Privacy & Security

Try To Cope Without Cash

Cope With a Cash-flow Gap Without Borrowing

If it looks like you will be late with the upcoming rent, or mortgage payment, you should take a little time and speak to your creditor. If the upcoming bill you have to pay does not carry any interest you can inquire about making an arrangement for payment. You may be able to delay the payment until the time when you are next paid. Also, you may be able to set up a schedule for repayment that will allow you to, over time, stretch out the payments you make. Before you agree to do this, you should ask if there will be any fees or charges for this service. You should remember that being behind on your bill payment may cause your credit rating to drop.

There are some employers that will let you take out an advance on your next paycheck. This is not a loan, per se, but money that will be taken out of the next paycheck you receive. If your employer is one that allows this, you have to remember that there may be a limit on how often you can ask for this type of cash advance.

Do not buy expensive things until you have cash available. Even if your car is in need of repairs, you can postpone doing that and take public transportation. Also, you can see if you can carpool to work with some of your fellow co-workers. This will allow you to get the cash that you need to repair your car.

Instead of borrowing money, you can always use your savings that are set aside for emergencies. However, you have to keep in mind that you have to repay that account much like you would repay a creditor.

Also, there are various local charity and community programs that are specifically designed in order to help families who are having cash flow problems. You should take advantage of these types of programs. You can also, in some cases, apply for special assistance programs for certain types of bills, such as utility bills.

If you can do so, you should take on some more hours at work in order to earn more money. Overtime pay is a good way to supplement your income. If you own an item that is of value that you do not need any longer, you can sell it off in order to pay bills.

Another options that is available to you, is to adjust your withholdings on your paycheck so you have more money with your paycheck, rather than receiving a larger tax refund at the end of the year. However, you should not withhold too little, as that may cause you to owe the government taxes when tax time arrives in April. If you are able to do so obtain an Earned Income Tax Credit. Try to find out if you can have that credit paid in each paycheck you receive, rather than at year's end at tax time.