No matter how hard we try to avoid it, sometimes, we find ourselves stuck in sticky situations in life. They can be embarrassing and frustrating and can cause us a lot of trouble.
Now, they probably don’t come around all that often, so when they do, you don’t always know how to act. And when those sticky situations are finance related, you can feel even more at a loss.
But, the trick is not to let things get you down, but to take action instead.
So, if you ever find yourself in one of these sticky financial situations, here’s some advice on what to do.
Needing A Guarantor
Sometimes, when you apply for credit or even to move into an apartment, you can find that you need a guarantor. When you were hoping to help yourself out or make it on your own, it can be frustrating to be told that you need a financial guarantee.
But, don’t let your pride get in the way of a good deal – especially if you need it. When you need a guarantor, try to ask someone close to you like a family member or friend.
Set clear expectations around what it involves and be sure to do everything you can to prove they made the right choice to go guarantor for you.
If not, you may be able to get a specialist company to help you out.
Making A Bad Investment
Even when you’re skilled and have lots of experience in the field, you can still discover that you’ve made a bad investment. It happens.
The trick is, not to let it alter your financial situation in any future decision that you make. Too often, one error or a downturn in the market will see people panic and get rid of everything.
This can drastically alter all your investments and your financial plan. One bad investment does not mean they are all bad.
For example, If your investment is in real estate, hold off before you panic. You may find that you can turn it around in the end, or that in time you will earn your money back if you are patient.
Investing requires patience and riskier investing requires a strong gut!
Paying Unexpected Fees
Then there are the moments where you find yourself with a bill that you never knew you were getting, or just never saw coming. Whether it’s a broken boiler or faulty electrics, or even bail fees or legal representation, you may need a helping hand.
Finding ways to make money fast isn’t easy and doesn’t always cover everything. Sell off what you can, do some odd jobs, ask for an extension if it’s a bill and do what you can to avoid another debt.
If you can’t cover it and have to get a loan, be sure to research your options and make the right decision for your unexpected fees.
Missing Your Rent
Whether you know you’re going to miss your rent or not, it can be a painful and embarrassing situation. When you can’t pay your rent, you need to act fast if you still want somewhere to live.
You need to be able to speak to your landlord and come to an agreement. The worst thing you can do is ignore it, so reach out.
If you know you cannot pay your rent this month, contact them before it is due, let them know you are doing everything you can and try to find an agreement. Then do everything you can to catch up on it and not fall behind again.
Having A Cheque Bounce
When a cheque bounces, whether business or personal, it is embarrassing and stressful. If it was a genuine mistake, make a payment fast and talk to your bank. If not, you’re going to want to come up with a payment schedule or give them a date for when you can pay.