Saturday, February 25, 2017, AM | Leave Comment
Your paycheck is what you use to pay your bills and meet your other financial obligations.
However, it can be difficult to manage your finances when you aren’t sure when your next paycheck is coming or how much it will be for.
What are some things that you can do to manage your finances when your income may be unpredictable?
Pay Your Bills in Large Batches
It may be best to pay your bills or plan to pay your bills first when you next get paid. This ensures that you don’t lose your car, your house or supplies that you may need to get a job.
Even if you have to pay some bills late each month, most creditors will give you some leeway as to when you need to pay before you are penalized for being late.
Look for Short-Term Options Whenever Possible
If you have to find a place to live on your own, try to find a landlord that will allow you to rent on a weekly or monthly basis. This ensures that you can leave without ruining your credit if you run out of money.
Instead of buying a car, you may want to rely on temporary rentals or using public transportation if you need to go somewhere.
Employing this tactic may avoid a situation where you are paying for something that you don’t use enough to justify the cost.
File for Bankruptcy
The best way to get rid of balances that you cannot pay is to file for bankruptcy.
Professionals, like Demers & Gagnier Inc., know that filing for bankruptcy is a hard decision to make. This may allow you to keep some of your property or any retirement savings that you have.
Equity in your home as well as the cash value of an insurance policy may also be exempt from creditors in a Chapter 7 bankruptcy case.
For those who are determined to pay their bills, a Chapter 13 case may help them reorganize their debt and pay it over three or five years.
Sell Goods or Find Other Ways to Cut Expenses
If you aren’t making money from a regular job, it may be a good idea to become a freelancer or sell belongings.
While this may not net you a regular income, it may help to ensure that you are still making money to meet your liabilities in the event that you can’t cut expenses any further.
Managing your money may be a challenge when you aren’t sure how much you will bring in at any given time. However, with some creativity and discipline, you can stretch your dollar as far as you need it to go.
Rachelle Wilber is a freelance writer living in the San Diego, California area. She graduated from San Diego State University with her Bachelor’s Degree in Journalism and Media Studies. She tries to find an interest in all topics and themes, which prompts her writing. When she isn’t on her porch writing in the sun, you can find her shopping, at the beach, or at the gym. Follow her on twitter and Facebook.