Living paycheck to pay check is a difficult task for anyone in the United States. Such an experience exists for debtors who do not quite make enough money to handle the household bills and financial emergencies due to difficult circumstances. Sometimes a two-party wage earning family does not earn enough in their paychecks to support all the bills they have to pay, or a single parent only has one small income. The family may also not have enough money in the savings account to keep up with the monthly bills. A hard working USA family has several options in a case like this:
Working a Second Job
Putting time in at a second job can bring extra cash into the home that was not there before. Many companies offer part time work to families who need extra income. Workers can take on these positions on a temporary basis and keep them until their financial profile improves. Most of the employers are flexible in that the worker can request to work hours that do not conflict with his or her current schedule. A wide variety of positions is open to residents who have little or no experience. Examples of such jobs are sales associate positions, customer service jobs and cashier positions.
Incorporating Proper Budgeting
Improper budgeting is another reason that some USA families are stuck living paycheck to pay check. Some of these families have the necessary funding, but they lack the skills to budget their income properly, thus causing extermination of the weekly funds long before they should run out. The solution for improper budgeting is finding a way to gain knowledge of an effective process. Credit counselors, financial advisors and accountants can help a debtor to get on a clear path and make efforts to save money to rebuild a savings cushion to protect him or her.
Bear in mind that if you’ve been plagued with work injuries, you’ll probably have workman’s compensation insurance in place, meaning your budgeting will be tighter. More information about worker’s comp can be found at www.shopinsuranceonline.com or similar sites.
Taking Loans and Advances
Quick cash loans and advances may also help a family to bolster its savings. Several loan options are available to United States residents that have stable jobs and bank accounts. One option for emergency funding is the payday advance. A payday advance is a short-term loan based on a person’s weekly paycheck. This type of loan has a short life of approximately 15 days. Therefore, any debtor who receives an advance should plan before applying.
Debtors who need more than a few hundred pounds can borrow a larger amount by taking a title loan. A title loan is short-term loan with a life of approximately 30 days. Consumers prefer these loans because the lenders base them on the value of the debtor’s vehicle. Therefore, car owners with newer vehicles will receive larger advances. Some consumers can borrow several thousand pounds from a title lender. The person can use the money for any purpose, including savings deposits, large purchases or bill payments. The only drawback to a title loan is that the lender places a lien on the borrower’s car until he or she repays the funding. Again, the debtor should plan very carefully before taking this advance.
Instalment loans are a type of advance that has the same criteria as payday advances. The difference is that the lender gives the debtor a flexible time frame to repay the advance. Instead of borrowing the funds for 15 days, the debtor can make smaller payments over a period of several months.
Hardworking USA residents do not have to continue to live paycheck to paycheck. Using one of the aforementioned strategies should work to improve life for the struggling consumer.