Is there a friend, employer, parent, or other family member to whom you can appeal for a gift or perhaps a loan with lenient repayment terms? (The last thing you need right now is another loan with a high interest rate or expectation of quick repayment!) No matter how close your relationship with this individual, it’s better for both of you to draw up a detailed agreement and payment schedule so there are no hurtful misunderstandings later.
IDENTIFY SAVINGS OPPORTUNITIES
Write down the details of your monthly budget. List expenses — every payment for food, fuel, utilities, rent or mortgage payments, and extras. List everything! What can you do without? Can you take public transportation to work and appointments? Can you cancel that expensive cable service or downsize your smartphone plan? Can you make lunches and dinners at home instead of going out? Do you really need that expensive latté every morning or that massage every Saturday? Don’t forget to cut back on high-interest credit card use. Paying off your credit cards monthly will avoid a lot of interest payments, too. Next, write down all your sources of income, then brainstorm how you can earn or save even more. How about transferring your funds to a savings plan with higher interest? Can you handle a second job or “side hustle?” Online blogger and budget guru Dave Ramsey offers hundreds of financial tips and tricks. He points out that often you can earn money while just sitting in front of your laptop. There are sites that will pay you up to $120 to participate in a survey or focus group. Three of Ramsey’s favorite sites are Survey Junkie, Swagbucks, and Survey Club. With Swagbucks, you can accumulate cash of gift cards just by doing many of the things you already do online.
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