Sometimes, the unexpected happens and you need to get money fast. With rent coming due next week, your shift may have been canceled, your hours may have cut back, or you may have been laid off. Coping with an unexpected financial blow can be tough. We never really know when it might happen or when, but there are ways to adapt when it does. You don’t have to do anything drastic but you do have to take action and make a few in order to get through the transition period.
Evaluate the Situation
The first thing to do is not to panic. The reality is that every problem has a solution. Take the time to seriously evaluate the situation. Analyze what’s going on and write it down. Listing out where you are at financially, what you have on hand (in savings or checking) versus your expenses. This is your beginning budget. Then, list out the order in which your bills need to be paid. You can set your goals to get the money you need when. Seeing where you are at financially in writing will help manage the financial crisis and also help relieve unnecessary stress. It will give you perspective and also put you in the right frame of mind to move forward.
Once you “see” what funds you have available then you can set realistic goals to get the funds that you need. One thing to do is prioritize expenses and spending. You will have to redistribute where your money goes and how it’s spent each month until you recover financially. Separate what you need from what you want. You need to pay the mortgage or rent, utilities, and groceries. You may want to go out for pizza or to the local pub, but you don’t need to. You don’t need to go to the movies. If you have to choose between the internet and cable TV, get rid of cable and start streaming what you watch on TV.
Working in a Gig Economy
In the digital age, if you have a car, you can deliver pizza or groceries or people (think Uber or Lyft). But there are other ways to find short-term positions or on-demand positions by downloading any number of “Gig Economy” apps to your mobile phone or device. There are many apps that can help you land a quick temporary job. Businesses hire workers to fill gaps and freelancers to complete assignments. On-demand staffing apps like Wonolo, Amazon Flex, Care.com, Dolly, and Caviar—there are dozens of them—help job seekers find work on their own terms.
Sell Stuff Online
If your child has finally outgrown that car seat it’s time to sell it. If you have items of value lying around that you’re not using it’s time to de-clutter and get rid of it for good. Online sites like Craigslist and eBay are essentially digital flea markets. Setup your virtual garage sale on either or both platforms. All you need is an account (they’re free) and then list your items online, and begin to earn some extra cash.
Consider a Loan
If you are considering taking out a loan in the greater Phoenix area, then consider Tio Rico Te Ayuda. Tio Rico offers an array of services and products for families to get personal or auto title loans. Tio Rico’s all-credit welcome policy and quick application approval can help families get quick cash when they need it most. The variety of products and services provide short term solutions to fulfill immediate needs while recovering from your financial setback. As with any loan, Tio Rico advises its customers to be responsible and only borrow what you need—basically, what you can pay back based on the terms of the loan.