How To Cope With Unexpected Financial Pressures

 

It always seems that a financial crisis comes your way at the least inopportune moment. You have a surplus of money on hand, treat yourself or a family member to a new outfit or pair of shoes and then a sudden unexpected incident comes your way and upsets the whole cart. If you don’t have credit available to you, such as a credit card or savings account, then an unexpected financial burden can create a big problem.

In times like this, an online loan can be a great solution. You get the funds you need at a time when you need them most. Here are Alchemy Money, we specialise in getting loans to the people who need them most. We do have to stress that quick fixes like this shouldn’t become a habit but they can be a lifeline in difficult times.

Maintaining a good credit score

It’s important to establish and maintain a budget. Having your finances in order not only gives you peace of mind but it can also save you a lot of money. When you have an excellent credit score and you need a mortgage or a new car, you have access to the lowest rates. On the other hand, a few late or missed payments and your low credit score put you into a high-risk category, giving you limited purchase options and high-interest rates. It doesn’t matter if you are single, married or divorced and raising children on your own, maintaining a good credit score is important.

Creating a budget for life

Living paycheck to paycheck leaves you in an awful predicament and unprepared for any unexpected expense that may come along. Establishing a budget and sticking to it will help you overcome most any short-term emergency that can happen. It’s easier than you might imagine and once you get set up, you’ll see exactly where your money goes each month. Simply create a list of all your regular house bills and then factor in food expenses, gas, school and anything else you have to pay each month. Once you have this then deduct your income from the number.

Hopefully, you make more than you need to spend. If this is the case, then you are on your way to changing the way you live and in no time at all you’ll have your bills paid on the first of each month and money put away for a rainy day. The key is to practice hoarding. Just because you made more this month doesn’t mean you spend it. Open a savings account and pay yourself each week a set amount that you will gradually increase. This will give you access to money when you need it without the need for borrowing.

Review your household utilities

If you fall into the category of ” I don’t make enough” there are ways to reduce your overhead and put money back into your pocket. Start by going through each bill and see where you may be able to reduce the payment. For instance, your cable bill; for the short-term you can take it down to the basic service. You can do the same with your cell phone by switching to another plan. Even on your electric and gas bill, there’s room for improvement by turning off lights and switching out bulbs to energy-efficiency and lowering the heat and raising the air conditioning in the evening.

 

Future Planning

Why Choose Us?

  • A comprehensive range of loans
  • All applications considered including self employed and poor credit
  • Attractive low interest rates
  • No upfront arrangement fees
  • Quote won't affect your credit score