Tight finances: difficult solutions for companies

Companies and families both have to manage tricky finances sometimes.

08:36 12 June 2013

The NHS, it was recently reported, failed to meet the A&E waiting time goals for the first of the year. The issues are thought to be due to constraints on the system and reduced finances to work with.

This is certainly a situation that many of us can empathize with in our own finances. Many times it seems there are not enough funds to cover the expenses during the month. For some of us, budgeting requires some creative solutions. Here are just a few that you might be able to implement.

• Partial payments-sometimes you don’t get the finances you need in the time you have. If you contact companies you owe, you may be able to work out a special plan such as partial payments, fixed payments, or even opt to pay a little bit late and suffer a late fee.

 

• Due dates-it seems it never fails that the most expensive bills are due around the same time of the month. Some companies allow you to change due dates to better suit your finances. This can help alleviate some of the strain you might feel with a tight budget.

 

• Cutting expenses-one of the easy ways to improve finances is to cut out things which are unnecessary. Unfortunately for hospitals, there isn’t a lot of choice about things which could be cut. Everything affects either employees or patients in some way. Luckily for the rest of us, we might have an easier time picking out extras for elimination.

 

• Short term loans-sometimes there are no ways to remove expenses from an already tight budget. In order to manage finances you might consider a short term loan by a bank to try and get by.

 

• Consolidations-if you have the ability to try and consolidate some of your payments with a personal loan, it could have a significant positive impact on your personal finances and help you get out of any debt sooner than expected.