How Not To Live On Paycheck To Paycheck?
Not considering a personal relationship, most people are having sleepless nights because they are living paycheck to paycheck. You are always wondering how you will cover your bills when something unexpected happens. Unfortunately, something did happen. You are impacted by the corona virus lockdown. Your paychecks uncertainty is a brutal reality, even though you may be working from home. It is essential that you take steps necessary to break the cycle of living paycheck to paycheck. These steps may not be that easy or simple, but they need to be taken to ensure that you and your family’s future is relatively safe and secure.
Start Investing
If you are living paycheck to paycheck, where will you find any money to invest? True indeed. But you must start somewhere. Sure, you do not have, lots of money. Do not let that deter you have. Can you find a dollar? Then you can start investing with just $1.
Stash is enables beginning investors to get investing by buying fractional shares in major companies like Apple, Google, Amazon, etc. Stash provides tools and guides to assist you in chalking out your secure financial future. All you need is one dollar.
Borrow Now To Crush Your Debt
You may want to consider paying off your debts by taking out a personal or a business loan. If you have a business that produces revenue on a regular basis, it is possible to get a business loan, regardless of your credit. If not, you may want to consider getting a personal loan. If you have a retirement plan, you may want to borrow from that account. The advantages are that the loan will be at incredibly low rate and the payment goes back to you. In the long run your retirement account will not be affected because of your loan.
If not, you may want to connect with LoansUnder36. They will match you with loan providers that fit your specific needs with just one application. You will be provided with multiple loan offers. There is no application fee and no minimum credit score to apply. (Caution- Do not accumulate any new debts after you get the loan.)
Trim Your Bills
Ironically, no one seriously investigates this aspect as most people are reluctant to shop around for major expenditures such as car insurance, home insurance, utility, and cable/internet/phone bills. Most companies are always looking to expand. So, they offer substantial discount to the new customer. During real bad times, do not be surprised to see reduction of $100 to $300 savings from your monthly obligations.
Keep JOB and Start YOB
Of course, you should do everything possible to keep your job. Because that income is assured (while it lasts). So, keep the JOB. But it is essential that you start YOB (Your Own Biz/Bank). In essence YOB is your side hustle that will generate extra income for you. As the economy is shifting drastically and expeditiously, most people are experiencing a major shift. The corporations and companies have figured out that they can now hire people who can work from home. As the time goes on, they will be able to hire people as an independent contractor rather than as an employee. So, it is up to you encounter the change and take matters into your own hands.
Turn your skills into cash machine- If you know how to fix things, you can become handyperson. There are many local agencies such as home advisor, Angie’s List will pass work your way if you sign up. Of course, you can also market on your own in your own neighborhood.
You can teach/tutor. If you are good at math, English, or any other language, you can tutor them. You need not teach one kid at a time or you need not go to anyone’s house. Now you can do it online and have more than 1 student at a time.
Deliver Food/groceries. Many folks prefer to order online rather than going to the stores. But for groceries or food, people still prefer to do it locally. If you were to deliver food/groceries in your neighborhood, you can ern substantially and keep local neighborhood business alive. It is win-win situation- for you, for local business and the customers. All you do is pick up orders from stores/restaurants and make deliveries to customers. You get paid from the stores and customers.
Start Online Business. Having a business may not be your thing, but that may be the way to go. Thanks to internet, many businesses can be started from home. There are many benefits. But let it sink in that it is NOT easy to make money quickly. However, with your efforts you are likely to have regular income. There are basically few ways you can get involved:
- Content: This involves you having a blog or videos online in your area of expertise.
- Affiliate: This involves you selling products online for which you are paid commissions
- Store- Your online store where you can sell your merchandise such as tee shirts, mugs
- Freelance- You can perform services for businesses or customers for which you will get paid.
- SAAS- Software as a service. Small businesses need to be aware of the necessary software programs that will make their run efficiently and economically. You can put the systems together for them. You can be paid by the client and/or software program companies. It is lucrative filed emerging.
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