Doing yard work is one way to earn extra cash.
Unexpected crises sometimes arise, bringing financial hardship: huge medical bills, major car repairs, job loss. Too many are unprepared, forced to rely upon credit cards, loans, or some other means, leading to massive debt. If this is your present situation, you can dig yourself out, but it will take perseverance, hard work and a commitment to be better prepared for future financal hardships. If you have already weathered hard times, you can employ some strategies now that will help you be better prepared next time.
Instructions
1. Learn to live frugally. Going out to eat, buying the latest styles and keeping up with your neighbors are not important when facing a financial crisis. Clip coupons, buy only necessities and save every spare penny you can towards an emergency fund. With cash on hand, you will avoid resorting to credit when problems come.
2. Find a part-time job. Many require little or no formal training, like delivering newspapers or pizzas, telemarketing from home, babysitting or even yard work. If you accrued debt during your financial hardship, apply all your earnings into paying off the credit cards or loans. High interest rates can make you feel you will never be debt-free.
3. Pay off your smallest debt or loan first. Once you manage to pay off the smallest, it will inspire you to pay off the second and any other debts, according to the Dave Ramsey website. After paying off the first debt, you then have more money to apply to others. You can at least begin paying far more than the minimum, thus retiring the debt faster. Like a snowball rolling down a hill getting bigger and bigger, your payment-to-debt ratio will also increase as you get the smaller debts paid.
4. Involve your entire family in pinching pennies. Teenagers can work part-time jobs or get odd jobs helping neighbors, or even tutoring other students. If they make money like this, they will have increased appreciation for the value of a dollar, especially if this is their only spending money. Even elementary-aged schoolchildren can collect soda cans to recycle. Once you have learned to live frugally, you will automatically start to save money and invest in your savings account. Having an emergency fund ensures you will be prepared for the next emergency.
5. Help others in need. Serving at a soup kitchen, helping to rebuild someone's home after a disaster or simply running errands for a sick friend or neighbor will make you feel good. It also provides valuable perspective--a poignant reminder that someone is always in worse shape than you.
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