Did you and your family overdo it during the holidays? It’s easy to spend more than you plan when making the season merry and bright. You can justify splurging on extra treats and leaving a few more gifts under the tree during the hustle and bustle.
But by the time the new year rolls around, the cold hard truth sets in: you’re broke, your credit cards are maxed out, and your credit score has taken a hit.
Of course, this is usually when the other shoe drops. Maybe you drive over a screw that pierces a tire, and you have to pay for a replacement. Or perhaps your dog gets into some chocolate, and you have to take him to the vet.
These are just some unexpected expenses that a busy family like yours might face. Do you know how to handle them? Here are some ideas that will help.
Look into Cash Installment Loans
If you have a bill in your hands with an upcoming due date and no room on your credit card, an installment loan might be a viable alternative.
Convenient cash installment loans act as a backup to emergency savings so that you can handle an urgent purchase. If approved, you’ll receive the funds you need before you’re expected to pay them back over multiple, fixed payments.
This spaced-out payment style might make it easier to handle your repayments. But you won’t know if they fit with your budget until you research your options for borrowing cash online. Rates and terms can vary depending on your lender and credit history, so it’s a good idea to shop around for the best price.
Ask Your Boss for a Cash Advance
Another emergency option involves asking your boss for an early payday. They might be willing to give you an advance depending on your position, history with the company, and relationship.
You also have to consider how well the company’s doing. If it’s thriving, then you have a better shot of getting an advance. But if the company’s still struggling to recover from the pandemic, now might not be the best time to ask.
Read this guide before you schedule a one-on-one to discuss this option. It’ll help you make a persuasive case for your advance.
Sell Your Stuff
What you keep in the basement or garage could be worth a lot of money. Things like an old slow cooker that you haven’t used in years, an exercise bike that’s covered in dust, or a laptop that you don’t need are in high demand. Someone might be willing to pay you good money for these items you don’t use.
You can post these and other unnecessary or duplicate items online to raise the money you need on your own.
But don’t worry if you don’t have old appliances or expensive tech to sell. You could be sitting on a goldmine of stuff without even knowing it. Designer clothing, video games, toys, collectibles, and other smaller items are good options, too.
Borrowing money, asking for a cash advance, or selling your stuff — these are great backup options if an unexpected expense surprises you before you can pay off credit cards and build up savings.
But if you get lucky and avoid any emergencies, focus on paying down debt and saving more money.
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