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For whatever reason there’s likely to come a time when we need money quickly, perhaps there’s an emergency that can’t wait or an opportunity has cropped up and that you simply can’t miss. Needing money and not having any is a very frustrating issue, so here’s what to do when you need money now! 

Assess the situation 

The first thing to do before going any further is to assess the situation, sit back, take a deep breath and ask yourself if this really an opportunity or a real emergency that simply can’t wait? Sometimes things can feel like an emergency when they really aren’t, such as:

  • Promising to buy your son that new game 
  • Agreeing to go out for dinner with friends
  • Needing to buy a birthday present

These are just a few things that may seem like an emergency but in reality, they can all wait for another day. You need to be honest and ask yourself if this problem or opportunity is worth the possible financial repercussions.  

Try to cut down the cost if you can

If this problem really can’t wait, then the next thing to do is try and find out if there is a way that you can negotiate down the cost to fit within your budget. For example, could you have only the most necessary repairs done to tide you over and then have the rest done when you next get paid? Sometimes a big financial problem is made up of smaller more manageable problems and by breaking it down you may be able to find a way to tackle them by their priority. If reducing the cost isn’t an option for some reason, then can you negotiate a payment plan and pay back the cost in increments that you are able to afford. Most people are understanding and will be willing to discuss payment options with you, so don’t be ashamed to ask. 

Can you amend your budget to accommodate?

Another important thing to do is to check to see if you can accommodate the cost elsewhere in your budget. Is there somewhere else in your budget that you could move the funds from? Now, this doesn’t mean take the money from essential areas of your budget such as bills or debt repayments as this will just move the debt problem elsewhere in your finances. But do you have any other areas you could take the money from, such as money put aside for eating out or a savings pot for a future holiday? Could you live off your pantry and freezer for the rest of the month and use your budget for food? If you kee a budget then take a good look at it to see if you can make any simple changes to fit in this unexpected cost.

Can you get an advance on your salary?

If you have no way of accommodating the cost into your budget, or perhaps you don’t have a budget at all then the next thing to do is to see if you can get a salary advance. This is completely at the discretion of your employer but there’s no harm in asking. If you do get an advance then you aren’t out of trouble just yet, you now need to sit down and very carefully budget for what you will have to spend next month as you have already used a portion of your salary. 

Can your friends or family give you a loan?

Before searching for loan companies do you have any friends or family who could loan you the money for a short period of time? A loan from a friend or relative will be easier to repay and you don’t risk hefty interest rates or late fees. 

Can you get an interest free loan?

If you have absolutely no way of making the payment, your friends and family can’t help you and your employer is unable to give you an advance on your salary then you may find yourself in need of an instant loan. If you absolutely have to take out a loan or credit card then at least try to make sure that it has a low rate of interest as possible. Try to look at interest-free credit cards, these often work by offering 0% interest for a set period of time, so if you know that you can pay the card off before the period runs out then they can be a smart choice, but remember that even this option really isn’t ideal as you could still be caught out.