It’s unfortunate to see so many people living their whole lives under the assumption that banks exhaust their supply of options for dealing with their personal finances. In many cases, there are lots of alternatives available that you need to consider carefully, especially if you are in a more unusual financial situation that calls for a special approach. Even if you’re not sure if that applies to you, it’s still a good idea to take a look at what the market has to offer beyond banks. Because in most cases, you’re likely going to find at least one or two options that can improve your situation significantly, especially when it comes to borrowing money.
Credit unions get a lot of praise, both in the US as well as in the UK, and for a good reason – they bring a lot to the table for the average consumer, and offer a huge potential for improving most people’s situations, at least compared to what a bank has to offer. At the same time, they aren’t that strict with regards to who is allowed to join them, and even if you think that you will not be eligible for joining the credit union of your choice, you still don’t lose anything from at least giving it a try. Worst case, you’ll at least get some pointers for places which might be more appropriate for your current financial situation. Most credit unions are very helpful in this regard, even when you are not their customer.
There are also private services on the market that can provide you with assistance in various situations, and it’s a good idea to study them and find out what they have to offer so that you are prepared when you actually need to use them one day. Lending is a common example of this – there are lots of options for private loans, regardless of your credit standing and many of them can be more attractive than what your bank has to offer. Sometimes the conditions are not that good, but the eligibility requirements may be much more relaxed to compensate for that. In any case, definitely check out what your local lending market has to offer, and keep an eye on those deals in the long term as well.
Friends and family can also be very helpful when you’re dealing with financial trouble, and even though it comes with some strings attached, getting this kind of help might be exactly what you need to get out of a difficult situation in some cases. Definitely don’t underestimate the potential for help here, and make sure that you reach out when you feel like you’re struggling to keep up with your life in its current state. It might turn out that people around you are more willing to help you out than you think, and they may even be willing to completely overlook the bad aspects of your situation and simply extend their assistance regardless of what you’re going through.
This should go without saying, but if you have any significant amounts of savings, you should not disregard that account either. It’s a good idea to keep your savings in constant check, and ensure that you have them available when you really need to use them. Sometimes you might need some advance preparation if you want to dip into your savings – for example, you might be limited to a specific date for withdrawing from that account. In other cases, you will have to come up with an urgent plan for recovering the money you’ve lost, because you might have very little time to make up for the difference, depending on how your savings actually work.
Investments and More
And then there are the more complex options available on the market, like investment plans. Investing might seem like something that isn’t for everyone, and is only limited to those who know their way around the financial market. And while it’s true that it requires a good deal of knowledge in general, it’s definitely not an exclusive, limited idea that only a select few have access to. You’d be surprised how easy it can be to get started with investing in most cases, and as long as you have a good idea of what you’re trying to accomplish and what your finances currently look like, you should be able to profit a lot from the current state of the market. Remember though – this is a game with ups and downs. You have to be prepared to deal with some more annoying developments from time to time, and you need to learn to roll with the punches.continue reading