How to Manage Your Savings and Expenditures
Sometimes, going through that ordeal when you need cash and your loan application has been turned down, can be exasperating, but, nevertheless there are financial tips, which if taken seriously, can most probably solve your financial woes.
Sell Your Collection or Other Items
If you are a collector, then it’s time to turn these collectibles into cold cash. Even if you get emotional parting with your collections, selling them is a better decision than getting into trouble financially. Look for auction websites or special sites that have all sorts of memorabilia items for sale or find private buyers for your items. Once you have decided on a good site, there are fees to be paid, either a listing fee or commission if your items are sold. There are also other means of converting your other items into cash. Some online companies are putting premium on items, like wine corks, toilet paper rolls, broken electronics, and even hair.
For as long as you can manage without your car, then by all means put your car into auction and raise your cash level. The advantage of selling your car is that you save on road tax, insurance and fuel, aside from earning outright the cash value of the car. 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.
If you loan application has been turned down by the bank, try looking for loan providers who are willing to loan out but at a higher rate than that from the bank. Be sure to consider the terms and conditions of the loan provider and the interest rate they are offering.Balance carefully the terms and conditions of the loan provider, their interest rates to your capacity to pay the loan.
Utilize on Your Assets
Try tapping on some of your investments and find out if you can liquidate them. Try liquidating your premiums of your life insurance policy and replace your insurance with a more inexpensive life term policy. You may also try tapping your certificate of deposit ahead of its maturity date, but pay for the penalty equivalent to six months of interest for cashing out your deposit ahead of the maturity date.
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.
It matters a lot, even if it’s a tall order for you, but by allowing yourself to choose these options and going through it has, at the very least, already paved the way to ease you out of your financial problems.