How to avoid getting into debt during financially uncertain times

At the time of writing this, there is a lot of uncertainty happening across the globe and many people are in uncertain financial situations. 
 
We believe that you always have the power to turn the wheel in your circumstances, even if it is in a small way.
 
And whether you are being affected financially by a global crisis, or something going on personally, there are a few things you can do to avoid yourself getting into debt. 

 

Here are 3 things we would suggest:

Properly assess before you spend

We don’t believe in shrinking your life… But during certain times it may be necessary to have a tighter assessment on what you spend money on. 

If you are going through financial uncertainty, before you spend on something outside of your direct necessities, ask yourself if you really need it right now. 

A single unnecessary purchase may not have a huge impact by itself, but multiple unnecessary purchases may add up and create a negative dent in your cash flow. Rather than seeing it as denying yourself of something, see it as delaying purchase for when you are in a more stable financial state. 

 

You may want to assess your current expenses in the meantime too, so you can identify any costs you are able to cut or reduce. 

Avoid debt

Find a side hustle 
Instead of reaching for a credit card, maybe take some time to research ways you can make an additional income to bridge the gap. There are multiple opportunities that can help you boost your income without having to start a full-blown business on the side. 
 
If you have skills to offer, you could take a look at freelancing online, maybe even finding a part-time job where you can work from home. We wrote an entire post on this topic here for you to get further insight. 
 
If you have already reduced your expenses as much as possible, this may be the route to go. It could also pay huge dividends in the long run if you find something you really enjoy doing. 
 
Whilst in the process of getting your finances in order and avoiding debt, it would also be a good idea to start protecting your existing finances with a contactless card scam blocker wallet. This will prevent you from getting hit by hackers who attempt to steal money off your contactless cards without you even knowing, getting you into further potential debt. In the UK alone, over £108million has been stolen off cards in this way so far. You can check out a few of these protector wallets here.
 

Avoid Debt

Contact your service providers 
If you are in a really tight squeeze at the moment, it may be a good idea to call your service providers and give them a heads up on your situation. You may be able to defer payments for a month or even set up a payment plan. 
 
It can be scary to have these conversations, but most providers are more understanding than you would think. 
 
By giving yourself that breathing space, you buy some time to get your finances in order and avoid the possibility of having to get into debt to cover costs. 
 
Are there any steps you have taken to successfully avoid getting into debt? Comment below to share with us!

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