Living paycheck to paycheck is tough, and it’s made even harder when you run into a financial emergency, such as your car breaking down or a trip the emergency room with a sick or injured kid. Fortunately, there are ways to sort out your finances to deal with short-term financial worries.
If it’s an option, one of the best ways to deal with your short-term financial issues is to pick up overtime at work or get a second job. This will allow you to bring in extra money and either pay for your short-term issue without incurring debt or pay off the debt you did incur quickly.
If more work is not a possibility is to get a payday loan. Getting payday loans is a quick and easy process. There is no credit check, and you simply have to prove your ability to pay by providing a pay stub and then giving the payday lender a post-dated copy of a check. While payday loans do carry high interest rates, since the loan is short term, you don’t wind up paying very much back. If you can’t pay the loan back on time, it simply gets extended.
If your credit is good enough that you have a credit card, you can always charge your emergencies to your card. But credit cards carry high interest rates, usually anywhere from 10 to 20 percent, so if you can’t get the debt paid off quickly, the interest charges will pile up, and you could be paying off that hospital or auto repair bill for months.
Another option to deal with your short-term financial worries might be to sell some stuff to bring in cash. This can be a good option if you have lots of extras you don’t really need, such as a motorcycle or jet ski. However, it’s not such a great option if you live a bare bones life.