A few years ago, my family had everything going for us. We had the beautiful house, the amazing show truck, and we were living the American dream. But then, life happened. My husband got hurt at work and we suddenly lost a lot of income that we weren’t prepared for. We went months fighting workers compensation for checks that were owed to us, but half the time, the checks wouldn’t come like they were supposed to.
We blew through our whole emergency fund during that time. It was probably one of the hardest times of our lives, but thankfully, things are finally getting back to normal. If you and your family are experiencing a loss of major income and have no idea where to turn, I hope this post can help you get the support you need.
Therefore I tell you, do not worry about your life, what you will eat or drink; or about your body, what you will wear. Is not life more than food, and the body more than clothes? 26 Look at the birds of the air; they do not sow or reap or store away in barns, and yet your heavenly Father feeds them. Are you not much more valuable than they?
Learn What Hardship Programs Your Creditors Offer
Hardship programs are offered with most credit lenders; banks, credit cards, etc. These programs are in place for people who lose their jobs, lose income, or are having a general hardship, financially. By contacting your creditors and kindly explaining your situation, many financial companies will let you know what kind of hardship programs they offer. For instance, most credit unions and banks offer customers the options of skipping a payment.
While you won’t be able to skip payments for more than 1-3 months, saving a few dollars on your credit payments, could help you and your family a lot during your financial hardship.
Contact Social Services
When you’ve worked your whole life, sometimes calling social services and setting up an appointment, is the last thing anyone ever wants to do. But, as uncomfortable as it may seem, social services can help you in your time of need with things like; food, heating assistance, medical care, and temporary cash.
While you may not qualify for all programs, a social services worker can help you and your family until your financial situation gets better.
Sell Your Stuff
Whenever you lose a lot of income and you have a family, your stuff becomes the least of your worries. Selling any kind of valuable items you have can really help make a small difference when it comes to having the cash to pay the rent.
Before meeting with strangers, be sure to check out this post to learn how to stay safe when meeting strangers.
DON’T Apply for Any Extra Credit
Whenever you have a major loss of income, one of the biggest mistakes you can make is applying for extra credit that you can’t afford. While it may seem like a good idea at the time, I can almost guarantee you’ll end up getting into a snowballing effect and lose even more than just income.
Ask Family and Friends for Help
This is one of those things no one ever wants to do, but when money is tight, sometimes the best thing you can do is ask family, friends, and your church for help. While you may eventually be able to pay them back, you shouldn’t make any guarantees because most likely, you’re not going to be able to for a long while.
Most family and friends will be happy to help if they can, especially if they know your situation.