4 Ways to Deal Directly with Money Problems
When you’re having money problems, there’s a need to hit the brakes and look at the situation. This is the opposite of what we tend to do which is plow forward through the snow and hope it’ll get better! To go into the New Year with a different outlook, here are four ways to deal with money problems more directly.
photo by Andrew Khorosahvin
Sell Your Home Quickly
If you have equity built up in your home, that might be an excellent way to free up some cash. In which case, you might want to consider a New Year home sale. If you have a home in the U.S. market, then you might wish to try a Buy My House Cash service which can complete purchases quickly.
Otherwise, set about improving your home to make it marketable on the open market for next year. Tidy up, declutter, clean and depersonalize it to let would-be buyers imagine themselves living there and subsequently putting in an offer.
Run the Numbers
Most times when there’s more bills than there is money, there’s considerable confusion over the finances. It’s best to acknowledge this reality as soon as possible, so that you can address it.
If you have a budget, update it with the latest numbers. If you don’t, it’s time to draw up a relevant budget to see what you’re planning to spend on paper in the future. Then you can compare this to your income and see where the problems lie.
Time to Cut Spending
After the holidays is the best time to start afresh with household spending. Don’t let the past hold you back. You’ll need to really look for where the cost savings can be made.
For instance, examine each of the major bills like the utilities, cell phone plans and other commitments. Is there space to renegotiate, get on a less expensive tariff or switch cell phone carriers to get the costs down? Do you have a cable bill which includes TV channel that you don’t even watch?
Also, if you have a broadband internet plan, is there a less speedy plan that will be fine for you or another provider which is less expensive?
Second Job?
If your job currently isn’t earning you enough money and there’s no promotion in sight, then you might want to consider changing companies to boost your pay.
Another approach to the income side of the equation is to get a second job or do something freelance in the evening and/or weekends. A second job might be retail work, doing a few hours in a call center or something else.
The other option is freelancing. Whatever talents you have, there will likely be individuals or companies that require your help on a task-by-task basis. This could be copywriting, graphical design work, pet sitting; you name it, there’s a need for it. As people wish to outsource tasks they don’t have time to get to, that’s an opportunity to be flexible enough to pick up assignments.
When looking at both the income and expenditure side, there’s plenty of things you can do to improve your situation. However, if you feel that selling your home would be a better move, then there’s ways to get that done quickly too. Just don’t do nothing as situations usually worsen through inactivity.
