For many people, living on a tight budget is the norm. You may barely make enough money to pay for your regular expenses with limited income each month. However, there are often times when unexpected expenses arise, such as vehicle and appliance repairs, insurance deductible, medical bills and more. These can create a true financial burden on your budget. If you are facing unexpected expenses today and are stressed out about how you will make ends meet this month, rest assured that you may have a few solutions available to consider.
Use Your Savings Account
Your savings account should be your first line of defense for dealing with unexpected expenses. Many people have at least a modest rainy day fund available. Your savings account may be used to pay at least a portion of your unexpected expenses. However, many people do not have a high balance in their savings account, and because of this, you may be looking for additional methods to pay for your unexpected expenses.
Turn to Your Credit Card
A credit card is a great financial resource to turn to when you need extra cash. If you do not currently have a credit card, now is a great time to apply for a new account. You can use the available credit limit to make charges. If your unexpected expenses require you to have cash available, you may be able to take a cash advance out on your available credit limit. This can be an expensive option to consider, so you should use credit and cash advances with care.
Ask for a Payday Advance
If you are on good standing with your boss, you may consider asking for an advance on your next paycheck. Some bosses may be more than happy to do this for you, but you should use this option with care. The last thing you want is to constantly be asking for an advance on your next paycheck. Also, be aware that this does not give you extra money. It simply gives you the money you would have earned sooner. You may still need to find some extra money to access to pay for your extra expenses this month even if you can get an advance on your next paycheck.
Sell Your Unused Items
You can also consider selling your unused items to get access to extra cash. Many people have items of value lying in their drawers, closets, attics and other spaces. Take a closer look at your belongings as you walk from room to room. By selling some of your items, you may be able to easily raise hundreds of dollars or more.
Pick Up Side Jobs
Another smart idea is to pick up a side job. Consider your time availability and skill set as you explore odd jobs you can do to earn extra money. For example, if you have a lawn mower and a few free afternoons, you can ask your neighbors if they are interested in your mowing services. If you have friends in need of childcare, you can offer to watch their kids for a few years to earn extra money.
Get a Car Title Loan
If you have significant equity in your car, you may be able to tap into that equity through a car title loan. This is a special type of auto loan that has a short term, and most need to be repaid in full within 30 days. You may be able to obtain a few hundred dollars or more through a title loan, and this may be just what you need to make it through this rough patch. Read the terms carefully, and have a plan to pay off the loan.
As you can see, there are many financial solutions available to you. It may be smart to explore multiple options and even to combine a few ideas for the best overall results. If you need cash urgently, there is no better time to begin exploring the options than right now.