Sometimes, financial emergencies happen. You can make a budget and plan ahead only for something to come up and wipe out the savings that you have. Fortunately, there are a few solutions that you can try if you have money problems that you just can’t seem to defeat.
Make Phone Calls
If you know that you’re going to be late with a payment, contact the companies that are impacted as soon as possible. There are often options for arranging late payments as well as moving a payment that you owe to the end of the billing schedule so that you don’t have to worry about the payment for that month. Many companies would rather be able to work with you about your payments if you call them instead of you simply not making a payment and not having any contact at all.
Life Insurance
A life insurance policy is something that you might want to consider drawing against. You can also sell your insurance policy through companies like Life Settlement Marketplace. Keep in mind that you might have to pay a fee in order to sell the policy. However, if you have a large policy, then the money would be beneficial for your family. If possible, try to only take a small amount of your life insurance instead of the entire amount so that there is something left for your family in the future.
Loans
Whether it’s a loan from a family member or a finance company, you can try to apply for a loan until you get caught up on your money problems. Try to find a loan that has a low-interest rate. Make sure you pay the loan payments in time each month because you’re going to end up paying even more back if you don’t. This is an option to consider if you know that your money problems are short-term and that you’re going to have the income to be able to pay off the loan, especially if you borrow the money from a family member.
Side Jobs
When you need to make more money for your family, then consider taking on a side job on top of the hours that you work. If your hours have been cut, then this would be a good option to consider until you can get back to full-time hours. You could also work a few hours on the weekends along with the hours you work during the week until you’re stable again.
Donating Plasma
This should not be used as a reliable revenue stream, but you can donate plasma and many centers pay between $75 to $100 per session. You can do several sessions in a week. Again, this should only be used as a fast last minute resort, but if there is a bill you have to pay you may consider going to the nearest plasma donation center and seeing if you are a good fit. You will want to go hydrated with water and bring ID.
Life happens to the best of people. Finances aren’t always perfect. If you try to plan ahead and have a few options available for emergencies, then you can pull through your financial troubles in a short time.
