When life catches up on us and we discover that we are up to our necks in debt, it suddenly dawns on us that we must have done something wrong and start wringing our hands and yanking our hair out when we begin to receive scores of unpaid bills. If the same is happening to you, it might be useful to take note of some tips to make things easier.
The Only Possible Solution…
Is to work out a sound family budget, at least equaling income with expenses, but that takes time and besides, the flood is in our living-room, so we have to do something quick. Rake up some cash, increase income and reduce expenses, but how?
Going to ask a friend for a few bucks to pay a bill would be an easy way out, but eventually we will end up by losing that friend. One of the best ways to get immediate cash is to rig up a garage sale with things you do not need any more or at least just yet. There will be time in the future to purchase them again if you really want it that badly. To make a louder noise in the neighborhood, one or more of your neighbors could join in.
Anything you can sell that will avoid the expense that using it brings to you, will also be of great help: An extra car, an old fishing row boat, you name it. Your main concern now is to gather cash and get by with the least family suffering.
A Spare Room
You can also consider renting out the extra room, even if it is until the emergency is over. Students coming in from the country or small towns will appreciate a decent rent and so will your budget.
And What About Quitting Smoking?
It is a great expense, as well as a heavy toll on your health. You might be saving heavily on medical expenses in the future. Maybe reducing the amount of beers or any other drink you have, just out of habit. Add everything up and you have an interesting sum.
You can also cancel the cable TV expense, membership of a club you hardly ever go to, movie rentals, eating out and delivery pizza. You would be surprised at the entirely different flavor that homemade food has and how much you can save on it.
Forget About Vending Machines
When at work, instead of buying yourself a cup of coffee, take a thermos flask with more coffee than you can drink in a whole day, for less than the price of just one cup. Homemade lunch will also be of great importance for saving precious money.
Be open to getting a better job, if you do not specially like the one you have, an extra job if you can find the time or weekend jobs. If you have children, they can help too, by not asking for unnecessary things, candy, magazines or expensive toys.
The solution is your decision. We have just served as a checklist of some of the possible ways to end your financial suffering. When everything else has been considered, you can start thinking about debt consolidation. But until then, there is some way to go, leaving the absolute minimum amount for a debt consolidation loan.