A lot of us worry about our finances these days. Times are tough and this means getting creative when we think about how to get our money issues sorted out. Here are 5 solutions you might not have thought of yet.
Get a Second Job
Getting a second job might seem like a drastic step but if you have the free time to do so then it could be the ideal way to earn more money. With the number of internet freelancer jobs increasing all the time it is now easier than ever to earn some extra cash in the evenings or at the weekends this way. You could also look for a more conventional type of job, although you should check first of all whether your bosses are happy with you doing this.
Take In a Lodger
If your home has enough room for you to take in a lodger then you can bring in extra cash each month this way. It might involve a bit of expense in getting the place up to scratch and to meet the current regulations but it could be well worth it in the end. Your first step should be to check out the local market and how much you could expect to earn by doing this. One you know this figure you can work out how to proceed.
Sell Your Pension
If you are paying into a pension which isn’t performing well then it can be an incredibly frustrating experience. Do you stick with it and keep ploughing in money in the hope that it turns around or do you cut your losses and run? A modern idea which could turn out to be excellent advice on your finances is to sell your pension and get a lump sum for it.
Get a Loan
Getting a loan might not seem like the smartest piece of advice these days. After all, a lot of people are in trouble because of loans in the first place. However, if you do it right then it can be a big help to you. The best thing you could do in this case could be to roll all your loans into one. Choosing a longer repayment term will keep your monthly repayments down but will mean that you owe the money for longer and probably pay more interest overall. Another option is to pay the money back more quickly and free yourself of the interest. The one you choose will depend upon your own circumstances.
Throw Your Credit Card in the Fire
It is possible that your credit card played a big part in the financial problems you are in now. These cards are easy to use but difficult to then pay off. It is far better to move your existing balance onto a lower interest loan or a credit card with a 0% introductory rate. You should then destroy the credit card and set about paying back the debt in a structured manner
