It’s something of nightmares. You log in to your online banking account and realise that the figure has hit zero. Whether you’ve had an expensive month, you’ve been a little too extravagant or you’re simply bad at managing your money, there are lots of reasons why you may fall into the red – but it’s important to act fast and resolve your money issues as soon as you can, or you could fall into long-term debt and struggle to get out of the other side.
Below, we’ve put together five simple ways that you can get by when your bank balance hits zero. Read on to find out more, and check back regularly for fresh content from our team.
Rely on friends and family
If you’re lucky enough to have friends and family who you can turn to for help, then let them know about your financial situation and see if they’re able to lend you a hand. It can be tough to admit defeat and you may not want to take handouts from your loved ones, but they’re there to support you when things aren’t going your way. Let down your guard and be upfront – the likelihood is that they’ll support you and get you back on your feet in no time at all.
Start freelancing online
If you’ve got some skills and want to take them to the next level, then you could consider freelancing online. Whether you’re into writing, project management, graphic design or even marketing, sign up for a site like Fiverr and let people know. Sure, you’re going to have to work hard and do more work than you’d probably like, but it can help you to add some more money to your bank balance and keep everything ticking over. What’s more, if you find some clients you like to work with, it could turn into a long-term collaboration with lasting benefits.
Take on some overtime at work
Work for a boss who offers flexible working hours? Head into their office and ask them whether or not they need anyone to work overtime shifts this week. Be upfront and let them know you’re struggling – they might be able to bring forward your paycheck to keep you on your feet until the next payday, or give you a few extra shifts to pay off your debts. Being a hard worker will serve you well here – always give it 100% and you’ll be the first person they think of when they need someone to cover or have some leftover money to give as a bonus.
Find a lender for a short-term loan
If you can’t think of any other ways to top up your bank balance and you’re worried you’re not going to be able to pay your bills, then you could work with a lender and secure a short term loan. Always read the terms and conditions and understand how much you’re going to have to pay back – it might be higher than you think. And of course, you should always pay off the loan in full as soon as possible to avoid falling into further debt. Be sensible.
Get an agreed overdraft arrangement
Finally, speak with your bank and consider setting up an agreed overdraft. Most UK and US banks offer a free overdraft to their customers, or fixed-fee overdrafts. If you enter into the red without securing an overdraft things can get messy, so be clear on how much you’re able to spend and when you’ll need to be back in the green before you spend more money. Get it in writing and remember that banks’ terms and conditions can change, so stay on the ball.
There you have it – just a few ways to get by when your bank balance hits zero. Whatever reason for your negative balance, we send you our best wishes and encourage you to seek financial help if you’re struggling. You might be in hard times right now, but you’ll be fighting fit soon and in a healthier financial position. Keep your chin up – better days are coming!