Managing a Financial Emergency the Right Way

20-08-2017 | Dojo |

Managing a Financial Emergency the Right Way

Most people experience at least one episode of financial instability throughout their lives, if not the majority of their time here on Earth. Statistics from fiscal conglomerate Bankrate show that an unnerving 63% of United States citizens don’t have enough money to cover a $500 emergency expense.

The Bureau of Labor Statistics indicates that the typical American household’s annual expenditures total $53,495. That’s a whopping $4,500 per month! With cost of living being so high, whether you’re in a rural or metropolitan area, managing just one financial emergency proves troublesome for the majority of Americans.

So, what can be done for managing a financial emergency, other than worrying, eating less, and spending more time at home?

Figure out which bills are most urgent

When providing products or services without receiving money up front, as most every business does in today’s world, defaulting is a common issue. Many companies have collection departments, whose function is nothing more than collecting outstanding balances. As such, most entities take discounted payments, or offer grace periods to lessen the financial load during troubling times. Contact every organization that you owe money to and explain your situation. You’ll be surprised that many of them will, in fact, extend payments or accept smaller amounts than normal.

Perform a detailed financial analysis of your current situation

Not everybody understands how much cash they have, items of value they own, or what bills are owed, and when. Managing a financial emergency is difficult without definitively knowing your current financial situation. First, check your household’s bank accounts, writing down every last cent you have available. Look for electronics, memorabilia, or other items of value you could sell to pawn shops or flea markets. Make note of upcoming bills and their due dates. After you’ve assessed every nook and cranny of your financial position, you just might find out you’re not in such a bad situation, after all.

Sell – not donate – your blood

Good-hearted people around the world donate their blood to medical organizations, providing human’s literal lifeblood to hospitals and healthcare facilities. While most organizations accept donations, many places purchase blood and its components for cash money. Look for plasma donation centers nearest your area. You might be able to give several times a week – without harming your physical health, that is.

Browse Craigslist

Individuals and businesses alike often post job offers on Craigslist, whether they last a week or just a few hours. It’s free to browse, too, conserving your money and earning some extra.

Get a title loan

Managing a financial emergency is difficult without added inflows of cash. Selling personal belongings for significantly discounted prices often isn’t worth it, and credit cards can only be used for certain things. You should consider a TX title loan when faced with tough times, whether it’s being late on rent payments, or needing to stay current on car insurance.

Everyone that owns a running vehicle – as long as it has a clean title in your name – can get a title loan. Many loan servicers offer same-day cash loans, sometimes worth thousands of dollars. They often allow debtors to make small weekly or bimonthly payments, putting forth small, manageable sums of money towards outstanding balances.

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