We’ve all been in situations in life where we come up short financially. In some cases, it’s our own fault.
We end up spending the rent money on something frivolous, even though we knew better. Other times, it’s related to job loss, medical bills, or other factors beyond our control.
Sometimes we learn a valuable lesson about saving for a rainy day. Though, maybe we find ourselves in the same situation over and over again.
Either way, you have to deal with the situation at hand. There will be times when you find yourself desperate for money, one way or another.
What can you do to bring in some dough? You need to pay down your bills, and alleviate the stress when the tax man comes to call.
What’s worse is you can be dealing with collections agents. What should you do if you’re desperate for money?
Options like payday loans won’t do. Have you seen the kind of interest they accumulate? You’ll wind up in even worse shape than before.
You can pawn or sell off some valuables if you have them. You can trade in your car for a bus pass. These are only Band-Aids, though.
Yes, you need a solution that puts some cash in your pocket right now. However, you also need a long-term strategy.
You need one that puts you on track to avoid this situation in the future. You need a plan for financial stability that allows you to weather the storms in life.
There’s no better time to get the ball rolling than when you’re desperate for money. Here are a few things you can do to dig your way out of this tough situation.
It’s not uncommon for people to live beyond their means. We live in a consumer culture that demands constant spending and more stuff.
In addition, we have access to credit. It’s often beyond what we can reasonably afford to pay off. You do the math.
It’s all too easy to find yourself in hot water with this caustic combination. You’ll be virtually swimming in debt and in desperate need of money.
Now is the time to put on your grown-up pants. Start making some tough decisions, if you want to get your finances in order.
Forget earning money for just a second and think about the other half of the equation: spending.
Maybe it was poor spending habits that got you into this mess. Thus, cutting costs is the first step toward making any money you get to go further.
If you have yet to create a budget, do so. A simple search will direct you to online templates to get started.
You’ll see what you’re earning and what you’re spending. Then, you can begin to balance your budget by cutting unnecessary costs.
Where can you cut? Start with your credit cards, especially if they’re maxed out, and/or the ultimate root of your money problems.
Stop buying on credit with money you don’t have and paying interest in the process! Chances are you don’t need anything that badly.
Next, look at what you spend on rent and transportation. Additionally, review your spending on clothing, vacations, dining out, entertainment, and everything else.
Cooking at home can save you a lot. Do you really need that cable package? Could you sell your car and downgrade?
In doing so, you’d be cutting out a loan payment and reducing your registration and insurance costs?
Could you move to a smaller apartment or take in a roommate? Can you call creditors and negotiate reduced debt and payment plans?
These aren’t fun choices, obviously. However, desperate times call for desperate measures.
Getting yourself to a good place financially could require big sacrifices right now. Yet, learning a lesson and changing your habits will pay off both short-term and long-term.
Avoid the “Any Port in a Storm” Mentality
This can be hard when you’re desperately in need of money. If you’re out of a job, your first instinct is to take any job that will bring in some cash.
You want anything to tide you over until you find something better. This isn’t a terrible plan. Though, you need to exercise a measure of caution.
Are there ways to make quick cash online? Sure, but there are also plenty of scams. You need to take the time to vet opportunities before you buy into them wholeheartedly.
If you need fast cash, consider using a site like TaskRabbit that allows you to take odd jobs in your immediate area.
These can include things such as picking up groceries, assembling furniture, mowing lawns, and so on.
It’s not glamorous. However, it could get you enough cash in a few days to buy your own food or pay a bill. You can do this, even as you look for more stable work.
Do you have a car? Think about joining Uber or Lyft. Do you have an eye for converting trash to treasure?
In that case, start picking up freebies on Craigslist, polishing them up, and reselling them. Offer your services as a house sitter, pet sitter, or babysitter.
Your friends or neighbors may throw you a bone. You could join organizations like Care.com or MindMyHouse. List your place on Airbnb and stay with friends for a few nights.
There are endless ways to make quick-ish cash in the online arena, as well as your local area. You just have to watch out for scams.
They require your time and money up front and deliver zero returns. These scammers are looking for desperate people.
Now that you’ve got a little cash and you can breathe a sigh of relief. It’s time to buckle down and get serious with long-term solutions.
This may mean investing in yourself. Nabbing a job opportunity that earns you a livable wage is step one.
Yet, you should avoid future scenarios that have you scrambling for cash. It’s time to get yourself to an educational program.
Perhaps, you take night classes at the local community college if you go for your MBA. Maybe you sign up for a legitimate affiliate marketing program like Wealthy Affiliate.
In any event, you must take steps to improve yourself and your job prospects. This will help build a sound financial future.
Finding yourself in a desperate situation might not be entirely your fault. However, it should be an eye-opening experience.
With careful planning, you can get your finances in order, now and in the future.
If you have a comment about this topic or suggestions about future topics place them in the comment box below.
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