Struggling financially? Discover effective ways to get the financial help you need to overcome challenges and improve your financial situation.

Here's How to Get Money When Times are Tough

Many individuals face the current economic challenges that are happening almost everywhere. Several hold jobs that cannot sustain the lifestyle that they want and pay the bills that cover basic necessities. Tough times can really be arduous, and you need to act on them head-on in order to get out of these financial strains that weigh you down constantly. Fortunately, there are ways you can combat these problems and come out on top of them.

Whether it be generating extra income, assessing your current financial situation, seeking help from the government, or other solutions, having a positive mindset should be the topmost priority when getting out of these hurdles. In this article, we will do just that and discuss some of these options that can help you.

Looking at Your Current Financial Standing

It can often be stated that the best thing to accomplish when trying to get out of a financial slump is to reflect and evaluate your current standing when it comes to your finances. Ask yourself, ‘Does my current job still meet my financial goals?’, ‘Am I spending too much on things I do not need?’, ‘Is my income still aligned with my bills?’. 

Being aware of the answers to these questions will definitely benefit you because self-awareness is the initial move to turn your life around. When you finally accept and acknowledge your flaws and the crucial factors in your life, navigating the challenges will become easier.

Identify the areas where you can cut costs and set financial goals that are realistic or attainable so as not to pressure and discourage yourself. Having confidence will encourage you to push through despite the obstacles. You are then ready to create the budget that’s best for you with the money that you have and the bills that you have accumulated.

Exploring Different Ways to Make Money

Of course, when facing financial difficulties, the first thing you can do to relieve yourself is explore ways to increase your income. It might be discouraging to apply for jobs, especially in today’s high demand for them, but you will surely come across what’s best for you if you know your strengths and you have the motivation. Take on part-time jobs or freelance work that you can do from home to not give you the additional pressure to commute and go onsite. 

Also, it may be time to declutter and find hidden treasures in your home that you no longer need so you can sell them online and give them to someone who might need them more than you.

Research and participate in some online surveys, freelance platforms, and focus groups. Invest in a property, and if you can do so, rent it out on Airbnb. Start a business or some side hustle. The options are endless if you think about them.

Utilising Government Assistance Programs

Individuals facing financial difficulty can access various government assistance programs designed to provide relief. In Australia, programs such as the National Debt Helpline provide free financial counselling, while Centrelink offers income support for individuals facing unemployment or hardship. 

The UK provides Debt Relief Orders (DROs) for individuals with low incomes and few assets as well as a Government Debt Management Plan to assist in consolidating debts. 

In the United States, the government provides programs such as Chapter 7 and Chapter 13 bankruptcy for individuals who are unable to repay their debts and Income-Driven Repayment plans for federal student loans. 

Although each country’s support system varies, all aim to help individuals regain financial stability while navigating difficult times.

Seeking Support from Community Resources

Aside from the aid provided by the government, you can also inspect and try some organisations formed by your local community. Reach out to food banks near you and maybe have a go at it. Explore the low-cost, or maybe free, services for healthcare, childcare, or transportation. 

There are support groups and financial counselling services nearby where you can receive helpful advice, whether it's emotional support or opportunities to increase your income. There are a handful of things your local community can offer if you just exert effort to look for them and it might surprise you.

Get Your Pay Now When You Need It

When times are tough, you can start by looking at your current situation and evaluating your financial decisions. Explore ways to earn extra income to further fund your needs and other basic necessities. Inform yourself of both the government assistance programs that you can utilise and the community resources that can offer you some support. Of course, do not hesitate to seek help and support from family, friends, or professionals when needed.

However, when you run out of options and these do not work, Wagetap, Australia’s leading pay advance app can offer you some help, whether you need fast cash for your electric bill or any other financial obligation. It offers to give you your pay early as big as $2,000 and it even offers a bill split method of up to four equal repayments so you do not feel the pressure of paying it back immediately. Get the app now on the App Store or Google Play and take control of your finances.

For additional help in improving your spending habits, you can always download Wagetap. It is a leading wage advance and bill split app that allows you to access your pay early. Emergencies can always happen and Wagetap can help you handle life's unexpected expenses.