· Sell assets
We possess many not so important assets. If you facing a financial crisis, you must sell assets that you own. It may be gold, your car or your lavish home. It’s not a good feeling to stay under someone’s debt. Selling your assets and living a simple life instead is much better than living under the pressure of debt.
· Ask for help
If you don’t have any assets to sell and are facing crisis financially ask for financial assistance from your parents or friends. Someone whom you can return whenever you are in the position to do so. Don’t borrow money from an acquaintance or not so close relatives because you’ll be pressurized to repay them as soon as possible.
· Look for an extra source of income
Get yourself working harder. If you want to get yourself out of the crisis, you must try to earn extra money. Do extra shifts or take up another job. Work on weekends, try to earn money from every possible source.
· Consider taking loan
If you know you are facing a crisis for time being and you are sure about earning money after a few months, consider taking a personal loan. Taking loan should be the last option on your list because again you’ll be living under the pressure of debt and in addition to that, you also have to pay interest.
· Cut down expenses
The most important thing to do is to reduce your expenses. Live a minimalist life. Don’t buy unnecessary things, spend only on things you need to survive. Avoid going to parties, avoid drinking alcohol and smoking, avoid purchasing new clothes. Avoid using a personal vehicle, use public transport instead and walk if you can.