In case you’re living a paycheck to paycheck lifestyle, you can probably relate to how quickly things can get out of hand when unexpected bills pop up out of nowhere. After all, these are unplanned expenses you’re going to need to cover somehow, and your current financial situation may not allow you to do so without getting the money from an external source. No matter what you do, keep calm – there are many things you can do to dig yourself out of the rut!

1. Withdraw the money from your emergency stash

You do have an emergency stash of money, don’t you? If not, unexpected expenses can serve to teach a great lesson about establishing one as soon as you can afford to. That way, similar situations will be far less burdening in the future. If you decide to deplete your emergency savings, make sure to replenish them after a while (basically, as soon as the dust settles).

Making a compromise and taking the money from your children’s college savings account, for example, is not ideal, but it is an option to consider. After all, if they’re not too close to their college years, you will probably have more than enough time to fill in the hole later.

2. Look for ways to avoid spending your money unnecessarily

Are there certain things you can live without for the rest of the month in order to cover the bills that are staring you in the face? Temporarily cutting off the unnecessary expenses is a great way to raise some additional funds (but you do need to have the money readily available for the method to work).

For example, are you willing to cook your own food for a month and avoid eating at the local restaurants? Can you find a cheaper way of commuting that may be less comfortable, but more cost-efficient? Can you postpone fixing a scratch on your car that’s only an aesthetic drawback, but doesn’t negatively affect its functionality? These are only a couple of examples of how you can extend your funds, and you’re going to have to come up with your own that apply to your particular situation.

3. Borrow the money you need

Friends and family members are likely to lend you a helping hand when things get tough. Ask them to lend you some money, and if they trust you’ll be able to repay them later without problems (if you have day to day job, for example), they will probably say yes. Of course, this is not to be counted upon and does depend on how close you are on a personal level.

If you’ve exhausted all of your other options, there are various online installment loans for you to consider. Please bear in mind these types of loans are to be treated as emergency money only, since they do come with high interests rates. But the good thing is that you’ll be able to pay them back in monthly installments, which should be more than doable if you have a regular income.

Conclusion

There’s no reason to panic, no matter how anxious you might get when seeing an unpaid bill on your desk. By being level-headed and utilizing a proper amount of planning, you’re going to take care of it in no time, effectively making your temporary financial worries a thing of the past.