A man tries to stay afloat in a financial emergency.

How to Stay Afloat Through Any Financial Emergency

Just when it seems like all is well, life has other plans.

A financial emergency can happen at any time to anyone. It can be a necessary car repair or a home renovation you can no longer ignore. Financial emergencies can be temporary but can also have a long-term impact on your well-being. But they don’t have to.

Here are some ways you can stay above water when facing a financial emergency. 

Tips For Getting Through Any Financial Emergency

Perform A Health Test On Your Finances 

Planning for a financial emergency instead of reacting to it is key to staying afloat. If you don’t have a budget already, make a monthly budget listing your fixed needs and your “wants” (for example, going out to eat or taking a vacation.) 

This will share information on your spending habits and provide a window into how much you need to save to be comfortable during emergencies.

Use An Emergency Fund

Savings are often vital to overcoming financial emergencies. While dipping into your savings is an obvious way to stay afloat, consider using (or starting) a savings account created only for emergencies.

You don’t have to have a huge emergency fund to start, but you should contribute consistently. It can help with everything from medical care to a drop in income if you lose a job. 

So how much should be in an emergency fund? To be in the best position when a financial emergency strikes, add up your typical monthly expenses and multiply by six, so you have at least half of a year of cash to fall back on to cover your essential costs. 

A buoy holds cash to represent staying afloat in a financial emergency.

Make Better Spending Choices

A financial emergency usually triggers an examination of spending habits. Look at each type of expense on your budget and highlight areas where you can cut back or cut entirely (even if it’s temporary).

Start meal planning if you find yourself going out to eat too much each month. Cut coupons, make gifts, and buy generic items. Refrain from big purchases for a few months at least. 

Even if an expense is fixed, there may be some wiggle room. If interest rates are low, you could refinance your mortgage at a lower rate. Find ways to lower your electricity bill or talk to your power company to see if they have an incentive program for thoughtful energy conservation. 

Use Your Credit Card Sparingly 

According to the Motley Fool, the average credit card debt for Americans is $5,221. Interest rates continue to rise and reach new highs, with an average of over 16%. 

Overusing credit cards is common and should be avoided even when you are not struggling with a financial emergency. As difficult as it may be, a credit card break or a complete freeze should be considered during an emergency. 

Get Help

Most people dislike talking about money management. It’s a personal matter, after all. But if you are struggling with a financial emergency, talking about it with a spouse, family member, or friend can make a difference.

They can encourage you to craft a plan to get back on your feet. Depending on the seriousness of the emergency, it may be beneficial to chat with a financial planner or adviser as well.

A woman with glass holds up a piggy bank after she receives a payday loan.

Consider a Fast Payday Loan  

If traditional methods fail to alleviate your financial woes, alternative approaches can help tackle your financial emergencies.

An emergency fast payday loan is designed to help with unexpected expenses, and it's typically paid back when you receive your next paycheck. It can take as little as 30 minutes to qualify for an emergency payday loan of up to $1,000 at Fast Payday Loans, Inc. of Florida.

It’s also easy to qualify. On our homepage, you’ll find a loan inquiry form asking for some basic personal information. Soon after it’s submitted, one of our loan representatives will call you to answer questions, review the required materials, and guide you through the rest of the process. 

Once you are approved and agree to the terms of service, you will get the cash you need that same day or the following business day.

Get Started Today 

Financial emergencies can dent your financial goals and derail your day-to-day life. You have the power to keep these setbacks from making a profound impact on your life. Consider what an emergency payday loan from Fast Payday Loans, Inc. of Florida can offer you today. You can start the fast payday loan process online, give us a call, or visit one of our many payday loan locations near you. 

Note: The content provided in this article is only for informational purposes, and you should contact your financial advisor about your specific financial situation.

Mason Roberts

Mason Roberts is a seasoned economics writer and blogger with a knack for breaking down and simply communicating the ever-changing world of finance. He is philosophically committed to the premise that financial knowledge equals financial freedom.