Running Short On Money? Every one of us would have experienced some shortfall in money at some point in time. This could be a temporary situation where you are running on fumes at the end of the month and need to prioritize your expenses, or it is possible that the money shortage may extend a couple of months.
While you are prospecting for ways to handle your cash crunch, reading this article published by The Economic Times may just hand you some qualified tips on resolving your financial distress. As such financial stress can be brought on by factors such as having taken on excessive debt, unexpected expenses, or perhaps ending up making purchases you didn’t need.
By formulating the right strategy and using these tried-and-tested ways, you will soon begin to feel in control of your money again.
1. Engage in a Side Hustle
No matter how adept you are at managing your finances, situations may arise where you need a quick infusion of cash. It may be to pay for that all-important health insurance renewal, car or home repairs, or any other unplanned expenses.
A side hustle will help bridge that gap with minimum fuss and get you back on track toward meeting your financial obligations. Some ideal side hustles with a low entry barrier to help achieve that are cricket prediction app earn money, driving for Uber, taking driving lessons, or even house sitting. Right from holding garage sales or selling unused possessions online to babysitting, there is plenty people can do to net them extra cash.
The proceeds from these activities may appear insignificant to that of your day job. But if you choose to keep at it, these tiny amounts will soon snowball into an adequate financial resource to tap into. These are but a few of the options available to you that can get you out of your difficult situation.
2. Don’t Hesitate to Dip Into Your Emergency Fund
Emergency funds, by their very definition, are there to solve the problem of shortage of funds and are great to help you tide over a crisis. Having an emergency corpus is better than scrambling for loans and dealing with interest that accrues as a result.
Even if you can’t set significant amounts aside for it, you could start with ten percent of all your future earnings. This way, before you know it, you will have quite the nest egg at your disposal.
3. Stick to Cash
While your shiny plastic debit and credit cards make shopping or paying for utilities convenient, paying in cash can help you have a better grip on your budget. Using cards more often than not using can make it hard to keep track of your expenses, and there is a possibility of going overboard.
Let using cards be your last resort only in case of emergencies. Divide your budget equally according to priority for expenses such as paying your bills, groceries, entertainment, and clothing. Any leftover surplus at the month’s end could end up as part of your savings.
4. Keep a Close Eye on Your Bills
Whether it is the latest installment due on your car, or credit card and utility bills, judiciously paying them on time will save you from incurring any charges linked to delayed payments. Having a list to keep track of your expenses will help you manage them better.
Another advantage of lists is that you can tweak expensive utility plans, such as your broadband or streaming service, and shift them to lower-cost plans.
If you have signed up for more than one streaming service, opt out of the one you use less often. Schedule a review of all your accounts so that any due dates aren’t overlooked. Having automatic payments ensures you never miss any due dates and cut back on unnecessary late payment charges.
5. Leave Your Car at Home
If your workplace is within walking distance, just go on walking. Not only you will get some exercise, but you will also be doing mother nature a favor, as you will take out your gas guzzler (people who didn’t understand – your cars) a lot less.
Another option would be to trade in your car for a more fuel-efficient one. Hopping to any form of public transport is also likely to be more cost-effective. So don’t hesitate to use that as an option.
6. Save Up For the Big-ticket Expenses
When it comes to discretionary expenses that will involve a substantial chunk of money, indulge in them only when you have a sufficient kitty. Try and avoid the temptation to make purchases on EMIs as you’re pledging any future income that may come in handy later.
7. Take a Loan or Restructure an Active One
Taking out a loan from the bank should ideally be the last resort, as they tend to charge a sizable interest rate on the amount borrowed. Before you reach out to the bank to bridge the gap for the month, consider approaching friends and family for a short-term loan in the interim.
Not only will the loan be interest-free, but their repayment schedule is also more likely to be flexible. If you already have a loan tenure in progress, approach the bank to see if they can accommodate your request to restructure your loan into small increments by increasing its term.
Life is unpredictable, so it’s best to be prepared in any way possible to stave off the undesirable effects of a shortage of funds as it would impact our quality of life.
Hope this might help you manage your budgets and restore your daily life somehow.
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Running Short On Money? Here is What You Need
Running Short On Money? Here is What You Need