Do you need ideas to make more money or save money while you have out your car title loan?
Use these tips:
- Put yourself on a budget. While the monthly loan payments are computed such that you won’t find yourself leading a hand to mouth existence or saying that you can’t pay your loan back, it certainly doesn’t hurt to tighten your belt when it comes to your daily spending. This is a way to “uncover” extra money that’s being used on things that you can temporarily live without. Some examples include:
- Making your own home-cooked meals to eat in the office/home, instead of eating out
- Mastering the art of couponing for great rebates at the supermarket, as well as planning next week’s meals out of this week’s grocery sale specials
- Being conscious about air and electric bills
- Temporarily suspending your memberships to in-person and online services
- Living on a “less is more” policy and avoid shopping on a whim
- Look for ways to make extra income. Saving and tightening your budget is the first thing you need to do, and once those systems are in place your next focus should be on how you can make extra income. Look for a demand that you can fill in with a skill that you have. Advertise your services via a social media, ads in papers or online, or on job networks. You will never know what kind of income you can make unless you try. You may even find a new job out of the experience!
- Use gifts to pay off your loan. Throughout the entire loan period, you might find yourself coming across money that can definitely be put to good use when directed towards your loan payments. There are many sources of this unexpected cash, such as: monetary gifts on your birthday, financial bonuses at work, many more. The simple rule of thumb is if it is extra money that comes from outside your carefully planned money-saving daily budget, then it should automatically go to yet another loan monthly payment.
- Rent out your extra room. You could get a roommate and cut your monthly cost down for rent in half. People who are best for this is roommates that travel a great deal, like people who are pilots or stewards. There is also AirBnB which that extra room becomes a great source for extra income…but of course be prepared to meet a lot of different people!
Automate yourself to Make It Happen!
Automate your bank account so it sets aside a small, nearly negligible amount every month and transfers it to another account from which you will withdraw from to get money for additional loan payments. It can be as little as $50 each month, and by the end of three months you will have $150 dollars you’ve forced yourself to set aside for a full month’s worth of dues!
Or it can even be an effort that is seemingly small like automatically emptying your pockets or bag for loose change and small bills and depositing these in a big jar at home. Once filled out, it can be added to a future payment instead of mindlessly being spent on clothes or drinks at the bar.
LoanMart understands that temporary financial emergencies & hardships can arise even when in the middle of dutifully prompt payments. Therefore, it only makes sense for the company to offer solutions that will help the clients stay afloat during this short-lived challenge – as opposed to taking advantage of the situation (and the client) to make a few extra dollars. In times of financial hardship, brainstorming with your friends can result in ideas you may never have thought of!
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