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Financial Survival: Does Your Family Feel Monetarily Stranded?

March 14, 2017
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Financial Survival: Does Your Family Feel Monetarily Stranded?

Some people only worry about how they will spend their money while others are worried about not having enough money. At the moment, it seems that a lot of people are dealing with money problems since a survey shows that about 63 percent of Americans cannot handle a $500 emergency. The following should help families deal with financial problems.

Friend or Family Loans

Asking family or friends for money is one of the hardest things to do. Yes, family or friends are close to the person in need, but money can sour relationships, making this kind of request a little hard. Still, family and friends can be helpful and may be able to get someone out of a hole.

It is important to make sure that the friend or family member is able to offer a loan without hurting him or herself financially. Keep in mind that this is a close relationship, and it would be a shame if one’s financial situation had a negative effect on the family member or friend offering the loan. In other words, try to make sure the loan is repayable.

Another Stream of Income

This is more of a long term solution, but getting another stream of income, perhaps a temporary one, may be helpful in the long run. The idea is to make sure that the extra money is put away for a rainy day. This work does not have to be put on the shoulders of one person in the family as it can be split up between a couple or kids if they are old enough for a paper route.

Temporary jobs can be found everywhere, including on smartphones. For example, there are a number of ride-sharing applications that allow a driver to give rides to people around the city for a little extra cash. It is an easy way to make money, and it can be done around one’s schedule, unlike a regular job.

An Emergency Advance

Although you may be on good enough terms to ask your boss for an advance, this may not be your option. Some businesses frown on this practice or it might be just hard for you to ask. In an emergency, though, you need to do what you have to in order to get the money that you need.

Those who have been on their job for some time may be able to get a same-day loan, like the payday loans in San Antonio, TX. Of course, this request must be done with a trusted payday loan establishment. There will likely be a little paperwork, but the loan is approved rather quickly, which should help a struggling family deal with a financial emergency. Just make sure that you only take the loan out if you know that you’ll be able to pay it back with your next paycheck.

Community Pool

No, we’re not talking about the swimming pool here. A community pool is one where neighbors and everyone gets together to help someone out financially. However, such tight-knit communities may not be the type that you belong to. Thankfully, though, we live in the modern age of social media where giving to Go Fund Me pages is pretty popular. If you’re in desperate need—like you need surgery or something of that nature—then you should definitely set up such a fund. You should know, though, that these are more effective if someone else sets it up for you.

Money troubles affect many people, but hopefully some of these suggestions help make sure that this problem can be overcome. Keep in mind that the goal is to get out of this complicated situation and figure out ways to prevent this from happening again.

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