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| *Ostroff, Fair and Company>>>Financial Services |
What do you do when you have a financial crunch? |
What do you do when you have a financial crunch? review all your expenses and minimise them where you can e.g. travel costs. with credit cards, try and minimise interest by getting 0% credit cards and transferring balances. In terms of income, maybe you could sell a few things on ebay? set up a budget, and see where you are spending money. If you are not making enough money then you may need a part-time job to meet your obligations. A financial crunch is when there isn't enough money on hand to pay all the bills. Sometimes you have a large expense coming in like an insurance bill, etc. It is better to pay at least a partial payment to a biller than ignore the bill. Make them aware of the situation. Then stop all unnecessary spending. Take your lunch to work, take a sick day to save on some gas, return something you have purchased on a whim or buy a less expensive model of something. Then when you are even again, put a big envelope in your car, get a receipt for everything you buy and put it in that envelope. At the end of each month, put the amounts you spent in the respective column on a budget sheet. At first you won't think of all the things you spend money on, but you will eventually have all the right categories on your sheet. Take yearly expenses and divide them by 12, etc. I have a sheet for fixed expenses, and one for variable. I estimated what I thought I would be spending and adjusted as I went along. Then at the end of a few months, I saw what I was spending money on that was wasteful. Try it, it isn't hard. Good luck! |
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