Tough Times – 5 Strategies to Try If You’re Struggling Financially In 2020

business finances and Struggling Financially

If 2020 hasn’t affected you in some way, then you’ve probably been living in a far-off land – or a cave. From job losses and lockdown to health dramas and financial stress, it’s been a challenging year for all. In saying that, if you’ve been struggling financially, you’ve still got a few cards to play. Read on to learn five strategies that could provide some light at the end of the tunnel.  

Look at Your Loan Options

If you’ve had an unexpected bill pop up, such as a car repair, then no-interest loans could provide some relief. There are plenty of non-bank lenders out there with your well being in mind. They provide transparent repayment options, low or no-interest terms, and varying loan lengths.

While a loan may not be your first choice, it can allow you to cover the costs of something pressing without being a significant financial burden of its own.

Online Income

Whether you’re struggling with reduced or lost income, there are options out there to plug the gaps. Being in the digital age means there are plenty of online jobs available that allow you to work from home.

You could become a virtual assistant, a data entry worker, or something similar. If you’re skilled in other areas like graphic design, web design, or writing, there are ample online job vacancies for these roles, as well. Given the current climate, working from home can also be in your best interests.

Sell Assets

It’s easy to amass a lot of “junk” over time. However, as they say, one person’s trash is another’s treasure. Go through your possessions to see what you wouldn’t mind parting with.

It might be that set of golf clubs you’ve used once, that bread maker still in its original box, or clothing that you thought you might one day fit back into. Whatever it is, you can list it online and earn some extra money to cover those pesky bills.

Get a Roommate

Living with a roommate, whatever your age, can relieve a significant financial burden. While it might not be the ideal long-term arrangement, it can see money coming in just for providing a spare room in your home to someone who needs it. The best part is, it can broaden your social circle and may even allow you to make new friends in the process.

There are plenty of online platforms that allow you to advertise a room for rent. You can then specify whether you wish it to be for a set term or if you have any specific requirements.  

See a Budget Adviser

It’s alarming to know that almost 70% of Americans have less than $1,000 stored away for a rainy day. This means that, when that rainy day comes, you can find yourself financially strained. To get your finances back on track, and ensure you’re prepared for the future, consider seeing an experienced budget advisor.

A financial expert can offer advice and information on how to allocate your funds to necessities and how to save for big-ticket items or unexpected costs. When money is tight, appropriately managing what you have can see you in a far more comfortable position than if you didn’t seek help.  

Ask anyone what they thought of 2020, and you’ll probably notice that they grimace or frown. It’s the year we’d rather forget. If you’ve fallen on tough financial times as a result of all that’s happened, now’s the time to act. Consider the financial tips above, and put yourself on the path to financial stability.

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