What to do in case of money emergency

This relates to the recent series of articles on saving money. If you live in the modern world you are bound to have money emergencies. It does not mater how much you have these emergencies will arise and the real issue is how to best cope with them.

Given the prevalence of these problems in today’s uncertain economic conditions, you might just as well begin to prepare for the devastating fiscal and the emotional fallout that is sure to come when you are hit by money emergencies.

Whenever a money emergency hits, it will be your ability to deal with the individual pitfalls that will hold you in good stead. It is when a series of financial hits come your way that the stress will tend to accumulate and make your life much more difficult to cope.

You will not be so overwhelmed when you can calmly and rationally look at each individual problem as it arises. If you sit back wringing your hands with worry and allow all of your emergencies to pile into one; you will find yourself down for the count.

Calm must take center stage. Never allow yourself the luxury of running away in fear. As Douglas Adams wrote in “The hitchhiker’s guide to the galaxy,” “Don’t Panic!”. There is no one there for you to just take over. You are all you have.

The more you panic, the less effective you will be. You need to keep a very clear head to be able to sit down and come up with an appropriate plan. Be aware of your own tendency to sabotage your plans further. It is only when you are at your most calm that you will be prepared to get to where you need to be and then overcome.

Being Calm is the First Key to Managing a Money Emergency

It’s important not to act right away when you encounter a money emergency. If you do you will inevitably make a mistake! Before you can manage your finances again, you have to first manage your emotions. You absolutely must regain your balance before you can even begin to make a plan.

If your money emergency demands that you act quickly, think first about seeking the advice of a debt counselor, money coach or financial planner. Whenever possible think about seeking out the aid of a financially perceptive friend or family member who can help you to come to a clearer perspective.

Remember the old adage that “two heads are always better than just one!” You won’t need to make a major cash investment if you’re strapped. Look for a planner who will give you a one-hour consultation for $150. Often times this will be all you will need to securely turn the corner.

You may be able to get advice for free from your local senior center, adult school, service organization, or charity. Some lawyers, psychologists, and other professional do some pro bono (free for the good of others) work and you may be able to get some advice from them.

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