4 Options to Consider When You’ve Gone Over Your Budget

December 23, 2020
debt consolidation

Your spending spree may all be fine and dandy—until you blow your entire budget out the window, that is. We understand that budgeting can be challenging and that things will not always go to plan, but that is exactly why you should have a budget in the first place.

That said, having spent every last bit of your budget does not mean that you are stuck with nothing left. With the right help, you can quickly get back and track, ensuring your finances and sanity remain intact. 

This article will take you through exactly what you should do if you have emptied your budget to regain control of your situation.

1. Know where you stand

If you have used up all your budget, the first and most important thing you should do is assess the current situation. More specifically, you should know why your budget was not enough. The answers will differ from person to person. For some, it would be a change in spending behavior. For others, it may be an increase in living costs.

Regardless of the reason, when you understand what caused you to go over your budget, you can make plans for the future to ensure you do not do so again.

2. Sell anything you do not need

A great way to access more money without incurring any debt is to sell the things you no longer need. If you own a business, you can sell any of the assets you do not use. You can also sell expensive valuables, such as jewelry, to get money.

Whatever it is you plan to sell, however, consider the amount you would be getting. It should be large enough to cover any expenses that you still owe. If there is nothing you would like to sell, we hope you have built an emergency fund.

3. Access your emergency funds

Everyone should have an emergency fund, as it can ensure enough money to cover any surprise costs. If you do not have an emergency fund, we highly recommend getting started right away. You can set aside a portion of your income every month into an account that you will not touch unless for emergencies.

That said, if you do take out from your emergency fund, you need to replace the money. Plan how you will do that over a few months to ensure your emergency fund is ready for any other financial issues.

4. Understand what loans are available

If you do not have an emergency fund, anything to sell, or simply do not have the means to get the necessary amount of money, look for loans. You can opt for short-term loans if you want to quickly borrow money and pay it off in a short period.

On the other hand, you can opt for long-term loans if you can only pay a small amount every month. Note that the cost of a long-term loan will be higher due to interest rates, so be sure to pick the most appropriate one you can afford.


Not all is not lost even if you have emptied your budget. There are still many ways to get money to cover emergency costs to keep you on top of your finances. That said, take it as a learning experience. Understand what happened that caused you to go over your budget, and plan for the future to make sure it does not happen again. 

Hoopla Loans is an online loan brokerage service provider in South Africa, offering purely online brokerage services to help clients get the money they need quickly. If you need fast, easy loans to cover your emptied budget, get your loan from us today!