It is a horrible topic to discuss, no doubt about it. But it is also a reality that many have had to face in recent months. What to do if you have no money. It can seem like a desperate situation with no solution, but we have some advice on how you can handle a difficult time.
I have had a good few months financially. I have saved money by simply not being able to go out! And i have managed to get some extra work to tide me over. But before the lock down, it was a very different situation. I was literally scrambling around for spare pennies and pounds to see me through a week. I will use that situation as a case study into the options you have if you find yourself in a similar situation.
The first step is to be absolutely sure where you stand financially. Do you really have no money at all? When i looked into my finances, there were a few surprises contained within. There were ways that i could get some money into my hands, though it would not be instant, and not always easy. But before you do that, check if there is potential to spend more money. Do you have an unused authorised overdraft? As a last option,t his could be sued, in the short-term, to pay for essentials.
Plan not just for now, to get by that week, but plan for the future. Change your nasty habits once and for all. Shop efficiently, and go to the supermarket that offers value. Cut out the takeaways and the coffee on the go. Make your own meals, all the time. Cut down on unnecessary TV subscriptions or gym memberships that you do not use. Use the situation to tighten up your finances. Don’t buy any food until you have used what is in your cupboard.
What can you sell that you can live without? Remember, it does not have to be new. It could be books, trainers, DVDs, computer games, clothes or even jewellery. Most stuff is sell able if in good condition. Selling stuff locally, on Gumtree or a Facebook page can give you a quicker turnaround, so you could theoretically have money in your hand the same day.
When i go supermarket shopping, i usually tend to forget my loyalty card. And yet i checked my Nectar points a few months and was amazed to find just over £50 sitting there. So i used that to easily cover a week’s groceries. It feels good to eat for free for a week, whatever your financial situation!
I overcame my pride and asked for a short advance on some freelance work i do on a regular basis. I was asking a friend, which made me more embarrassed but also more willing to have the difficult conversation. If you are on a situation where you can get wages in advance, and you have no other options, it may we worth you considering it. Just remember that there will be a longer period afterwards without wages. So prepare yourself.
Don’t be afraid to seek advice. That can be from trained counsellors or simply by talking to those you love. They may be able to provide financial assistance too, which is better than taking on a loan that you may struggle to repay. A loan that comes with extra charges. It can feel embarrassing and makes you feel like a failure, but pride comes before a fall. You must do what is necessary to pay for life’s essentials and to keep a roof over your head.
It is a sign of our times that food banks are so prevalent right now, but if you can simply not afford to feed yourself, or any dependants, then use them. After all, that is what they are there for. You cannot just turn up and take food, but require a referral. Contact your local trust or church should you need one.