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Everyone’s been through it – it’s a few days or even weeks until payday and you’re struggling to make ends meet.

It’s part of everyday life for most ordinary people in a world that demands more and more money to live. Breaking the debt cycle is key to building a better and more financially sustainable future. However, that takes time and isn’t something that comes about overnight.

So, in the meantime, if you need money to pay something urgently before payday and you don’t have any savings to fall back on – what are your options?

Speak to friends and family

It can be painful to swallow your pride, but getting in touch with friends and family is often the best way to solve these financial issues if they can help.

The people that care for you are the most likely to help you without expecting anything in return, besides getting their money back. Depending on how much you need, speak to close family and friends first and hopefully someone will be able to come to your assistance.

Ask your employer for an advance on your pay

If you’re fortunate enough to be in employment, your employer may be able to help in some way.

Some companies can offer a salary or pay advance which allows you to access some of your earnings before payday. However, you should only ask this if you have few other options because it could just postpone issues until later down the line.

If your employer can’t help, it may be worth speaking to your local authority because they often have support funds and schemes to help people in need of financial support.

Sell unwanted possessions

If you have things that you no longer need or want then using money generated from selling these is a good way to bridge the gap between now and payday.

There are plenty of platforms available for people to sell almost any items online or you can look to sell valuable possessions to more established traders such as pawnbrokers. Pawnbrokers can either buy items from you or lend you money against the value of your item, but ensure that you fully understand any agreements that you enter.

What you should avoid doing (if possible)

It might not be possible, but you should avoid taking out any short-term or payday loans because these typically come with incredibly high interest rates that can worsen your financial position rather than help you to improve it.

Where you have no other option, try to find loan offers with the lowest interest rates and make sure you fully understand the agreements you are signing before you do so.

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