Category Archives: finances

Being a parent comes with so many wonderful rewards from the simple pleasure of watching your baby grow and develop, to meeting the wonderful community of like minded and supportive Moms who you never realized were on your doorstep. But among the many and varied gratifications, there’s a whole lot to learn. Some of it comes quite naturally, while a lot of it comes with months and months of repetition and persistence. With the often frantic life of a new Mom as busy as it is, it’s unlikely that you’ve given much thought to the tax implications of your little one, but as April 15th draws near, we thought this might be a pertinent time to address some of the questions you may have filing for your first year with an adorable little dependent. All Moms need to box clever with their finances and getting their tax affairs in order is a great start…

Image by PxHere

Can I claim my new baby on last year’s taxes?

This depends on how old your little one is. If he or she was born on December 2017 or any day before that then the good news is that they are classed as a dependent for the entire year. This is why it’s really important to keep your baby’s social security card in a safe place or at the very least make sure that you have easy access to their social security number (simply take a photo of it with your phone if all else fails).

Do I get tax benefit for having a kid?

You betcha! When your baby is born you now have a dependent which the state understands impacts upon your income, giving you a reduction on your taxable income of $4,050 per child. This can reduce the tax you pay per year by as much as $,1000 per child. Your child remains a dependent until they turn 19 at the end of the calendar year, live with you for more than 50% of the year, are financially supported by you (teens can have part time jobs so long as they don’t cover more than 50% of their living expenses) and aren’t claimed as a dependent on anyone else’s taxes.

Does having a kid increase my chances of an audit?

We all live in fear of an audit from the IRS and it’s always worth having a tax lawyer like Alexander Law Firm on speed dial just in case the IRS wants to take a closer look at your tax return or wants to raise a dispute. Fortunately, however, having a child is not one of the typical red flags that increases your chances of an audit.  

What about President Trump’s new tax law?

Lots of parents have hears about Trump’s tax law and how it applies to them. The Tax Cuts and Jobs Act will double child tax credit to $2000 per year and increase the standard deduction to $12,000 for single parents and $24,000 for married couples. This will not, however, come into effect until the end of the 2018 tax year so it’s certainly something for parents and expectant parents to look forward to.

Image source

If becoming debt-free is one of your goals (and good debt aside,it probably should be), you’re going to want to use as many tricks as you can to pay down your debts much faster than the average person.

With that in mind, here are some of the best methods for paying off any loans you may have a whole lot faster:

Make Payments Every Two Weeks

Making payments to your lender on a  bi-weekly basis instead of a monthly one will help you to accumulate much less interest on your debts, cut the amount of time you’re in debt for and show that you are a responsible borrower. Just make sure that you don’t get stung with any additional penalties for paying off your loans faster before you implement this very simple trick.

Round Up Your Payments

Image source

You will pay off your loans much faster if you pay more than the minimum each month. If things are tight and you can’t really pay a lot more towards the cost of your loan than you already are, then at least consider rounding it up, so if your payment is $36.75 per month, pay $40. It might not seem like much, but every penny really does count, and you’ll be surprised how much quicker you can clear your debts by doing this.

Refinance Your Loans

Another option that might help you to pay off your loans faster and save money is using a company like refinancestudent.loan to refinance your loans. They will give you a lump sum to pay off existing debts, so all you will be left with is a one lower interest loan that you can put all your efforts into clearing.

Sign Up to ImplulseSave

Image source

ImpulseSave is a great little tool that enables you to save money instead of spending it by encouraging you to use the money you are tempted to spend on a new pair of shoes, phone or dress, for example, to add to your savings, If you add the app to your phone, it will encourage you to do the right thing, save more money and use the cash to pay off your debts.

Use Windfalls to Make an Extra Payment

Whenever you get a tax refund, an unexpected bonus from work or you have a win on the lottery, for example, instead of treating it as ‘extra’ cash that you can use however you like, make a commitment to use it to make an extra payment on your loans. Do this, and you could shave several dollars off your monthly payments over the course of the year, simply by lowering your balance.

Use a Zero Interest Credit Card

Image source

If you can get a credit card that has a zero interest period on money transfers, use it to pay off your loan and then you can pay off the credit card balance interest-free. If you haven’t paid it off by the time the free period comes to an end, you can always apply for a zero interest balance transfer card and keep doing the credit card shuffle until it’s all gone. You know it makes sense!

Time to start bringing down that balance!

Image Source)

Browsing the web, you will often find loads of blog posts, forum submissions, and other resources surrounding good money management. None of the tricks you’re taught are easy to pull off, and you need to work hard to make sure you have enough money. Of course, though, it can be hard to motivate yourself to do this when you don’t know why you have to. To help you out with this, this post will be exploring some of the reasons people will want to work on their money.

First, it’s a good idea to understand why you need to have a good reason to work hard on your finances. Before you can use a company like debtconsolidation.co to help with your debt, you have to be sure that you’re ready to start making proper repayments. Without the drive and determination a solid cause will give you; this will be much harder than it has to be.

To give you an idea of the sort of tools a lot of people will use, you can find some common examples below. Of course, everyone will have their own reasons to keep their money under control. Without the right one in place, it will be hard to make sure that you’re making the right choices.

• Family: For a lot of people, the biggest reason to have balanced finances is to support the family they’re raising. In a lot of cases, this sort of work will be very expensive, and you will need to be able to spend money freely if you want to stay afloat. Achieving this will be fundamental to your success as a unit.

• Life Goals: Of course, for some, the simple allure of achieving life goals will be enough to pursue a life of well-managed money. If you want to buy a house, for example, you’ll first need to make sure you can afford a mortgage and the other fees which will come with it.

• Steady Ground: When you’re living on the edge of good finances, it can be hard to make sure that you’re on even ground. Improving the way you budget and keep your money safe will make this a lot easier, even if you’re not earning very much. It can be hard to be comfortable when you’re not making enough.

Once you have a good idea of the area you’re going to use to drive you, it’s a good idea to make a plan which takes both your financial aims and your life’s requirements into account. For example, if you wanted to save for a home, you could use a website like moneysavingexpert.com to help you to figure out how much it will cost. Alongside this, your family can inspire you to make the savings you’ll need.

Hopefully, this post will inspire you to start improving your finances through the use of clever motivation. With all of the resources on the web, there are still very few which help to give you motivation in this area. Of course, though, this is because you have to find it for yourself.

At some point in our lives, we will inevitably find ourselves in a financial situation that prevents us from saving, purchasing products that we desire and even meeting our debt repayments. You may have a credit card that you were making regular payments towards, but recently you’ve been struggling to find the minimum amount. You might have simply found yourself swamped by debt which has now become unmanageable. You are not alone. Finding yourself in dire financial straits means that your personal well being, relationships and health can suffer. Take a look at the practical things you can do to prevent debt stress from taking over your life.

Image Credit

Don’t Fall Into More Debt

It sounds simple and obvious, but you need to refrain from taking out more loans or credit cards. While you may feel the need to obtain another credit card simply to make ends meet, don’t. You’ll need to tighten your belt in other areas. While it may mean eating student style food and foregoing any sort of social calendar for a few months, it will be worth it in the end when your purse strings begin to loosen.

Credit Cards

Credit has been easier to obtain over the past decade with lenders almost encouraging consumers to stretch themselves financially. If you have a credit card, consider swapping to another with 0% on balance transfers. By doing this, you can essentially shift your debt and make the same repayments while ensuring that this goes towards the debt you’ve accrued, not any interest. Even if you are only making the minimum repayment, this will be going 100% towards clearing your debt.

Credit Score

The number you generate when financial institutions check your credit score will dictate what financial products may be available to you now or in the future. You don’t want the only personal loan available to you to be a lucrative payday loan or a ridiculously high short-term loan from an unregulated provider. Check your credit score for free and set about improving it. If you can, begin to make payments above the minimum towards your debt. Ensure that you’re registered on the electoral roll and don’t utilise any of your overdraft. By doing this, you are holding off the looming threat of needing to employ the services of a bankruptcy lawyer and you’ll be doing all you can to prevent your debts from suffocating you.

Image Credit

Ask For Help

While you need to shoulder the financial burden of your debts, you can still ask for help to manage the stress that comes along with this responsibility. You should be congratulated for not burying your head in the sand and wanting to become debt-free. It is possible to call up for some free, independent debt advice if your money worries are becoming too much. If your health is suffering, you should head to your local surgery to discuss your anxieties with a doctor. Sometimes, you just need a friendly ear to offload your worries onto –  a good friend or family member is ideal.

While you are at the beginning of your journey to become debt-free and the stress is all-encompassing, remember that in two years, three years or five years time, you will be back in the black and ready to look forward to a more prosperous financial future.

Mortgage. Utilities. Groceries. Debts. School. Rinse and repeat. Every month you get your paycheck, you are paying the bills and budgeting for the month ahead. Over and over again, the cycle rarely goes off track. Until you want to book a holiday, go on a day trip or spend extra money on clothes for the family, everything is smooth on the finance front. It’s the extras that cause a squeeze. Family finances are probably the most difficult to balance, as you need to keep the roof over everyone’s heads, food in their tummies and all the bills paid so the debts that you are straddling don’t grow. It’s hard to face reality when you are a swan with your finances: smooth on the surface and frantically paddling under water to keep up. However, you can learn to face your finances head on and make sure that you are living more than just paycheck to paycheck. It’s not easy to scrimp and save, so why not check out our ways you can get your family finances on track and give yourself some breathing space.

Image Source

• Inventory. Make a list of all of your debts and essential outgoings, then make a list of all the little expenses that you are racking up throughout the month that you barely notice going out. A cup of posh coffee here, a new book there. If your debts amount to more than your essentials, then you need to consider consolidating them all with Personalloan.co. Consolidating your debts means you are giving yourself one outgoing payment instead of several, which is easier to manage and frees up more cash from your paycheck!
• Cash Flow. Once you have determined your outgoings, you need to look at your incoming. Some people have more than one income stream in their home, so collating the total amounts of all the income streams available can help you to budget your money better. Which leads us to…
• Budget. You need to formally create a budget for your family on one of these amazing budget programs. Once you have created your budget, you can learn to stick to it and put that freed up cash to better use. Add more to your savings account, put toward the college education fund for the kids. Whatever you do, you can choose to do it properly among your budget.
• Monitor. Establishing a budget, reducing the money spent each month on debts and knowing exactly how much is leaving your bank accounts is a success. You can then spend time monitoring and reviewing how much you spend each month. The money saved on utility switching and clever grocery shopping can lead you to paying off your debt consolidation loan faster. It’s worth it!

Your family finances aren’t always easy to manage, but they are something you have to keep a handle on. If you know exactly what is going in and out of your bank accounts, you can keep on top of it all and reward yourself a little more with a shopping trip every now and then!

Financial stability is one of those things that every single person dreams of having, and yet; it is still something that a large portion of the population doesn’t have. The interesting thing about this though is that for most people who aren’t financially stable, they have the potential to be, it’s just that when it comes to managing their money, they aren’t clued up enough to effectively manage their funds and gain the stability that they need financially.

Keeping your life financially stable requires a lot of discipline and the development of smart

financial habits. The fact is that it is no easy task, taking your finances from unstable to stable, and can take a long time to perfect. However, once you have got to grips with leading a more financially stable life, it will make a world of difference to your entire life. The fact is that no one wants to be in a financial hole that impacts their emotional well-being, which is why it’s important to make 2018 the year that you become financially stable.

Wondering how you can take steps to do that? For everything that you need to know to become financially stable in the next 12 months, read on:

Photo source

Stop spending impulsively

When it comes to becoming financially stable, one of the best things that you can do is to train yourself to stop spending impulsively. Impulsive shopping means spending money without much thought on items that are not necessary, such as eating dinner out instead of cooking at home or purchasing a range of unnecessary new outfits. The problem with impulse shopping is the fact that it can end up costing such a large amount of money, which can be seriously detrimental to your financial health.

If you are someone who currently has a habit of impulse shopping, it could be a good idea to attempt to curb that habit and only buy what you need. Don’t be tempted to buy things that you don’t need because, in the end, they are just a waste of money. If you want to achieve financial stability, you need to learn to control your impulses to shop for items that are not a necessity.

Save money regularly

Financially stable people have got into the habit of spending less money than they earn each month. You don’t have to have abundant funds to be able to do this; it’s just a case of being smart about how you use your money, that’s all. What you need to learn to do is indulge in the right things without using up too much of your funds each month. Ideally, you need to ensure that you are putting aside at least ten percent of your paycheck each month.

Everyone needs some savings to fall back on, as you never know what the future holds. You could lose your job and be out of work for a couple of months, get a surprise medical bill, or have a household repair to cover the cost of. The fact is that it is wise to always have additional funds aside from your monthly income available to you, to ensure that no matter what life throws at you, you remain financially stable.

Track your spending

If you don’t already track your spending, now is the time to start doing so. There are various apps available that you can download onto your phone or tablet and sync up to your bank account and billing apps so that you can monitor your finances more easily. Some of these apps even come with reminders for when you have overspent or are using too much money in a faster time period than usual. Technology really is amazing.

The fact is that by tracking your spending, you can ensure that you are not spending more money than you can afford to. You can also check that what you are spending your money on is worth the money, and that your funds aren’t being wasted. Seeing what you have spent and where on a spreadsheet like app can make you realise just how much money you are wasting, and can help you to reduce your spending once and for all.

Talk to an advisor

If you aren’t sure how to make changes to your financial situation but are desperate to do so, consider taking the time to talk to an advisor. The fact is that sometimes it takes an expert, such as fee only advisors, for instance, to make you see the error of your ways when it comes to how much money you are spending and what you are spending it on. You may not want to waste money talking to an advisor, but the fact is that sometimes it is necessary that you invest in yourself, if you want to ensure that you are able to reach a financially stable place.

Believe it or not, after just one session with an advisor looking at your finances and helping you to make your financial goals a reality, you may find making changes easier than ever before. Sometimes, all it takes is a better understanding of certain aspects of your finances, and then you are able to make massive changes to how you take care of your funds.

Image credit

Invest in your future

Being financially stable does not mean not being able to invest in things that have the potential to aid your future, such as setting money aside for investments. The fact is that if you have some money set aside and see an investment opportunity that could help to secure your future and make life easier for yourself, then you would be a fool not to take advantage of it.

You can still spend money as a financially savvy person; it’s just that you become smarter about how you are spending your funds. You understand when it is a good idea to part with your hard earned money and when it is not. The key to becoming financially savvy is understanding how to make informed choices and spend your money wisely, always thinking every purchase through.

Prevent debts

The first thing that you should know when it comes to debts is that not all loans are the same. There are some loans that are negative loans, such as payday loans, for instance. However, there are other loans, such as low-interest credit cards like American Express, mortgages, and student loans that are the good kinds of loans. So when we say prevent debts, it is important to understand that we don’t mean these kinds of debts, but negative ones.

By preventing yourself from getting into debt, you will make it much easier for yourself to become financially stable. The fact is that when it comes to debt, you need to be clear about what debt you should avoid and what debt it is okay to get into.

Budget effectively

When it comes to being financially stable, one of the most important things that you need to learn to do is budget effectively. The fact is that when it comes to financial stability, effective budgeting is crucial. If you don’t currently budget, then it is important to take the time to learn how to do so. By using a budget, you will be able to look at where your money is going and how it is being spent, as well as being able to find simple ways to cut costs.

Budgeting does not have to be about missing out on the things that you want or need to purchase; it is about having some self-control and ensuring that when it comes to your spending, you act in a responsible way and only spend what you can afford and what you actually need to spend.

Give up bad spending habits

Do you have bad spending habits? Such as always having a meal and drinks out every Friday night? Or, have you got into the habit of getting takeaway whenever you are late home from work? Think about how you spend your money and work out what bad habits you have got into when it comes to your finances.

Once you have worked out what your bad spending habits are, you can then begin to make changes to the ways in which you use your money. It will take time to adapt to these habits, but the fact is that if you stick at it and consistently attempt to stay on track when it comes to avoiding your bad spending habits, you can become financially stable.

It is not easy, becoming financially stable when you have got into various habits with your money. But the fact is that it is possible, it’s just a case of taking the time to actually make the changes necessary to improve your financial health. Hopefully, the tips and advice above will help you to do that and make improving your finances and your financial stability, easier to do. It may be a long process, but with the right mindset and a better understanding of your finances, it is possible to make lifelong changes.

If you truly want to protect your finances, you’re going to have to do more than just hide them away in a place where nobody can tap into them, either on- or offline. Yes, you’re going to have to do more than just secure your piggy banks, strengthen your online banking and hide your debit and credit cards.

What you’re going to need to do is do more when it comes to protecting your finances. More to the point, what you’re going to need to do is take heed to finance-protecting advice below.

Image source

Stay out of trouble

By getting yourself into trouble with the law you stand to lose more than just your freedom: you stand to lose a big chunk of your finances, too. Yes, when you do something that breaks the law, and you are subsequently arrested and charged for it, you automatically put your finances in danger and great peril. Well, when you are arrested you are asked to buy your freedom in what is known as bail money and bail bonds, remember? And, when you are charged with an offence, even when you are not incarcerated as a result, you stand to lose out on future payments because of your criminal record.

For instance, by being charged with driving over the alcohol limit you tarnish your record in ways that will more than likely see you lose your licence (meaning you won’t be able to get to work) and your job in general (meaning, of course, that you won’t have an income). And, all of that is even after you pay the prices you need to pay to get DUI lawyers on your side to fight your case! So, to stop yourself being charged with driving under the influence and then losing all the money you stand to lose as an outcome of doing so, simply do not drink and drive! And, more to the point, to stop yourself having to pay the price of being in trouble with the law, don’t get yourself in trouble in general!

Strengthen your finances for after your passing

As morbid as this may sound, if you truly want to protect your finances you need to be strengthening them to a point where they will live on after your passing. If you don’t do this then you make your money liable to being taken lawfully by your government and not ending up exactly where you want it to. You see, if you were to not, say, write out your last will and testament or take out life insurance (be it term or whole life cover) and there was some trouble in finding your natural heirs, then the money you accumulated over your life would fall into the hands of the government. And, do you really want that to happen? No, you don’t, so make sure your finances are protected for after your passing by making it lawfully and legally clear where and who you want your finances to go to when you are gone.

As you can see, protecting your finances is about doing more than protecting them against burglars and criminals. No, it’s about ensuring you don’t do anything yourself to harm your finances, and it’s about strengthening them so that they cannot be lawfully taken without your consent.

Credit:

Everybody appreciates the importance of maintaining good financial health. They subsequently make huge efforts to keep theirs in the best health. Unfortunately, most people are still guilty of falling into bad habits. In many cases, it’s due to a lack of knowledge and believing false statements. Overcoming this particular problem is a must.

Whether those ideas are just wrong or have become outdated since being passed down through the generations doesn’t matter. Avoiding those mishaps is an essential feature as you aim to maintain your family’s financial security. First of all, though, you must understand what those mistakes actually are. Here are the most common, along with what can be done to bypass them.

Avoiding All Credit

Most people fear the concept of borrowing. In truth, it can be a very daunting prospect, especially when your income isn’t stable. However, the key is to know that you are borrowing money for the right reasons. Understanding the difference between good debts and bad debts should enable you to make smarter decisions. If borrowing money allows you to progress in life, there should be no guilt about seeking it.

Besides, borrowing some money can build your credit score by showing that you’re a responsible person. Conversely, a lack of credit history can actively work against you when you try to get a mortgage or borrow a large amount of funds. While borrowing money in a frivolous manner is ill-advised, a little responsible lending can have positive impacts.

Credit:

Not Embracing Professional Help

When you’re trying to keep your finances in a positive position, the thought of paying money for a service may seem counterproductive. On the contrary, pointers from financial experts can cover their fees and then some. This ultimately means that you’ll be in a far stronger position overall in both the immediate and long-term plans.   

As far as the immediate future is concerned, experts can guide you towards the best entitlements and support schemes. These can range from deposit saving assistance to child allowances. As for the future aspirations, learning about estate planning can ensure that your money works harder. This will result in a far stronger financial future. Not only is this crucial for you, but it could be very influential for your children too. Going it alone without the help of experienced pros could leave you open to problems.

Overlooking The Importance Of Value For Money

Spending money is a natural part of our lives, and you should feel no guilt about buying the products and services needed for a comfortable life. Still, it’s imperative that you continue to seek the best value for money at all times. After all, you work hard to earn money, so wasting it when you could be getting more bang for your buck simply isn’t a solution.

Overpaying for subscriptions and services is a major problem. Whether it’s trimming the fat from a cell phone package or ending an unused gym membership, those savings will add up. On a separate note, it’s worth remembering that new customers often gain better deals than older customers. If switching energy providers or TV packages on an annual basis can save you a noticeable sum of money, you should grab those opportunities. After all, the impacts to your daily lives are minimal while the financial ones can be vast.

Image of pink piggy bank surrounded by stacks of dollar bills

Credit:

Taking Risks To Save Money

No matter how careful you are, accidents will happen. Some are preventable while others are not. Either way, being prepared for those situations gives you the best chance of escaping without a major financial burden. Given that most families wouldn’t even be ready to cope with a single emergency, taking unnecessary risks is never the best solution. Even if the chances of specific problems surfacing are slim.

Prevention is the best form or protection. From home security to fixing minor car faults, taking the necessary steps to stop damage snowballing is highly beneficial in the long run. Given that you cannot possible expect to sidestep all possible issues, you also need suitable insurance coverage. For the sake of a few dollars a month, it could save you the hassle of finding thousands in case of a disaster or unforeseen situation.

Thinking Solely About The Short-Term

There’s no doubt that securing your immediate future is vital. In fact, there’s very little point in focusing on long-term aspirations until those short-term issues are secured. Nonetheless, having the ability to look ahead and see the bigger picture is something that can make a world of difference. Sometimes, making a decision that looks good for today could be bad news tomorrow.

Investments that pay for themselves in the long run are always a good idea. Find out more about the eco-friendly upgrades available for the family home. You’ll soon find that your wealth looks brighter than ever. Even if it requires an initial outlay, keeping your focus on the long-term ambitions will ensure you stay on the right track. On a separate note, weighing up the pros and cons of ownership versus rentals is highly rewarding.

Credit:

Not Utilizing Assets

In an ideal world, you’d be able to ask your boss for a raise and get it. Unfortunately, this solution isn’t open to everyone. And even when it is, there’s no reason to end the pursuit of increased income there. Personal wealth isn’t influenced solely by the funds sitting in your account. Whether it’s renting out a part of the home or selling unwanted goods, the extra revenue made in this manner can be life-changing. Not only will you gain the immediate hit. You’ll also gain better habits.

Gaining increased revenue isn’t the only purpose that those items serve. It’s equally beneficial when you upcycle or repair products to gain extra use out of them. The longer they work, the less frequently you’ll spend money on replacements. Other assets can include student discounts, loyalty schemes and special offers. Learn to make good use of everything at your disposal, and your bank balance will soon thank you.   

pic source

Research suggests that most of us are only ever two paychecks from being made homeless, which is an incredibly scary thought. So when a large, unexpected expense crops up it can be stressful even for the most laid back of people. So many of us live paycheck to paycheck and simply don’t have the ability to access cash out of the blue. If you’ve just experienced a large bill dropping through the door or something has broken on you (like your car or a home appliance)- there are a few things you can do before panicking!

Negotiate

If it’s an unexpected bill you’re dealing with, your first port of call would be calling the creditor or person who issued it. Don’t just bury your head in the sand and hope it will go away- it won’t. Companies will much prefer you to tell them what the situation is, you can then come to an agreement about how to pay. They can’t get blood out of a stone so even offering a token payment until you can afford more could be the way to go. In the case of a broken down appliance, make sure it’s not under warranty as if it is it will be repaired or replaced for free. If not, call the company’s helpline and see what repair options they offer, some will give you the chance to spread the cost to have it fixed.

Ask Friends and Family

If you’re struggling where something has gone wrong, don’t feel too proud to ask friends and family for help. They might be able to give you a loan or even know someone who can help in other ways- such as knowing someone who will repair it cheaply. Always draw up a repayment plan on paper stating how much you have borrowed and what the repayments will be.

Sell Items

Most homes have hundreds, if not thousands in unused possessions lying around in them. It could be a good excuse deep clean and declutter at the same time, check out the attic, garage and shed amongst other places. You could list things on ebay or sell them to an online company that buys used items. Outdated mobile phones, games consoles, games and dvds might seem like junk but lots of companies buy them. Broken, scrap or unused jewellery is another example.

Give Your Finances an Overhaul

Go through your finances careful and see where you can make cutbacks, even if they’re just in the short term. Walking or cycling to work will save on petrol. Writing a shopping list and meal planning will both help you save on your shopping bill. You could look to downgrade your mobile phone, tv and broadband packages. Look into credit card consolidation so instead of paying lots of accounts each month (all which will have interest on them) you can make one which is cheaper and easier too.

Do Some Extra Work

Could you work some overtime or even pick up some extra shifts at work? Could you start working from home taking surveys, tutoring or freelance article writing? There are even call centre and sales jobs that you can do from home if you scour online you might get lucky. Even doing some work for friends and family like babysitting or cleaning could help as well.

Pic source

Credit

There are times in life when you will find yourself facing an unexpected expense. Perhaps your children need new glasses, or there’s a medical emergency to fund, or you find yourself on the receiving end of a bill that is far higher than you had anticipated. Whatever the cause, there’s money that needs to be paid… and you don’t have the available cash to pay it.

There’s no doubt that this situation is more than a little concerning both mentally and in terms of your household finances. Below are three options you can consider to help you find the funds to cover the expense; none of these are presented as the ‘best’ option, but rather as a way of weighing up the pros and cons– so you can make the best decision for your family circumstances.

#1 – Go Into Debt

Debt is rarely a positive, but if you have an expense you have no other means of paying, then it might be your best bet. Just ensure that you budget for the next month so you can pay the debt off as quickly as possible; if you don’t repay in full (or as much as you can afford), then the interest could begin to rack up at any enormous rate.

#2 – Raise Short-Term Cash

By far the best method of raising cash in a short timeframe is to sell items you own. There are plenty of Facebook selling groups that can help you with this; find one for your local area and list the items you have available. The one downside of this is that you won’t see the items again, so if they are precious to you, you may be better off with a pawn shop as you can then have the items returned when you’ve paid back the money you’ve borrowed.

#3 – Call The Company

Alternatively, there’s no harm in speaking to the company (or person, if that’s the case) that you owe money to and ask if there is anything that can be done. You may be surprised by just how much flexibility companies can provide, especially for expenses that would clearly have been difficult to budget for. Just explain the situation as simply as possible and suggest a repayment plan that you know you are going to be able to afford. It also helps to volunteer a token payment, even if it’s only $5, as a show of good faith.

#4 – Look For Temporary Jobs

There are usually a few temporary jobs that can be obtained relatively quickly, without a long interview process. Delivering flyers is a decent option, and can bring you the cash you need in as quick a time as possible, so it’s well worth considering. You can also consider offering your services as a cleaner/gardener on an ad hoc basis; even in the 21st century, there’s plenty to be gained from going door-to-door and offering a quick, efficient service that might tempt homeowners into agreeing.

So the next time that you have an unexpected bill or expense, run through the options above and see which might work best for you.