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Emergency Financial Assistance

Emergency Financial Assistance

emergency financial assistanceNo one likes to think they will need emergency financial assistance. Yet, a 2011 survey found that 64% of Americans don’t have enough cash-on-hand to handle a $1,000 emergency. But if you aren’t saving for an emergency, you may quickly find yourself in debt.

You can’t anticipate when something bad or expensive may happen, but having financial assistance during an emergency can bring peace of mind.

Try to keep at least six months of living expenses or income in your emergency fund. This should cover essentials such as rent, mortgage, food, and other big bills.

Not having an emergency fund may be risky. While many believe they can get temporary money assistance from friends, family or even cash advances, all have large financial implications. High interest rates or damage to personal relationships can last even longer than temporary bills.

Emergency rental assistance programs or emergency financial assistance programs are hard to qualify for and often take months to deliver payment.

Start saving small every day! Start saving small every day and prevent large financial emergencies.

We wanted to provide some tips on how to deal with a financial emergency:

1. Don’t Panic

If you start panicking, you might begin to make worse financial decisions. So the first thing to do is breathe! Try to look at your situation from an objective point of view. Think rationally about your next steps, and if you’re still not sure what to do find someone who knows how to deal with financial emergencies.

2. Know your Priorities

Make sure to prioritize your spending. Only spend on the necessities in life like food, shelter, utilities, etc. We suggest creating a budget guide to help you budget your spending. Getting through a financial emergency can be made harder if you don’t prioritize your spending.

3. Begin to Spend Less

With a good budget, you’ll realize what you need and don’t need in your life. No more spa days and no more eating out with friends. Cutting things that seem like small expenses actually have a huge impact later down the line.

Don’t waste money on things you don’t need, until you’re out of your financial emergency.

4. Ask for Help!

Most importantly, reach out to others when you’re in this situation. It’s okay to ask for help when you need it, especially in a situation where you can’t face your expenses alone. Though your community of friends and family may not be able to help you financially, they may be able to drive you to work or cook for you once in a while. They may also be able to help you fundraise to get out of your financial troubles.


 

If you need help with your financial emergency, create a crowdfunding page on GiveForward! 

GiveForward is the first place to turn when you or someone you love is facing a challenge. It’s the central rallying place for giving and receiving meaningful support. From sending a simple “Thinking of You” to raising money for out-of-pocket expenses, GiveForward empowers anyone to build a community and take action when it counts.

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