In my first year of college, juggling two majors and a job was nearly impossible. With about 40,000 students in my college town, most of the limited jobs were snagged by upperclassmen. Arriving unprepared in September meant I had to depend solely on my scholarship for income.
My scholarship totaled $400, with $150 allocated for campus housing and bills, and tuition was fortunately free. This left me with $250 each month for books, food, clothing, and occasional nights out. I was lucky to meet resourceful friends who made things bearable, but what if an emergency had occurred or money simply ran out?
Asking my parents for help was my last resort since I’m very proud. Before resorting to pawning belongings or payday loans, here are some steps you can take.
Can You Make More Money?
Though it’s easier said than done, have you exhausted all opportunities? You could:
– Pick up extra shifts at work
– Babysit for neighbors
– Find freelance work or TaskRabbit gigs
– Sell unused items on eBay or Craigslist
– Market your talents by playing music or selling crafts on Etsy
– Fix computers or appliances for people
– Sell old phones
– Donate blood for money
Can You Negotiate Your Bills?
You might be able to temporarily delay payments on utilities and credit cards, giving you more cash for necessities like food.
Can You Get Free Stuff?
Although I hate asking for help, nonprofits offer free meals, discounted groceries, and even shelter. Websites like Freecycle allow you to get donated items, saving you money on clothes, household items, and furniture.
With a social worker’s assistance, you might also be able to access free healthcare or a pro bono lawyer for financial issues.
Can You Do Without?
Review your monthly expenses. In tough times, luxuries like gym memberships or cable subscriptions aren’t necessary. Cancel them until you stabilize financially.
If an appliance breaks, try living without it for a while. Jason managed fine without a washing machine for several months.
Can You DIY?
If your car breaks down and repair costs are high, try fixing it yourself using online tutorials and DIY guides. The same goes for household repairs.
Can You Reduce?
If your mortgage is overwhelming, explore refinancing or moving to a smaller, more affordable place. Edward downsized to a mobile home to manage his budget better.
Can You Charge It?
While credit isn’t ideal, charging essential expenses to a credit card might be an option if you foresee paying it off soon. Short-term loans also come with high interest, but borrowing from a friend or family member could be easier and less costly.
Facing a financial shortage is tough, but there are ways to avoid sinking further into debt.