Top Tips for Stretching Your Paycheck When an Emergency Strikes
It is estimated that more than 70 percent of American’s are still living from paycheck to paycheck in 2016. While you may truly enjoy your job, you’ve found that it just isn’t possible to tighten your belt any more than you already have.
Now, you have had one of life’s unexpected emergencies come up. You’ve blown not only your little bit of savings but the budget you had so carefully prepared as well. There are quite a few solutions out there to help you stretch your paycheck until next payday. These include securing an installment loan from a company like Max Lend and simply cutting back on the items you absolutely do not have to have. With that being said, read on below for a few tips to help you in stretching your paycheck in an emergency situation.
Apply for a Personal Loan
Applying for a personal loan is one way to make it to the next payday. But only in an emergency situation. Taking out a personal loan is not something you want to do if you are just wanting to go on a vacation. Save it for times when you have no other choice and make sure that you pay the loan responsibly.
Use Credit Cards Wisely
Even in an emergency situation, it’s better to use your credit cards wisely. If this emergency situation you find yourself in is going to limit your budget, maxing out your credit cards isn’t going to help you in the long run. Even if you use credit cards with cash back rewards, it’s important to maximize and make sure you are using them the right way. It won’t do you any good to max out every credit card you have in an emergency situation.
Cut Back on Nonessential Expenses
No one wants to hear that they need to cut back on the things they love to buy and do. However, if you have had an unexpected emergency crop up and are having a hard time making your paycheck stretch, then you truly have no choice. There are a few things that you can cut back on right away to save those dollars from your paycheck until you get paid again. Some of them are listed below.
- That morning coffee from Starbucks is probably costing you five dollars a day at the least. Make coffee at home and carry it with you to save quite a bit of money for the week.
- Pack your lunch, instead of eating out at the diner down the street for lunch every day.
- Cook dinner at home, instead of picking take out up on your way home from the office.
Save for a Rainy Day
The best way to stretch a paycheck when you have an unexpected emergency crop up is making sure that you save for such an emergency happening. Even if it’s only $25 a week, putting it in savings for a rainy day will add up. And, help you when life’s next little emergency rears its head.
These are just a few tips to help you stretch your paycheck when unexpected emergencies strike. From securing a personal loan to saving for a rainy day, you don’t have to live from paycheck to paycheck.