Some families live paycheck to paycheck on a regular basis, while others have unexpected expenses like medical bills or car repairs crop up that put them in a temporary bind. Whatever the reason, if you’re finding that you’re a bit strapped for cash until your next payday, there are ways that you can ensure that you get by. Here are a few tips on how families can help themselves make it to the next payday.
Sell Things You No Longer Use
Old electronics that are still in good condition, outgrown children’s clothes or toys, and other things that are sitting around collecting dust can all be sold for some quick cash. Your best bet for a fast sale and payment would be to take them to consignment or pawn shops. Another option for speed would be to find local sales groups on Facebook.
Ask Family for Help
Friends or relatives can sometimes give you some cash in a pinch. To keep relationships intact, it’s best to make sure you have a solid plan in place for paying them back before you ask. If they offer the money with no expectation of being paid back, offer something in exchange as a thank you. Perhaps baking some cookies or a nice meal after you’re back on your feet financially. Alternatively, if you feel uncomfortable simply asking for money, offer to exchange services for payment. Housecleaning, meal prep, unfinished DIY projects, or car washing are all things that people might not enjoy and be willing to pay you a few bucks to do. Look for tasks that don’t take a lot of your time, however, as you may need to do several to get the cash you need.
Ask for Extensions
If you generally pay your bills on time and in full, you may be able to receive an extension on a due date. Depending on your exact financial situation, you may have better luck if you can offer to make a partial payment, and only ask to extend the due date on the remainder. If not, however, it still can’t hurt to call your creditor and ask. If you have several bills due at once, start with ones that don’t typically charge interest, such as electric, cable, or car insurance. Save credit cards as a last resort.
Get a Personal Loan
Personal loans can be secured (backed with collateral) or unsecured (giving the bank nothing to take if you default). Unlike mortgages or car loans, payday loans in Houston, TX don’t have a specific intended purpose. With many personal loans, you can define the loan term—you’ll decide if you want to pay back larger payments faster or smaller payments longer. They can be as small as just a few hundred dollars or as high as several thousand. You’ll just need to provide some personal information, and of course, your credit will usually be checked before you’re approved.
Live out of Your Pantry
If you usually keep your kitchen fairly well stocked, you may be able to save money by skipping most of your groceries. Take inventory of what you have in your pantry, fridge and any freezers, and see what kind of meals you can come up with. Ideally, look for meals that you already have all the ingredients for. Then, look for ones that you can make with just one or two small, inexpensive ingredients. Shop for basis like dairy and fresh produce.
Being low on funds is never fun or easy. A little creative thinking and a willingness to step outside the ordinary can help you get through it.