Are you in dire financial straits and looking for a way out? The best solution is to have planned ahead. If you haven’t planned ahead you’re not alone so don’t worry.
Financial emergency can mean different things to different people so it’s not possible to give specific advice. For arguments sake, let’s say you require 1,000 dollars in 7 days. Here are six possible solutions:
1. Emergency Fund
Emergency funds consist of cash set aside to handle financial emergencies. As soon as this crisis passes, start saving 10 percent of your take home pay for future emergencies. It’s not a matter of if you’ll have another financial crisis, it’s a matter of when. Being smart and planning for unexpected emergencies is always a good idea.
2. Family & Friends
Ask for a short-term loan from family and friends. In time of crisis, turn to the people you know best. It’s time to get over any embarassment you may feel. Friends will be more understanding than bill collectors and banks. Put it in writing, be specific about when you’re going to pay back the loan, and honor your obligation. No excuses...or these people may not be your friends much longer.
3. Employer
Ask your employer for a payday advance. Your next paycheck can be reduced by the amount of the loan. Financial crisis happen to almost eveyrone so there’s nothing to be ashamed of. And you won’t get what you don’t ask for.
4. Credit Cards
Use your credit cards for a cash advance or to pay bills. The interest rates on some credit cards is high but don’t be over concerned with interest rates on short-term loans for small amounts. The interest is usually waived if you pay off the balance on your next billing cycle anyway. An you’ll only pay 50 dollars interest on 1,000 dollars borrowed for 90 days even at a high 20 percent interest rate. That’s probably a lot less than some of the exorbitant late fees some utitlity companies and others charge.
5. Cash Advance Payday Loan
This is a last resort, but you can get up to , dollars within hours without a credit check. If the amount of interest you pay is less than any late fees you’ll avoid, it may be a good idea.
6. eBay
Can you sell something on eBay that would make money? eBay has auction periods as short as hours, but the longer the auction the more bidders and the higher selling price you’re likely to attract so a or day auction may be best if you can wait that long. You should get your cash within in a few days of the auction ending, possibly even the same day depending on the buyer.
There’s no limit to the number of ways to solve a financial emergency. Put your creative thinking cap on. When this financial crisis ends, think about the next one and start saving 10 percent of your take home pay in an emergency fund. It requires discipline. You’ll be very happy you were smart enough to create an emeregency fund the next time you need it.
Article Source: http://www.articlerich.com-By: WIN
Financial emergency can mean different things to different people so it’s not possible to give specific advice. For arguments sake, let’s say you require 1,000 dollars in 7 days. Here are six possible solutions:
1. Emergency Fund
Emergency funds consist of cash set aside to handle financial emergencies. As soon as this crisis passes, start saving 10 percent of your take home pay for future emergencies. It’s not a matter of if you’ll have another financial crisis, it’s a matter of when. Being smart and planning for unexpected emergencies is always a good idea.
2. Family & Friends
Ask for a short-term loan from family and friends. In time of crisis, turn to the people you know best. It’s time to get over any embarassment you may feel. Friends will be more understanding than bill collectors and banks. Put it in writing, be specific about when you’re going to pay back the loan, and honor your obligation. No excuses...or these people may not be your friends much longer.
3. Employer
Ask your employer for a payday advance. Your next paycheck can be reduced by the amount of the loan. Financial crisis happen to almost eveyrone so there’s nothing to be ashamed of. And you won’t get what you don’t ask for.
4. Credit Cards
Use your credit cards for a cash advance or to pay bills. The interest rates on some credit cards is high but don’t be over concerned with interest rates on short-term loans for small amounts. The interest is usually waived if you pay off the balance on your next billing cycle anyway. An you’ll only pay 50 dollars interest on 1,000 dollars borrowed for 90 days even at a high 20 percent interest rate. That’s probably a lot less than some of the exorbitant late fees some utitlity companies and others charge.
5. Cash Advance Payday Loan
This is a last resort, but you can get up to , dollars within hours without a credit check. If the amount of interest you pay is less than any late fees you’ll avoid, it may be a good idea.
6. eBay
Can you sell something on eBay that would make money? eBay has auction periods as short as hours, but the longer the auction the more bidders and the higher selling price you’re likely to attract so a or day auction may be best if you can wait that long. You should get your cash within in a few days of the auction ending, possibly even the same day depending on the buyer.
There’s no limit to the number of ways to solve a financial emergency. Put your creative thinking cap on. When this financial crisis ends, think about the next one and start saving 10 percent of your take home pay in an emergency fund. It requires discipline. You’ll be very happy you were smart enough to create an emeregency fund the next time you need it.
Article Source: http://www.articlerich.com-By: WIN
0 comments:
Post a Comment