Todd Sumamno
Money in general can be a source of stress, having it, not having it, how to save, and how to spend. There is a lot to learn and digest regarding personal finance. One thing that is often overlooked though is how to handle a financial emergency. Since these events are unplanned and cannot be predicted, handling them can leave you feeling hopeless and without options. That is not the case though. Although it is true that you would never be able to predict when or what type of financial emergency may come up, what you can know, are the ways to pull yourself out of it and what that means for your overall financial health, and relationship with your personal finances.
Borrowing Money
If you want to borrow money there are several loans to consider, however not all of them come with the quick timeline that is needed when dealing with a crisis. A great short-term, and quick pay option is a payday loan. There is a guide to understanding the payday loan process and finding the best payday loans online in order to get through a financial emergency. These lenders frequently have hours of operation that extend beyond traditional banking hours which makes them a great money solution during crisis, since emergencies can happen at any time or on any day. The basics of a payday loan are that your specific income will dictate the amount of money you can borrow from a payday lender, and that amount plus any associated fees is preauthorized by you to be returned to the lender upon receipt of your next paycheck.
You can apply and receive this money online or in person, you cannot beat the convenience. The institutions that lend out this money often pride themselves on quick transactions which lends itself to stress management when financial emergencies arise. The lifespan of these loans is short and sweet which decreases the personal timeline you need to dedicate to it as well. Since repayment is typically in one swoop as opposed to installments, you simply need to focus on that one payment and then you are finished, allowing you to allocate your focus and time towards other things in your life.
The Aftermath
Once the dust has settled on whatever you experienced during this financial emergency, you have an opportunity to evaluate how it may have happened, and how to prepare yourself for the future regarding your finances. Use this time to organize your money, get your budget back on track, and create goals that will create a more secure relationship between you and your finances. Reframing the situation that occurred and taking yourself out of the equation will give you a pragmatic perspective and help you to understand that financial emergencies do not discriminate. Individuals of all walks of life and income levels are at risk for experiencing a money crisis of some type. Once you have reframed your personal situation into more general terms, you have a great opportunity to learn ways to be savvier financially and develop long-term habits that can minimize the likelihood that another emergent situation will feel as impactful as previous ones.
