Cash in a Crisis: 7 Ways to Ensure You’ll Never be Without Money

Ah, money. The great leveller. No matter how much of it you have, it’s never enough. No matter how well paid your job may be or how modest your lifestyle, in an uncertain economic climate, it can seem as though financial hardship is never more than a missed paycheck away. Whether you work for yourself, own your own business or are in a salaried job, whether you are single or married, whether you live alone or cohabit the chances are at some point you will find yourself having some sort of money troubles. You might find yourself struck with an unexpected bill, you might experience car trouble, you might have to bail out a friend, family member or loved one. Your employer could make you redundant or you might get lost in the shuffle of a corporate restructuring.

The fact is that none of us can predict what the future will hold for us or our finances. And in order to insulate yourself from long term risk, it’s important to be prepared. Here are some ways to ensure that when crisis strikes, you’ll never be without cash…

Know what not to do

Perhaps the most effective thing you can do to avoid financial crisis is to know which actions will make the situation work. Predatory payday lenders may seem like the perfect solution to your financial problems in a time of crisis but their exorbitant interest rates can cause you to get stuck in a quagmire of debt from which you may find that there is no recovery. While some countries and territories have put legislation in place to prevent pay day loan companies from using predatory or unethical lending practices they can still cause debts that can create more problems than they solve.

Get serious about saving

Most of us have at least some sort of savings account. But do we use them?… probably not as much as we should. Your parents may well have taught you that 10% of every paycheck you receive should go into your savings. But in an era where the cost of living seems to rise dramatically each year and yet our wages remain the same, this isn’t always feasible.

However, even if times are lean when it comes to your finances, that’s no reason not to at least put something away every month. Can’t do 10%? No problem, but 5% in and increase it to 15% when your finances are looking more stable.

And if you’ve been using the same high street savings account since you were a kid, perhaps you need to find an account that works harder for you. Here are some of the best interest rates from all over the world.

But remember, even a good savings account can only work for you if you actually use it. So be sure to put something aside every month.

Cling to your collectibles!

None of us collects collectibles because we intend to sell them. They bring us pleasure and joy even if all they do is sit on a shelf. However, cling to them and keep them in the best possible condition and you may find that they prove a reliable safety net if you fall upon hard times. You never know what might be worth big money in the future. Think of all those kids who bought Star Wars figures in the early ‘80s and would now be sitting on goldmines if they took better care of their toys. Even something as quotidian as Pop Vinyls can be worth a small fortune. Check out this list of the most valuable Funko Pops!

Always know the value of your home

Okay, so selling your home is a very extreme option, but it always pays to know the value of your home, so make sure you stay in touch with a reliable real estate agent like The Hupman Group. Remember that selling your property isn’t the only way in which you can make money from it. In fact, when you own your own property, you always have a high-value asset. You can release some of the equity on your property by remortgaging, or simply let out your spare room on Air BnB or your local equivalent. If you have a home, you always have options.

Every day I’m side hustling

Remember that your income needn’t necessarily be dictated by your day job. In fact, there are many ways in which you can make money in your free time with a side hustle. No matter what your circumstances, education or areas of expertise, there’s an excellent chance you can find a side hustle that suits you.

Of course, your attention and energy will be limited after a long, hard day’s work which is why it’s so important that your side hustle stem from something that you enjoy and / or are passionate about. From writing blog posts about your favourite music to walking the neighbourhood dogs in the evening, there’s no shortage of ways in which you can get paid for doing things you enjoy. And who knows? Your side hustle may find success and snowball into an opportunity for full-time entrepreneurship helping you to break through the glass ceiling that your employer has placed on your wages.

If you must borrow, borrow smart!

This post isn’t hear to say that you should neither a lender nor a borrower be… but if you have no means of recourse but to borrow, don’t let panic push you into poor borrowing decisions. Even if you don’t have the best credit, you can still borrow smart by choosing low interest loans and credit cards. Use a credit checker like Experian to determine your credit score and find the best deals.

Remember that little changes can make a huge difference!

Finally, remember that little things can make a big difference when it comes to saving money and keeping financial crisis at bay. Bringing a thermos of your own coffee rather than stopping into Starbucks to get through a rough Monday morning. Packing your own lunch instead of being tempted by local restaurants and fast-food outlets. Walking or cycling instead of treating yourself to a taxi. The little bit you are able to save here and there adds up to a lot by the end of the month!

Dealing With The Scary Money Matters

How do you feel about your money? Do you think you’re earning enough? Do you think you have enough stowed away in your bank account? Do you think you’re working with the right budget for your household and lifestyle? Do you think you should try investing, to pad out your savings a little bit more?

And are you tying yourself up in knots over the worry your money gives you? Is there a longing inside you to make a bit more, but you don’t know how to go about it? After all, an emergency can strike at any time, and who knows if you’ll be prepared for it.

So, your financial wellbeing is something you probably constantly worry about, seeing as money is the foundation of everything. You save as much of it as you can, and from time to time, you can even feel guilty about spending just a few pennies on some much needed groceries!

Money can be scary, there’s no doubt about that. So let’s go through some of the most scary matters that money can put you through, seeing as they affect most of us at some point in our lives. The more you know, the better off you’ll be.

Income is Rarely Secure

Your income is probably mostly reliant on the job you have. You might love your job, you might not, but there’s no doubt it’s the best way to pay the bills! It offers the biggest lump sum at the end of the month, and it’s something that keeps on paying month after month. There’s quite a few side hustles out there that don’t offer the same kind of longevity.

But what if you lack a bit of job security? A lot of people feel like they can be fired at any moment, and that they daren’t not ask for vacation time, even when they’re owed it. What if you have little to no union options? What if you get a pay cut, out of nowhere? What if your working environment is getting a little bit toxic or choppy? All of these factors adding up can make you very worried about the security of your income stream. Even when you’ve got your finger in many pies, it can be hard to subsidize five different sources of revenue with the one source that pays you the most.

So, even if you do have a side hustle, there’s a good chance it doesn’t pay nearly as well as your main job. There’s also a good chance it took a lot longer to set up, and to start paying out to you! Who knows if you’ll have the financial security, in the future, to do the same thing with another side source of income? If you don’t have a job to fall back on, will you be able to take the time to ensure a monetized blog or an investment portfolio will pay off?

Sometimes You’ll Need a Lawyer

Lawyers are a big deal when it comes to money, and they’re definitely a good line of defence against the institutions and corporations that turn money into a very scary matter. If you’re being accused of tax fraud, or you’ve been shortchanged in they pay you’re owed (and your employer just won’t give it to you!), a lawyer’s office is going to be the best option to reach out to.

But that in itself is scary. If a lawyer needs to get involved, we automatically think of large fines and prison time, and that’s enough to scare off and silence most of us. We think it’s not worth the time and energy to take a money matter to court, even if it’s a small claims case. And that’s because we don’t know enough about the legal side of our finances!

The crux of it is that lawyers themselves cost a pretty penny, and when you don’t have the money to send their way, to enlist their very helpful services, you get stuck! Even when you know you could be due a payout from a tax company, or the government system that deals with relief or benefits, you might need to reach out to a lawyer to ensure you’re paid your dues. It can be a complicated matter unto itself, so companies like mahanyertl.com exist to tell you more about this.

And Who Can Afford to Save?

Saving your money can seem like a pipe dream in the modern day and age. Many things are far too expensive to buy on a regular basis, and too many of us are dealing with a wage gap that hasn’t evolved since the 70s. Anyone who doesn’t work for themselves at the head of a giant corporation, or who hasn’t been working in their job position for at least 15 years now, can suffer at the hands of the job market. It’s these people who don’t have enough money in the bank, because they’re simply not paid enough to be able to put money away!

So, it comes down to some serious budgeting. The less you can spend on weekly expenses like bills and groceries, the more you can put away for a rainy day. And seeing as they’re cropping up more and more, it’s a good idea to stay in for the night, and put the money required for restaurants and nightclubs into a saving account. After all, it’s often a lot more beneficial to save for a proper vacation at the end of the year, compared to forking out for just one night of fun.

How Scary is Money For You?

Money can get very scary, we all know this. The more we spend, the worse we can feel, even if we’re satisfied in the moment! And often enough, it’s not our fault that our savings account doesn’t outrank our checking account.

So make sure you’re aware of the reasons why, and what makes money scary most of all. Remember, it’s much better to be in the know!