Ways To Deal With Financial Difficulties

Finances can be a difficult to navigate around and there is no "right" way to sort them out or keep on top of them. My advice would always be to pick a method that works for you. I really like to keep an eye on my money and organise it into different sections as soon as I get paid. Keep reading for further advice about ways to deal with financial difficulties…

Research Your Options

" When we’re in a financial mess, whether you have mounting debts that you are struggling to repay, bills that just keep coming, outgoings that your income doesn’t cover, or an unexpected expense that has wiped out your savings and taken away any financial security that you had not to long ago, it’s hard. It’s easy to be emotional, to get upset, to panic and flounder. Most of us feel like we’ve got no options. Like there is no one to help us. We worry that we could never get approved for a loan, we’re scared to ask to borrow money, and we can’t see how things will ever get better. 

But, most of us usually do have options. We just need to find them. Could you borrow money from a loved one? Could someone help you to secure Buddy Loans? Could a household budget help you to identify problems? Are there any contracts that you could cancel or reduce? Any luxuries that you could live without? Could you earn extra money from a side hustle, or even ask for a pay rise? Not every option will work for you, but you will have more options than you think. Write them down and work through them one by one. 

Speak to Someone

Another thing that most of us are guilty of is not wanting to talk about money. We’re ashamed to admit that we’ve made mistakes. Or embarrassed that we don’t have as much as others. We certainly don’t want to ask people for help or admit that we need it. But, not talking about your money problems can make things worse. Not only will you not get help, but your worries will start to multiply in your own head. You’ll internalise your fears, and they’ll grow until you can see no way out. 

Speak to family and friends. Even if they can’t offer cold hard cash, they might have advice that could help. You might even find that they’ve been in the same situation but never told anyone. 

If you need more formal help and advice, book an appointment with a Citizens advice financial specialist, or a free appointment with a financial advisor. 

Make Informed Decisions

It’s easy to panic when your finances are a mess. It’s easy to get upset when a large bill comes in, and you don’t know how to cover. When we’re upset and emotional, we often rush into decisions without thinking. Try not to do anything when you are feeling emotional. Calm down, step away for a while and leave important decisions until you’ve researched options and sought advice. Or at least until you’ve slept on it. 


Usually, when we’re in a financial hole, it’s not just one thing. It’s normally a combination of credit cards, overdrafts, overspending, low income, and more. All coming together to create an unpleasant financial situation. It can all feel too much. So, break it down. You aren’t going to be able to pay everything off in one go without a big lotto win. So, write a list of what you owe. Put them in order of what needs paying first, and then what is costing you the most interest. Prioritise your actions, instead of trying to deal with everything. 

Take it One Step at a Time

It’s important to remember that every little helps. Earning a little extra from a side hustle won’t make you a millionaire, but it might give you a little extra to pay off debts or save for a rainy day. That little extra could be the difference between eating beans on toast all week and having a proper diet. It might mean that you can pay your electricity bill next month. Paying a little extra off a credit card won’t clear it, but little and often might. Do what you can, when you can, and don’t ever underestimate your achievements. 

Set Yourself Small Targets

If you’ve got thousands of pounds to pay off or find, it can feel overwhelming. You might find yourself giving up because you know that you can’t do it. So, break it down. Set yourself a small, weekly target that you can achieve. 
Start an Emergency Fund

People will tell you that you shouldn’t save when you’ve got debts. But this isn’t always true. Ideally, you’d use all of your spare cash to get rid of debt, and so interest. But, that means that if something comes up, your only option is to turn to debt once more. Having a small emergency fund can be wise."


Follow me on BloglovinInstagram & Twitter 

This post contains contributed content 

No comments

Post a comment

Follow my blog with Bloglovin

Sign Up To The Madolyn Thinks Newsletter

© Madolyn Thinks • Theme by Maira G.