(Newswire.net — May 24, 2018) — Everybody’s been there – you’ve got bills to pay, but you just don’t have the money in hand. Whether you’ve just found a job and haven’t been paid yet, or you’re self-employed and things are just a little tight, it’s an experience that almost everybody can relate to.
Unfortunately, sympathy doesn’t pay the bills! When you’re low on cash, your bills aren’t just going to stop coming. It’s going to be up to you to stop the hemorrhaging until you’re back in the black.
Use this guide to learn more about what to do and where to turn when you’re short on cash for essential items and bills. Financial problems don’t have to be part of your future.
Get a Short-Term Loan
When you’re short on cash, the thing you really need is, well, cash. Many companies are out there to give you a short-term loan based on your employment history and ability to repay the loan. This can help you avoid costly credit card late fees or situations like getting into hot water with a punitive utility company or landlord.
Short-term loans through brands like the Personal Money Store can be a wise choice if you need a little cash to get you out of a pinch. Of course, you’ll have to have a way to repay them, but if you’re employed and routinely make money, this should be no big deal. Payment plans also allow you to repay over time so you don’t end up cash-strapped again.
Seek More Time to Pay
It can seem like your creditors would never give you more time to pay a bill, but this just isn’t always the case. Even with credit card companies, you may be able to work out a payment plan that makes meeting your minimum requirement easier.
For payments like rent, try to appeal to the human nature of your collectors. They might give you an extra week to pay if you’ve been a solid tenant for five years who has just hit some hard times.
Make Minimum Payments
You’ve always heard that making more than the minimum payment on credit cards is the only way to stay above water financially. When you’re short though, making your minimum payments may be all you can do to avoid late fees while still putting food on the table.
If you do choose to make your minimum payment only, try to give yourself a schedule or timeline for when you’ll go back to making bigger payments and paying down the total you owe. A few months of minimum only payments won’t kill you. In fact, they could help you get back on track financially so you’re better off overall.
This is especially important to consider when you’re dealing with credit card bills that are a few hundred dollars. The added interest isn’t going to total a vast sum, so consider using your money elsewhere until you’re feeling more secure financially.
Borrow from Family
Your family is always there to support you, but asking for cash is a hard thing to do. If there’s anybody you can ask though, it should be your family members. Reach out to them early and give them to time decide whether they can afford to help or not.
They’ll want to, but you don’t want to put undue pressure on them.
Ask Your Friends
Asking for money is never easy, and if you’re like a lot of people, your friends are the last people you’d turn to for financial support. That’s why it’s last on this list. However, your friends may be able to help you out when you’re in need.
To borrow money from friends successfully, you need to come in with a plan to pay them back. You also need to borrow the minimum amount possible to make sure that you don’t put undue pressure on them and yourself when it comes to paying it back on time.
Being short of cash is no fun, but you can get past the hump. Use these tips to get back to square one so you can rebuild your financial life when the time is right.