Whether you live alone or have a family, living paycheck to paycheck doesn't give you any room for unexpected events. If your car needs a major repair or your child needs medical attention it can become difficult, if not impossible to get back on track. The good news is that there are many ways you can supplement your income and recover your losses in short order.
Organize a yard sale
In your time of need, there are clever ways to come up with a few hundred dollars to cover most if not all of your immediate emergency. For one, you can have a yard sale. If it's been a few years since you've cleaned out the basement, attic or garage, chances are pretty good that you have many items that you don't need. Furniture, clothing, tools and silverware are big sellers at yard sales. Doing this you get the added bonus of finally giving your home a thorough cleaning. If you collect coins, stamps, comic books or dolls, there are many private and professional retailers that will pay big for these items. Check online to see if there's a shop in your area.
Borrow money short term
I know the last thing you need is to owe more money, but in some instances, you can't avoid it. If you have a family member or friend who is able and willing you can take out a loan with them for a few months interest-free. If, however, this is not an option available to you, you could choose from any number of installment loans online. Maxlend Loans provides personal cash loans and installment loans in amounts up to $1250 as an alternative option to payday lending. Key benefits include minimal eligibility requirements, fast funding and flexible repayment. Qualified applicants must have a social security number, an active checking account, and a verifiable source of income. This will give you an easy way to borrow the funds and allow you to pay small payments over the course of 6 to 12 months.
Review your budget
As you move forward it's important to get on track so that you don't let yourself fall into this type situation again. Some people have a budget but rarely stick to it. If this sounds like you, you are not alone. A budget is only effective when you follow it. Once you change out this and push that back you eventually run out of wiggle room on your monthly bills and then you're in the mess known as the paycheck to paycheck cycle. It's important to take a look at your bills and come up with a strategy to reduce your income to debt ratio as fast as possible. If your bills are less than your income, ending the paycheck to paycheck cycle can happen rather quickly by prioritizing your bills. For example, if you have credit cards, pay the smallest one off first and then move to the next one with the lowest balance.
One of the fastest ways to acquire money on a shoe-string budget is to learn to live frugally. This doesn't mean you have to make your own detergent, but it is possible. No, what it means is you give up some of your habits that cost more than you think. If you pass up on the morning hot latte, your afternoon lunch with the exception of Fridays and dine in most of the month, those few items can add up to hundreds per month. The best part of learning to live frugally is that you're not sacrificing your quality of life you're simply learning how to make every penny matter.
Tuesday, February 14, 2017
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