Budgeting Tip #1: The first
thing you want to do is prioritize to get back on track very
quickly. If that means letting your credit card bill go for a
bit, so be it. As soon as you realize that you have a money
emergency, contact your credit card issuers and request reduced
interest rates and payments. Not only one, both!
Budgeting Tip #2: For your
car payment, call the creditor and request a payment extension.
Perhaps you hate payment extensions, because they require a fee
and you still have to make the payment at the end of the
contract. In this case, a payment extension can allow a little
breathing room to help you recover during your money emergency.
Expect that you will likely have to pay a fee (usually about ¼ -
1/3 the car payment amount) for the extension. Freeing up the
money you need today is your first and only goal at this point.
Budgeting Tip #3: Check to
see if your mortgage holder will allow an extension for a
nominal fee. Do this today!
Budgeting Tip #4: Another
quick fix, is to host an on the spot yard sale. You don’t have
too much time for planning, so do a quick survey of your
personal belongings. Come up with clothes that no longer fit,
but that are in good condition, knick-knacks, dishes, and books
as well as stuff you bought but no longer use. Throw it all
together, quickly. Put some notices up the same day at laundry
mats and grocery stores around town, and remember to place a
sign at the end of your driveway. You can make a quick $300 this
way with very little time and effort.
Budgeting Tip #5: If you have
a larger item to sell, call into the local radio stations to see
if they have a “call in swap show” on the weekends. This is a
very popular way to quickly convert gently used and more
expensive items to fast cash.
Budgeting Tip #6: Another
quick option is with utility and telephone bills. If you aren’t
already on a budget plan, ask that the current bill (plus any
previous balance you owe) be set up for a budget plan. Expect to
pay a down payment (usually ¼ of the bill) and that all future
bills (while on the back payment budget plan) must be kept
current. The nice thing about it ... it’s usually interest free,
and can give you some much-needed breathing space for a month.
You must be sure though that you maintain the regular utility
payments AND the budget payments in the coming month.
Budgeting Tip #7: Check with
your family church regarding emergency help. Local churches can
be one of the best places to find out what’s available in the
community to help those in need, or in times of emergency. Check
with your local church, first.
Getting Fast Cash through Borrowing
If you are absolutely, positively, in a
bind, a real cash emergency, and you have exhausted all of the
above, then consider borrowing. First, ask your family, then
your local bank.
As a last resort, you may want to consider
what’s known as a “Payday Loan.” These types of borrowing stores
can be useful when all else fails.
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