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by David Leto
February 05, 2018
by David Leto
February 05, 2018
Living on a tight budget can be a stressful experience. After all, you may regularly worry about not having enough money to pay your bills. You may also not be saving as much money as you would like to be saving, or you may not be saving any money at all.
In this type of situation, you may need to take drastic steps to get your finances back on track, and these are a few of the options that can produce great results.
It can seem embarrassing to move back in with your parents as a grown adult, but you should think about the big picture. When you live with your parents for even a few short months or possibly a year, you can save a tremendous amount of money on rent, utilities and more.
This is money that could be used to pay down credit card debt, to save for a new home and more. However, if moving in with your parents is not an option, you can look into moving in with your siblings or a close friend if needed.
Of course, if none of that works, maybe you downsize to smaller house or apartment.
Another idea is to use a title loan. A title loan uses your vehicle's equity as collateral. This is usually a very short-term loan, and the money could be used to help you get caught on your bills and to avoid having to pay late payments.
If your financial challenges are caused by high credit card balances, you need to take serious action to prevent further charges from being made.
Rather than simply pull your credit cards out of your wallet and store them in a known location, tear them up entirely. Some people may keep one credit card, but a better idea may be to get right of them altogether. When you have no physical possession of your credit cards, it becomes much more difficult to use them.
Between your gym membership, cell phone service, cable TV service and more, you may pay a small fortune on non-essential services each month.
Carefully analyze your budget and note all of the non-essential expenses that you can eliminate. In some cases, you may only have to scale back in this way for a few months to get back on track.
While this may be hard, it is not as hard as being flat out broke. Once you get your finances back on track and more stable, then you can look at bringing some of these things back as you can afford them.
You may have two or more vehicles, cell phones and other items in your possession. These items cost you money to buy, use and maintain.
Downsizing to a single item per household and learning to share them is a wonderful idea that can help you to cut down on expenses considerably. Another way to share is to find a roommate who will share the rent and utilities with you.
When you are dealing with a serious financial issue, you need to take substantial steps to improve the situation.
There are a lot of areas in your life where you can better budget your money, cut spending, and save a few extra bucks. While there are many ways to cut back, you may find that these unconventional methods can produce exceptional results.