Sometimes, no matter how well you budget and try to stay on top of things, your money worries get completely out of hand. Perhaps you’ve just received a massive utility bill, or maybe you’ve got behind with your childcare costs and just can’t catch up? Whatever the problem, the important thing is not to bury your head in the sand. Financially, you may be in a lot of trouble, but if you don’t deal with things, they’ll only get worse.
As a parent, you’ve got a responsibility to your children, so when it comes to money worries you need to find a way to sort them as soon as possible. Sometimes when your finances are in a very bad place, it can seem like there’s no way to get things back on track. However, that’s not the case; you’ve got options, and it’s important to realise that.
Calculate what you owe
What you need to do first is work out exactly what you owe. This may be a scary prospect, but if you don’t know how much you owe, you can’t start working out how to get things back on track. Whether it’s £5000 or £50,000, don’t panic. It may be a large sum of money, but like I said above, you have options. The last thing you want to do is panic; else this will just make things ten times worse.
Look at your ingoings and outgoings to find a solution
Perhaps the solution is easier than you would think. Take the time to go through your ingoings and outgoings to see whether there is any way you can budget your spending further. If there’s not, then it may be worth thinking about other options for earning. Perhaps getting a second job could be the answer to your problems? Could you maybe get a loan?
Consult an expert for help
If your financial problems are that bad that you’re considering declaring bankruptcy, you need to consult an expert. The thing is, once you declare yourself bankrupt it will have a long and lasting impact on yourself and your family. You may not longer be able to get a bank account, rent or buy property, get car insurance, or work in certain places. You’ll need to declare your bankruptcy on job applications, home applications, and many other forms. So it’s not a decision to make lightly. That’s why before you go ahead and do it, it’s worth getting some personal insolvency advice, to ensure that you’re doing the right thing.
Ask a family member or close friend to borrow money
Do you have a family member or close friend who has the money to be able to help you out? Perhaps you could consider asking them for a loan, to help you get back on your feet? It might be embarrassing having to ask for help, but if it will get you out of the situation you’re in, it’s worth considering. You’ll be able to pay it back over time, so there’s no need to stress about feeling embarrassed. At some point or another, we all need help.
Money problems don’t go away on their own, so make sure not to bury your head in the sand. Else, everything will only end up getting worse. Be brave and deal with things, and you’ll feel much better about your situation.