At some point, you’re going to feel like life is dealing you a lousy hand. Unexpected bills, medical emergencies, family deaths and job losses can all turn your life upside down in an instant. Before you know it, you’ve hit financial rock bottom with no way of climbing out. While it might seem like you can’t change your situation, there are ways to claw your way back to financial freedom. Here are just a few of the many options for getting that helping hand you need:
While the market is littered unscrupulous payday loan providers, there is a growing number of government and NGO back organizations that provide low-interest or interest-free loans to benefit the receiver rather than the provider. If you find yourself in a tight spot and a quick cash injection could solve the problem, utilizing the services of a reputable loan provider is crucial. Interest-free loans for small amounts can be a welcome relief to those who require help to purchase everyday essentials such as washing machines and fridges.
See a Budget Advisor
No one ever sets out with the intention to live beyond their means, but it’s a reality that more people are facing. At least half of all Americans are living paycheck to paycheck, and around 61% lack any emergency backup cash in case life takes a difficult turn.
If you’re not able to manage your money effectively, it’s a good idea to see a budget advisor. While errors in your budgeting may not be evident to you, they will be to an expert. They can help you to work out where you can save money, as well as where you may need to make some sacrifices.
Pay Off High-Interest Loans
If you have a high-interest loan, the chances are it’s keeping you awake at night. Credit cards, for example, have average interest rates of 16% – and that’s if you have excellent credit. If you have a poor credit rating, you can expect to pay around 23%, if not more. Always try to address high-interest loans first, while paying off more than the minimum amount each month.
Take Public Transportation
If you’re in need of a financial helping hand, taking public transportation, such as the subway or metro, is one way you can save money. Gas, car maintenance, and insurance all cost a significant amount of money. Therefore, to save on monthly expenses, you can get the bus or train to work and back, or walk the kids to school. A car costs around $8,500 per year to own, whereas public transport for a year is a little under $700 on average.
If you’ve exhausted all possible avenues, a budget advisor is helping to get you on the right track, and you’re still in need of quick cash as a financial helping hand, it might be time to look at selling some assets. Americans, as a whole, own too many possessions. In fact, the average home has around 300,000 things in it!
If you can take the time to go through your belongings and pick out items you no longer need or use, converting them to cash has never been easier with the advent of various online forums. Electronics, clothing, tools, and children’s toys are all things with decent resale value. What’s more, selling items gives you the opportunity to clean-out your home of some of that clutter, which can be quite cathartic.
Financial hardship can strike at the most inconvenient time, but it’s not something that has to affect your everyday life. By making a few smart choices and being disciplined, you can soon pull yourself out of financial strife and into a more satisfying lifestyle.