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Managing a Shortage of Cash
March 01, 2017

No matter how sensible we are with money, from time to time we experience a shortage of money that we need to manage effectively.

You may turn to family and friends for support or you could look into payday advance loans for short-term financial help.

However you get through your cash shortage, you should put measures in place to manage it the best way that you can, and limit the chances of struggling in the future.

Assess the Situation

The first thing that you need to do is stop and take time to assess why you got yourself into financial difficulty in the first place.

Have you dropped your hours in work? Or, perhaps there have been a lot of birthdays that you had to celebrate?

It is important to not bury your head in the sand if you are making a lot of poor financial decisions, so addressing the reason why you are short on money may limit the need to take out payday advance loans or other financial products.

Prioritise Payments

Once you are aware of how you got yourself into debt, you can put measures in place to get back on track. If you really are struggling to meet all of your bills, you should prioritise those that you absolutely need to pay first.

It is a good idea to phone all of the firms that you have to make payments to and ask them if you can put a repayment plan in place.

Some of your providers may be able to freeze payments for a month or so or they can change your payment to a more affordable price.

Create a Budget

Once you have arranged a placement plan to get you back on track, it is time to decide a budget so that you do not get into financial difficulty again. Think about shopping in a different store or cutting down on restaurant visits and any luxuries that you can do without for a while.

Simple steps such as shopping in the sales or bulk buying food will reduce your spending significantly. If you find that you have a little money left over each month, save it up so you can use it for emergencies.

Look for Extra Work

If you find that you are constantly in a cycle of debt, then it may be time to look for some extra work. If you are part time, ask your employer can your hours be increased, for example.

We understand that you need to relax as well as work, but there will be times that a little extra effort will go a long way in securing a steady financial future for you and your family.

If you feel that your money shortage is short term and a payday advance will help you, Loan Moneytree is here to help. Simply fill in our easy online application form and we can ease your money worries.

Consumer Advisory:
Loan Moneytree is a loan matching service. This site will submit the information you provide to a direct lender. Upon loan approval, a direct lender may require further information from you which will be collected after we transfer you to their website or they may contact you via phone or email.

The operator of this site is not a direct lender. Loan terms, conditions and policies vary by lender and applicant qualifications. Late or missed loan payments may be subject to increased fees and interest rates. Not all lending partners offer up to £2,000 loans, and not all applicants will be approved for their requested loan amounts. Loan repayment periods vary by lender also. Lenders may use collection services for non-payment of loans.

Not all borrowers will qualify for a loan, the operator of this website does not engage in any direct consumer lending, we simply provide a FREE loan matching service to the public.

Representative Example:
Amount of credit: £850 for 11 months at £146.30 per month. Total repayment of £1,609.25. Interest: £759.25. Interest rate: 150% pa (fixed). 277.6% APR Representative.

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