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How to cope with an unexpected expense

No matter how thoroughly you budget there will be times when the money in your account just can’t meet the demands you face.

Millions of people every year face the fact that their money that month is simply not enough; reasons from an unexpected bill through to urgent home improvements are reasons thousands have given for not being able to meet their fiscal needs. If you’ve been in such a position before you may feel like you’re alone, but this is actually far more common place than you may think. In fact, market leader in short-term loans, Cash Lady, have demonstrated just how common this is through their Consumer City Index on their site. By clicking on cities across the UK you can be reassured that many people have been in your shoes and not known how to find the money needed for an event or vehicle repair.

For many a short term cash loan is just what they need to manage that month and be able to pay back the next month or two. These are particularly useful if you know that the month you’re facing is unusual and know that within a month to three months you could pay back the full amount. These types of loans are often called “payday loans” as they’re intended to help you last until your next payday.

What about when you can’t pay back the month quickly? Maybe the amount is too large or its a large regular payment? In this instance you need to have a closer inspection of your finances. Look into your spending habits and see where you can make savings to use to pay the amount you’re short by. Do you tend to stream TV rather than watch the terrestrial channels? If so contact the TV licence website to cancel it. What about using YouTube for workout videos instead of a gym membership? Making small changes in a few areas can save you more than you think and can enable you to find the extra cash you need.

If you’re really struggling don’t forget to contact companies that could help. The citizen’s advice  site is free to use and could help you with money management or with the bills you just can’t seem to pay. They also help you to manage your money better and analyse any debts you have so you can see which you should endeavour to pay back first to make life easier for you.

Always remember that you’re never alone in this. Many people have faced money troubles and worries, but there are ways to solve your problems and people you can turn to. You are not the first person to be in this situation and you won’t be the last.