At the prevailing economic times people are trying to live at their lowest lifestyle as possible.some cannot afford even the basic essential needs such as food hence are relying on well-wishers and and government donations for survival.in the last article I tried to give you tips on how to reduce expenses and survive at your current emergency budget without getting stuck .In this article am going to give you important things to do Incase you get stuck in this pandemic period. Being financially stuck is one thing that is normal at one point or the other in life, sometimes we have sometimes we don’t have .Already stuck?Here are somethings you are supposed to do immediately you notice that you are getting stuck:
1.contact your creditors
This is meant to notify them that you are no longer able to service the loans and mortgages as agreed in the credit agreement .In this case they can review the terms of payment by either reducing the payable installments or extension of installments payment to a further date hence giving you enough time to make money for the same.Doing this can save you such things as auction of assets that you used as collateral , remember the financiers cannot know your situation unless it is explained to them.
2.consider taking a personal loan
Consider getting a loan for only personal purposes in this case look for a financier who has the most considerate terms as possible .Again don’t take a very huge loan that you will not be able to service in future ,take a loan that you can manage at the comfort of your financial capabilities without giving a strain to your current resources. If considering to take a business loan then make sure that your business is flowing and will pick during this season and the incomes can service your loan comfortably.
3.Draw on retirement savings
To some people taking a loan might not be an option due to the serving strains and hence they choose to opt using the retirement savings. As much as this might help ,it should be your last option considering this is the money that was supposed to help you push through your old age without a strain on your children. Try as much as possible to avoid these savings as much as you are getting stuck ,look for other options let it be last option you have.
4.Make use of the government and community assistance.
Dont be ashamed of making use of such things as donations from the government and agencies if activities are initiated at your area.Again it should be genuine ,don’t take donations while the little you have can serve you.Consider also asking for help from friends who are way much better financially than you are.