Short on Funds? What You Can Do to Get What You Need
We’ve all been there – money is tight, and these days it seems like it’s tight for more and more people due to all of the uncertainty in the world today. If you happen to be missing paychecks at the moment and your bills still have to be paid, here’s a quick look at a few things you’ll be able to do to get them paid and keep food on the table.
If you aren’t comfortable putting too much on your credit cards, you might want to look into getting a loan from one of the loan companies. The outcome of the loan process will depend on things like your credit score and your income. You’ll have to fill out an application and give the lender any documentation they might request. Taking out a loan doesn’t need to be stressful, just make sure that you’ll be able to afford to pay it back. If you have loans currently consider taking steps to get debt free.
If you’re one of the lucky people who has established a savings account, this should be the first place you turn to when times get tough financially. Most experts tend to agree that we should have enough in our savings accounts to cover up to six months’ worth of expenses, however, having even $1,000 in the account that you can use to cover a financial emergency can give you quite a bit of peace of mind. If you haven’t started a savings account yet, don’t worry. There are a few other methods of getting the funds you need, including the one listed above. That being said, it’s never too late to begin putting a bit of cash aside for the next emergency.
If you need cash quickly, turning to your credit cards can be an option that’s convenient, especially since many of us have more than one in our wallets. However, it’s important to be careful when it comes to racking up that debt. This is especially true when you might not be too sure when or where your next paycheck is coming from. Credit cards can have high interest rates and those rates can jack the payments up quickly. In a perfect world, when credit cards are used, you’ll be careful what you use them for and will have the ability to pay them off in full every month. When that isn’t a possibility, try to use your cards that have the lowest interest rates.
Ask for Assistance
Finally, if you’ve been affected by current events, many companies are offering assistance to their customers and it never hurts to ask. If you have debt currently look into debt consolidation to lower your monthly payments. Mortgage and credit card companies are lowering interest rates and offering payment solutions to their customers. You can also check with your utility providers to see what your options are. If you manage to get payments deferred, remember that eventually, they’ll need to be made up. However, getting a few payments paused temporarily can assist when it comes to freeing up a bit of cash that you can use for your needs that are more immediate.