Half of Americans would struggle if their paycheck was a week late. 4 tips for managing a cash crunch

If you've ever missed a paycheck — maybe you were sick, or maybe there was a mistake in payroll — you know that doesn't stop your bills from coming due.

A one-week delay in pay would be a major hardship for half (50%) of those living paycheck to paycheck, according to a CNBC and SurveyMonkey Quarterly Money Survey. Whether your rent is due or you need to make a minimum credit card payment, there are times when you can't afford to pay late.

A credit card can serve as a short-term bridge for when a paycheck is late or unexpectedly small — but how it's used can determine whether your missed paycheck costs a few dollars or turns into a longer-term financial issue. 

CNBC Select goes over some tips for how to approach a delay in your paycheck, plus the credit cards that could help.

If you haven't already, take stock of your finances. While you can make the process as detailed as you wish, the premise is to simply compare the money coming in (income) to the money going out (expenses). Breaking out individual costs instead of lumping everything together can help you better identify the most expensive segments of your spending and determine how important they are to you so you can prioritize.

Instead of focusing on the total amount you owe, just worry about the gap you need to close. Total up your available liquid funds and subtract the bills you know will be due before your next paycheck arrives. It will vary by household, but you should typically prioritize bills that have the biggest negative consequences if missed, such as your mortgage or car payments.

Calculating the actual dollar amount of the shortfall — rather than just looking at the full amount you have to pay — can help you compartmentalize any potential debt payment. It can also help you better understand exactly how much you'll need to cover, or a potential credit limit to aim for on a new credit card application.

Separate essential from postponable spending

If you often run into a lack of funds for everyday spending, consider doing a review of where your money is going.

You can broadly think of all your spending as either essential (required) or non-essential (optional). Bills that revolve around your mortgage payments, medical costs or other non-negotiables should be considered essential, meaning you have to cover them.

Unfortunately, non-essential spending is typically more entertaining and can be harder to cut back on. This includes things like subscriptions and memberships, spending money on eating out or optional shopping trips. While you shouldn't necessarily be trying to cut this to zero, curtailing even one or two recurring payments can end up compounding your savings.

If missing a paycheck comes as a shock to you, your first call should be to your employer. Figure out why it happened, if it's a one-time issue or could happen again, and work with your employer to try and prevent it in the future.

Depending on which payments need to be met, reach out to your landlord or utility provider and let them know your situation. They may be willing to work with you and offer a due date extension or a late payment waiver. If it's your credit card bill that you're struggling to pay, contact your issuer to see if they can help. Depending on your relationship with the bank, they may be willing to waive late fees or temporarily lower your minimum payment.

Not being able to meet a payment date isn't always due to lack of funds. From the same CNBC survey, 61% of Americans living paycheck to paycheck report that their pay schedule does not align with the timing of their expenses. Some credit card issuers will let you change your payment date, and shifting it to a few business days after your most reliable paycheck can often help. 

For example, Chase Freedom Unlimited® (see rates and fees) cardholders can request a new due date directly from the app. This applies to pretty much all other Chase cards, but banks may limit how often they allow it.

If you think a credit card could help in your situation, make sure you're ready with a plan. A credit card should only serve as a temporary solution, so if you notice yourself relying on it more as opposed to less, that should be a warning sign.

Try to set a few general rules or guidelines for you to follow. For example:

• Prioritize borrowing cost over rewards. Look for cards with no annual fees and low APRs, not cards that offer flashy rewards or perks.
• Pay at least the minimum by the deadline when possible: While the rest of your balance will still accumulate interest, you'll avoid any late fees.
• Avoid cash advances: Borrowing cash against your credit limit typically involves additional fees and a higher APR.
• Calculate the exact bridge amount: Know the exact dollar amount you are short, and treat that as your credit limit to avoid overspending.

Just because you're using a credit card to cover a lack of cash doesn't mean it has to be the one you use forever. What's important is how the card can help you now and put you in a better financial position in the future.

If you have a good credit score, or a FICO Score of 670 and up, you'll likely qualify for many of the top 0% APR cards. Even without a stellar score, you still have options.

The Wells Fargo Reflect® Card typically requires good-to-excellent credit and offers a 0% intro APR for 21 months from account opening. It applies to both new purchases and qualifying balance transfers, and a variable APR of 17.74%, 24.24%, or 28.49% applies thereafter. Zero-interest cards can be a great way to avoid interest accumulating for a certain period of time, but you'll still need to pay off your balance by the end date to avoid interest.

If you happen to be a Chase customer, you might have a better chance of qualifying for the Chase Freedom Rise® (see rates and fees). Those with at least $250 in Chase checking or savings accounts have an increased chance of approval. While not the main goal, this card does offer at least 1.5% cash back on every purchase. 

You can also earn a $25 credit just for enrolling in automatic payments within the first 90 days, and each year your account is evaluated to see if you qualify for an upgrade to the Chase Freedom Unlimited.

The Capital One Platinum Credit Card is another solid option available to those with limited to fair credit. It doesn't offer rewards or many added perks, but you can check to see if you're preapproved with no negative impact on your credit. Preapproval isn't a guarantee or approval, but it's a very good sign. You'll also be automatically considered for a credit line increase in as little as six months.

If you use a credit card to help bridge a gap in your paychecks, it's important you start planning how to pay it back before you need to. It's easy to get caught in a cycle of paying down your credit card, just to need to use it again to cover more bills.

Estimate how much of your next paycheck you'll be able to put toward your credit card bill. For example, say you get a $1,500 paycheck, need $1,100 for your current expenses and bills and want to leave a buffer of at least $100. After everything is said and done, you'll have $300 to put toward the bill.

You don't have to wait for the card's due date to pay any outstanding balances. Since credit card interest typically accrues daily, paying it off as soon as you get the money is often better than waiting. Setting a specific payoff date may help you better plan out your payments. For example, if you need to pay off a $400 credit card bill and want to do so in three months, you'll need to put an average of $133 (plus interest) each month toward the balance.

At CNBC Select, our mission is to provide our readers with high-quality service journalism and comprehensive consumer advice so they can make informed decisions with their money. Every credit card article is based on rigorous reporting by our team of expert writers and editors with extensive knowledge of credit card products. While CNBC Select earns a commission from affiliate partners on many offers and links, we create all our content without input from our commercial team or any outside third parties, and we pride ourselves on our journalistic standards and ethics.

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