How to Manage Your Savings and Expenditures
When you’re in a situation where you are in dire need of extra cash and you’re loan application was turned down, there are still hopeful ways to think through this following some of these helpful suggestions.
If you have several sorts of collectibles at home, it’s time to make use of them by selling them. It may be a sacrifice in parting with your valuable collections, but this is still a better option to acquire cash than getting into deeper financial difficulty. Extra effort is needed on your part to either find private buyers or search online at auction websites where there are sites that sell similar memorabilia items like those in your collection. As soon as you have found a good site, you may be required to pay a registration fee or pay for commission once your item is bought. Try working on your other items as some people might have interest on them. You will be surprise that some online companies go as far as looking for these items: wine corks, toilet paper rolls, broken electronics, and even hair.
Auction Your Car
For as long as you can manage without your car, then by all means put your car into auction and raise your cash level. Aside from raising cash out of selling your car, you also save from freeing yourself from payment of road tax, insurance and fuel cost. You can choose the option of selling your car through companies that offer scrap prices for old models or you put your car on auction at an online auction website.
A loan rejection is not necessarily the end of it, you can still look for other loan providers who are just as willing to loan out at a higher rate than that from the bank. Just be sure that you have weighed carefully the terms and conditions of the loan provider, including the interest rate.
Exploit Your Assets
Some investments can actually be liquidated, depending on the stipulated terms. If you have life insurance and you’ve been paying the premiums for five years in a row, you can utilize its cash value, the portion that has been funded by your premiums, and replace your insurance policy with a more inexpensive term. Certificates of deposit may be cashed out ahead of maturity date but with a penalty of six months interest, that is, if you have such a deposit.
Look for Part-Time Jobs
Earning the much needed cash will mean hiring yourself out by taking part-time jobs like baby-sitting, tutoring, dog-walking, pet-sitters, research assistants, and many online jobs that you can qualify in.
While it might look like a tall order just to earn more cash, but putting yourself into these choices can help alleviate your financial issues.