Having money can feel like the best thing ever, and then not having it can feel horrible. But, with a little bit of planning, you can always figure out how to get yourself out of the worst financially sticky situations in order to feel like you’re regaining some monetary control.

Five tips specifically that will help your financially sinking ship are to educate yourself about bankruptcy, learn about how credit ratings work, get loans from friends and family to make ends meet, do some better budgeting, and always try to think in the long term in order to deal with financial peaks and valleys.

Sticky Financial Situations

Educate Yourself About Bankruptcy

Later in life especially, there are situations where bankruptcy is a valid option. If you started a business, ran into a serious medical emergency, or got caught in a set of poor investments, there may be no individualized way for you to get out of debt. Claiming bankruptcy is like a big reset button. And yes, there are consequences. But don’t let pride get in the way of making a logical decision, especially if your family needs you to be the financial breadwinner.

Learn About Credit Ratings

If you got caught not paying attention when you were younger regarding the use of credit cards, you may need to hunker down and learn about what credit ratings mean, and how you can improve yours. Generally, a first step is always going to be paying off as much of your debt as you can, and your numbers and going to get better almost immediately. Making sure that you pay at least your minimums without ever being late will put you in a good category as well.

Get Loans From Friends and Family

Another situation where practicality is going to be a better idea than pride is getting money from people close to you instead of from businesses. In other words, if you find yourself stuck in a financial rut, you can always get money from family and friends. Is this always the best idea? No – it can ruin relationships permanently. But, if you’re smart about this type of transaction, you can avoid the interest rates that you’d otherwise have to deal with concerning loans from businesses or institutions.

Budget Better

And sometimes your financial woes are simply going to be because of poor budgeting. Sit down with your computer and go over your financial reports, look to see where your cash is going, and start making better decisions based on logic rather than feelings! In the past, budgeting could be a real pain and involve a lot of manual effort and a fairly complex understanding of accounting. Now, with so much of your money automated and tracked through credit cards or other digital means, simply installing a standard, free app for your phone can be all you need to ensure accurate budgeting.

Think in the Long Term

Long-term financial arrangements are always going to have a sense of consistency that will be lacking if you just try to move money around quickly. Bills and standard of living costs repeat. Once you know what these are, you can figure out how to deal with things like investments outside of your typical financial troubles.