Try as you may to stick to your budget, there will come a time when a bill or expense pops up that you’re not prepared for. A plumbing emergency arises that costs more than you have in your savings account, a subscription service automatically renews and you forgot to budget it in, or the car breaks down requiring a stiff repair bill. It could happen to anyone. Fortunately, there are solutions to resolving the matter, even when you’re broke.
Negotiate a Payment Plan
Before you start looking for financial resources, it is best to contact the service provider or creditor first. Discuss your financial circumstances and your inability to pay the balance in full upfront. Ask if there are other options you could try to keep your account in good standing and/or to cover the cost of the service. Most companies just want to get paid and will work something out with you that won’t ruin your credit or put you over budget.
Borrow the Money
If you don’t have it to give, ask someone who does. Borrowing is another solution to getting rid of that unexpected expense. Even if you don’t have decent credit, there are payday loan alternatives for bad credit you can get approved for online. The process only takes a few minutes and if you qualify, you could have access to funds in as little as 24 hours. Be sure that you pay attention to the loan agreement and payment terms to ensure you can afford to repay it on time. Failure to do so could just result in more debt and another unexpected expense.
Sell Some Things
When you don’t have the money in your account and you can’t afford to borrow it, you can get rid of a few things to earn the money. In years past, this would have meant advertising and organizing a yard sale. However, thanks to mobile apps like Let it Go, you can take a picture of something you’re looking to sell and receive an offer in minutes allowing you to earn quick cash to pay off that bill.
Complete a Few Gigs
Do you have some spare time on your hands that you can dedicate to helping or serving others? If so, you could make a decent day’s earnings by checking ads online. Sites like Craigslist, for instance, allows people to posts gigs or mini jobs they need help with. This could be helping someone move, working on a construction site, or even running errands. If you have the talent and time, it is worth considering to get some quick cash.
The truth is, unexpected financial expenses will happen more often than not. Though being proactive and starting an emergency fund, when you’re tapped for cash, you need a solution – and fast. Knowing where you can turn in times of trouble is the first step to solving the problem. Whether you decide to borrow the money, negotiate with your creditor or get rid of some things you no longer use, you’ll greatly reduce or eliminate the debt giving you peace of mind – at least for now.