Many times, unforeseen needs arise before payday because of the various unpredictable dynamics of life. It could be the urgent medical needs of a person or their close relative, emergency home plumbing repairs, unexpected travel expenses, or even natural disasters, among other needs. Coping with situations like these can be daunting, but there are some steps one can consider when one needs money before payday.
Step 1: Work an Extra Job
One of the most effective steps to consider when one needs to have money consistently is having a job that allows you to have money anytime you need it. The job is best when it involves utilizing skills and hobbies such as freelance writing, pet sitting, and others. You can also start delivering food to people in offices and businesses during your work breaks. Side jobs can help you earn extra money, which is helpful, especially when your earnings from the main job are used up. The side job must fit well into one’s schedule.
Step 2: Ask for Wages in Advance
Most companies and employers have an option for employees to ask for advance wages. The step is an excellent option for persons requiring wages in advance and is a part of your total wages. However, there is a limit to the number of times one can ask for advance pay, depending on a company’s wage policy. It should therefore be used specifically during emergencies.
Step 3: Make Use of the Credit Card
The use of credit cards is one of the commonest steps that people turn to when they need urgent cash. Credit cards are an effective choice during unprecedented needs. One must be aware that using the card means borrowing money that must be paid back, sometimes with interest. Paying back the borrowed money on time and in full ensures that one does not fall into unnecessary debts, thereby reducing their chances of getting similar loan facilities.
Step 4: Raising Cash from Unwanted Possessions
Selling items that you no longer need is another effective step for getting money before payday when a need arises. One can utilize online marketplaces or have a store for in-person selling. In selling the items, remember they are not new, and it is therefore important, to be honest about their condition when talking to buyers about them. Also, price them fairly to attract prospective buyers.
Step 5: Work with Creditors to Restructure Loan Repayments.
Employees with existing loans and debts that must be settled before payday can consider negotiating with their creditors and restructuring the payment plan. The step allows you to remain with whatever cash you have and not fall into temporary bankruptcy. Most creditors allow for options of repayment and structured loan adjustments. Another possible consideration is negotiating for a long repayment period with reduced premiums.
It is important to understand your motivation for wanting money before payday as that will inform your decision on which step to take. After understanding your reasons, consider thoroughly the steps and choose one that matches your needs and preference.