed that there is not enough income regularly, you often have to borrow money. The prerequisites may be different: recently a lot of money has been spent on treatment, you have accumulated credit card debts and now payments eat up all income, you have spent a significant amount on a large purchase or entertainment. It is important to understand the reason and make plans based on the specific situation.
These are usually expenses related to housing and meals. You can live without home Internet and some entertainment, but you definitely can't do without a roof over your head and food. You can save on some products, but try not to skip meals, just to save a little more. On an empty stomach, you will not be able to work and make adequate decisions.
Depending on your situation, priority expenses may also include medications, kindergarten fees, or something else.
Now insure yourself against unnecessary expenses. If you have a credit card, take it out of your wallet and leave it at home. Delete payment card data from apps and online stores. Pay in cash, trying to meet the planned amount. This will not solve the problem, but it will stop the leakage of funds.
Without it, it's like you're trying to navigate a dark room by touch. Having made a budget, you turn on the light in the room. Now you won't trip over furniture and step on a cat, because the road is clearly visible. The budget will guide your financial decisions and help you eliminate difficulties faster.
To make it realistic, track your expenses for 2-4 weeks. Record every purchase in the app or notepad. If you are already counting expenses, scroll through the records for the last months. See how much it takes for different payments and purchases. Think about what you can save on now, what to give up.
Calculate how much you can allocate to pay off debts, loans or create a reserve fund.
Set realistic goals. It is unlikely that you will be able to give up a whole category of expenses or save a large amount on one thing. Instead, try to trim each category by at least 10%. You won't notice much difference, but you will save some money. Entertainment, shopping for pleasure, eating out can be reduced more — up to 90%. Try to still leave a little for these expenses, so as not to feel completely deprived of joys.
In cases of difficult life situations, the state provides social support. Do not dismiss this option. Even if the amount is small, it still won't hurt.
If you realize that in the near future you will not be able to pay utilities, medical bills or interest on the loan, contact the organization to which you have to pay as soon as possible. It is likely that they will agree to make concessions: it is more profitable for them to get a smaller amount than nothing at all.
Banks can reduce the interest rate or delay payment without charging penalties (usually no more than 1-3 months). Management companies may agree to temporarily not charge for utilities. The main thing is not to wait when you owe a lot, but to agree in advance, otherwise they are unlikely to meet you halfway. And be ready to collect the necessary documents to confirm that you are really in a difficult financial situation right now.
It is unlikely that it will be possible to return to financial stability in a few weeks or even months. Move gradually: lower expectations, postpone regularly and look for ways to increase income.
If on some day or month you went beyond the budget, do not immediately start scolding yourself.
Analyze the expenses and find the reason for the unplanned expenses. Perhaps your door lock broke or your glasses broke and a replacement was extremely necessary. Or maybe you succumbed to the temptation in your favorite store and bought something unnecessary. In the second case, try to change your behavior to protect yourself from similar expenses in the future.
And don't despair. Remember that such restrictions are temporary and you only need to be patient until your financial situation improves.
