Without any notice at all, your world as you know it can change in an instant. Life sometimes just isn’t fair and unfortunately, the bills will still come to your address and the creditors will want their payment. If you have fallen ill or received a serious injury that prevents you from returning to work for a period of time, you are probably wondering how you are going to stay afloat. The good news is that there are several ways to either raise the money you need, or borrow it to hold you over until you return to work.
Check with family first
If you’re strapped for cash and are scrambling to avoid making late payments, you could contact a family member to see if they could assist you with a small loan. Most times if you have a good relationship, they will be glad to help out. Borrowing from a family member versus taking out a loan or piling up debt on a credit card also takes away additional fee for interest. Just make sure that you treat the loan like any other debt you owe, and make every effort to pay it off sooner, rather than later.
If you prefer to keep your financial situation private, you could apply for one of the many fast installment loans offered online. This is a growing business that gives lenders with less than perfect credit the ability to borrow. Unlike a payday loan that requires you to repay the amount you borrow in just a few weeks, these fast installment loans come with repayment options that include small monthly payments over the course of 6 months or up to several years. The requirements are less stringent than a traditional bank, and the money usually arrives in your bank account within a day or two.
Cutting back on your budget
When a hardship happens, it often provides a wake-up call at the money you waste daily. Most people don’t realize the actual cost of buying their coffee on the way to work each morning. or ordering take out a few times a week. When you have to pull in your belt and remove the extras, you often find that you can do it. Eating out and buying your coffee are just two examples that can add up to several hundred dollars each month, enough to cover your utilities. Food shopping is another place where you can save money if you prepare for the visit ahead of time. Make a list of the foods you need for the week and then check the local flyers for sales on these items. Take advantage of the competition if you have several supermarkets within a 2 to 3 mile radius. You may need to stop at 2 stores to get everything on your list, but in the end, the money you’ll save is well worth it.
Another way to bring in some much-needed cash is to have a garage sale. Since you are already home you have the time to go through places like the garage, attic and basement to see what you have stored away. Many times, especially if you reside in the same residence for many years, you honestly forget about a lot of the things you put away. If you have furniture, clothing, tools and home goods in good condition, plan a garage sale for a weekend. Just make sure that you have an attractive display that cars passing by can view at a quick glance. Often, people drive by with no intention of stopping, that is, until something catches their eyes. Make it neat and organized with similar items placed together. A successful garage sale can pull in a few hundred or more in just one weekend.
Life isn’t always fair, but if you are willing to trim your budget and remove the luxuries, even if it’s just until you return to work, you will make it through a difficult period of time.