When Life Throws You a Curveball
Sometimes despite your best intentions on paying your bills on time, events happen that take precedent over it. You may encounter an urgent car or home repair or you may have an added expense like an extra school bill. Whatever the reason for your current situation, there are ways to recover the money and make your monthly payment obligations on time.
Borrowing from a family member
While the last place you may want to go is to a family member, simply as a matter of pride, it provides you with a way to stay on track without the need for taking out a loan with interest. If you work steady, this family member knows it and will more than likely not even hesitate to advance you a small loan. The most important thing to keep in mind is that you need to pay back your family, in the same manner, you would any other outstanding debt, in a timely fashion.
If you can’t bring yourself to ask your family for help, you can apply for alternative payday loans online. This type of loan gives hard working people who sometimes fall short on funds the chance to make ends meet. Unlike a payday loan, they offer a variety of repayment options similar to that of a traditional personal loan available through a bank. Generally, the basic requirements you need are a steady paycheck, an active checking account and you must be a US citizen. The turnaround for these loans is very quick, usually once you receive approval you’ll have the money available within 24 to 48 hours.
If money is really tight and you have an attic, basement and a garage filled with items in good condition that you no longer use, now is the perfect time to have a yard sale. People who look through the papers or ride up and down streets most times look for items such as baby clothing and furniture, tools, dressers, tables, and collectibles. If you have some of these things you could make a few hundred dollars in a day or two. It’s a good idea if you decide to have one to set up in the morning to attract the early riser. This is a win on all accounts for you. You’ll get to clean out your home and make a few extra dollars that you can use to put towards your bills.
In order to avoid having this scenario play out over again, it’s very important to create and stick to a budget. In the beginning, it might seem hard, but once you get a few months into it, you’ll wonder why you didn’t do this year’s earlier. The good news is that it’s never too late to establish a budget. First, you’ll need to list all of your monthly bills and added expenses. Then write down on the same sheet of paper your total net monthly income. The difference is the money you have left for you. If it’s a small sum less than a hundred a week, you may want to work hard to reduce some of your credit card and loan debt to free up money.
Probably the last thing on your mind when your budget is tight is opening a savings account. However, this is what you need. By having a savings account to fall back on, you can avoid the embarrassment of having to ask to borrow money from your family and eliminate the need for taking out another loan. You don’t have to have a lot of money to start. Just a few dollars a week, say $25.00, will add up quickly. Once a few months pass you’ll start to see it grow into something you can use down the road.
Life is not always easy. However, if you learn to stick to a budget and put money away for an emergency, you’ll be able to meet your monthly obligations and maybe even go on a real vacation for all your hard work.