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What to do if you run out of money

Need financial help with the human touch? We are Fair Finance.

2020 has been a really tough year. Due to Covid-19, many of us have struggled with health problems, separation from family and friends, home schooling, and cancellation of major life events. And on top of this there is the huge financial impact of the pandemic.

This means that many of us are struggling for money at the moment. So in this article we will look at what help is available, what to do if you actually completely run out of cash, and how to start getting back on your feet again financially.


Financial help throughout Covid-19

Most jobs have been affected in some way by Covid-19. If you still have a job you may be working from home or perhaps are being furloughed and wondering what happens next. Many jobs have disappeared, so you may currently be looking for work. If you have your own business or are self-employed, times are hard too. And if you are unwell that will also affect your ability to work.

So it is quite likely that you are short of money right now. If that is the case, the first thing to check is whether you are entitled to any financial help from the various government Covid-related support schemes that are currently available. Here are some links that may be helpful:

If none of the above apply but you are on a low income or out of work, check here whether you may qualify for Universal Credit. There are also several independent benefit checkers that you can use to see if there is anything else that may be available to help you:

If you are suffering temporary financial problems because of the pandemic, another option to consider is a short term loan. Just something to get you through the next few months. If so, then Fair Finance is here to help. We offer loans on a fair basis to everyone. We treat every case on its merit and make our decision with a human touch. So applying for a loan with us is not intimidating, and we will consider you even if you are already receiving benefits, or have bad credit, or are newly arrived in the UK.


I have an income but have still run out of money

Even if you have sources of income, there can still be some months where your financial commitments cause you to run out of money completely. In fact, according to recent research, around 64% of us sometimes run out of money at least five days before payday.

So let’s take this specific example and look at five things that you could do to get through these five days:

  • Prioritise your bills. If you have any important bills to pay then you need to take action. Don’t just ignore them and hope they will go away. Contact the company and explain that your payment will be a few days late. If you normally pay by direct debit it may well be possible for them to change the payment date. But it is really important to contact them and explain what is happening, and then to pay as soon as you are able. This is much better than just missing a payment and hoping they don’t notice.
  • Friends and family. Is there anyone who could help you? Not necessarily to lend you money but could you team up with others to help each other out? For example, if you are running out of food is there a friend that could cook a meal for you and your family in return for you doing something like car maintenance or DIY? Or would someone be able to give you a lift to work for a few days in return for you doing some decorating for them? It can be possible to survive on very little cash if you have a support team around you.
  • Extra work. Are there any options for casual work locally? Something that pays cash like babysitting, pet sitting, cleaning, gardening or other domestic jobs?
  • Selling. Is there anything that you could sell to raise cash? Online selling sites such as Facebook Marketplace and Gumtree can be excellent ways of making quick sales locally, so getting cash in your pocket fast. If you have higher value items such as cameras, jewellery, antiques or vinyl records, you may be able to sell these to specialist shops, High Street or online, for instant cash.

How to stop running out of money

We hope that some or all of the above steps can help you to get through to the end of the month. But if you are regularly running out of money before payday then it’s time to take further action. Otherwise every month will be a struggle and it will become very stressful. Something needs to change.

In our recent article How to make a budget and stick to it we explained the importance of budgeting and learning to live within your means. Sometimes this may involve lifestyle changes in terms of either increasing your income, reducing your spending, or both. But it is the best way of getting in control of your finances so you have enough money to get through the month, and don’t gradually slide more and more into debt.


So if you do run out of money, don’t panic. You are not alone. There are things that you can do to get yourself out of the immediate crisis, and then work towards stopping it happening again.

If you need any additional help to get things sorted, then remember that Fair Finance has a flexible range of personal loans that may be suitable for your needs. Always feel free to contact us at Fair Finance to find out more, and see if we can help.

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