Have you ever said, “In terms of money, we have no money”? You’re not alone. Many people and families in the U.S. struggle with money issues that feel too big to handle. But, there are steps you can take to beat these problems and better your financial life. Let’s look at ways to take back control of your money.
Key Takeaways
- Prioritize your basic needs and seek assistance from food banks and support forums.
- Negotiate with lenders for mortgage or rent payment relief during tough times.
- Identify and utilize emergency financial assistance schemes to get the help you need.
- Leverage your skills and actively seek job opportunities to generate additional income.
- Sell unused items to generate cash and pay off debts.
Getting back on your financial feet might be hard, but it’s possible with the right steps and support. We’ll give you detailed advice to help you get through these hard times and come out stronger.
Make Sure There Is Food for Three-Four Weeks in the House
When you’re facing financial troubles, having enough food reserves is key. Aim to have food for three to four weeks. This ensures you’re not worried about meals while you focus on your main financial issues.
Deal with Basic Needs First
First, check what food you already have at home. Make a list of must-haves like grains, proteins, fruits, and veggies. This helps you plan for your basic food needs during tough times.
Seek Help from Food Banks and Support Forums
If you’re running low on food, get help from local food banks or online forums. These places offer support and advice from others who understand your situation.
Build Food Reserves Gradually
While meeting your immediate food needs, start adding to your reserves. This makes you feel more secure for the future. Think about buying canned goods, dried beans, and rice. They last a long time and are good to have.
| Grocery Item | Weekly Cost | Monthly Cost |
|---|---|---|
| Groceries | $60 | $240 |
| Restaurants | $40 | $160 |
| Takeout | – | $30 |
| Coffee | – | $20 |
| Total | $100 | $450 |
Focus on your basic needs and slowly build your food stock. This is a key step towards getting back on your financial feet during hard times.
Ensure Your Home Is Safe for Two-Three Months
When you’re facing financial trouble, keeping your home safe is key. Whether you own or rent, there are ways to protect your home for two to three months.
Negotiate Mortgage Payment Holiday or Rent Grace Period
If you own a home, talk to your mortgage lender about a mortgage payment holiday. Many lenders offer help to homeowners in tough times. This can give you time to manage other bills.
For renters, ask your landlord for a rent grace period. Explain your money troubles and see if they can offer an extension or lower rent. Being open and cooperative can help keep your housing security during financial hardship.
| Mortgage Payment Holiday | Rent Grace Period |
|---|---|
| Negotiate a temporary pause on your mortgage payments with your lender. | Request an extension or reduction in your rent payments from your landlord. |
| Provides financial relief for homeowners facing hardship. | Helps renters manage their housing costs during difficult times. |
| Ensures your home remains secure for 2-3 months. | Maintains your housing security for the short term. |
By taking these steps, you can keep your home safe and focus on other financial issues during this tough time.
Face Your Bills and Seek Debt Advice
When times get tough, facing your bills and getting advice from debt advisors or charities is key. Being honest about your finances and working with experts can help you manage your bills and debt well.
The Department of Education has programs to help with federal student loans, and these programs are free to apply for. Debt collectors must give you details about the debt, like how much you owe and who the creditor is. They also tell you how to question the debt. Remember, debt doesn’t just go away, and collectors can only sue you for a certain time, known as the statute of limitations.
Credit counseling agencies offer great help, including advice on managing debt, making budgets, and getting educational materials. These agencies are often non-profits with low fees and can be reached through various means like local offices, online, or phone. Make sure to choose a reputable agency that talks about your finances in detail and offers tailored plans.
| Key Statistic | Value |
|---|---|
| Number of NFCC certified credit counselors | 1,200+ |
| Individuals served by NFCC since 2006 | 35 million |
| NFCC certified credit counselors available | 1,600+ |
| Years NFCC has been a trusted resource | Since 1951 |
Creditors must follow laws that stop them from harassing or treating you unfairly when trying to collect debts. But, remember, private student loans have fewer options for forgiveness or cancellation than federal loans.
Facing your bills and getting debt advice can be tough, but it’s a key step to take back control of your money and well-being. Don’t be afraid to ask for help from trusted organizations and resources.
Stop Non-Priority Debt Repayment
When money is tight, focus on what you need most. This means stopping payments on debts like credit cards and loans that aren’t crucial for survival. By doing this, you can use what little money you have for important things like rent, utilities, and food.
This choice might hurt your credit score for a bit. But it’s key to keep your family safe and sound. Your credit score can get better later, but first, you must take care of your basic needs.
Here are some ways to handle non-priority debts:
- Offer creditors a pro-rata payment based on your available income, ensuring all creditors are treated equally.
- Request that creditors freeze interest and charges while you work on a repayment plan.
- Maintain open communication with creditors, updating them on your financial circumstances every few months.
By focusing on what’s most important and stopping non-priority debt payments, you can get through tough times. This way, you’re setting yourself up for a stronger financial future.
Learn About and Utilize Emergency Financial Assistance Schemes
If you’re facing a financial emergency, there are many government schemes and programs to help. These include discounted utility services, emergency food, and housing support. Exploring these resources can make a big difference during tough times.
The Lifeline initiative offers discounted cell phone or internet service to those with low incomes or on federal assistance. Feeding America runs a network of food banks and pantries for emergency food relief.
The United Way’s 2-1-1 helpline connects people with services like utility and housing aid. Groups like Community Action Partnership and Volunteers of America provide housing, food, and other essential services for those in financial trouble.
Government programs like SNAP (Supplemental Nutrition Assistance Program) and WIC (Special Supplemental Nutrition Program for Women, Infants, and Children) help with grocery costs. The Child Nutrition Program ensures millions of children get free or reduced-cost meals.
For healthcare, Medicaid and the Children’s Health Insurance Program (CHIP) offer affordable coverage for low-income families. The Housing Choice Voucher Program helps with rental housing costs.
If you need financial help, consider Supplemental Security Income (SSI), Temporary Assistance for Needy Families (TANF), and the Earned Income Tax Credit (EITC). The Head Start program offers early childhood education to low-income families.
By looking into and using these emergency financial assistance schemes, you can find it easier to get through tough times. Remember, these programs are here to help, so don’t hesitate to reach out for support.
Ask Family and Friends for Help or Barter Services
When money is tight, reaching out to family and friends can be a big help. Asking for help or trading services can be a big support during tough times. Borrowing money from loved ones might feel hard, but it can be a key support when other options are few.
Think about giving anonymously through your local church or group. It’s a way to help without drawing attention. Or, invite friends over for a meal to show you care. Trading skills or goods with your network can also help without using cash.
It’s key to talk openly about what you can offer and accept when helping family and friends. Make sure to set your own limits to avoid awkwardness. Even if thanks isn’t immediate, your help can really help strengthen bonds in hard times.
“Bartering became more popular during economic downturns like the Great Recession and COVID-19 lockdowns. In Argentina, barter fairs were introduced around Buenos Aires in response to high inflation and low wages.”
The International Reciprocal Trade Association (IRTA) says bartering in the U.S. could be worth $12 to $14 billion a year. In 2008, during a financial crisis, bartering reached $3 billion. It’s often used in business-to-business deals, like swapping ads or services.
| Barter Transactions in the U.S. | Estimated Annual Dollar Range |
|---|---|
| Normal Times | $12 to $14 billion |
| Financial Crisis of 2008 | $3 billion |
For tax, bartering is seen as income by the IRS and must be reported. It’s taxed as real money, in the year it happens.
Big companies might not like bartering much, but small businesses might be open to it. Always think about your own money needs and don’t overdo it when asking for help from family and friends.
Ensure You Look Presentable for Job Opportunities
Even when money is tight, looking professional can really help you get jobs. How you look affects how people see you and shows you’re serious about doing well.
It’s easy to let your look suffer during tough times, but don’t. Spend time and effort to look great for job interviews and networking events. Looking sharp shows you have good personal presentation skills, which employers really like.
- Ensure your clothing is clean, pressed, and right for the job or industry you’re aiming for.
- Keep your hair neat and well-kept.
- Take care of your personal hygiene, looking fresh and clean.
- Avoid strong scents, as some folks might be sensitive to them.
- Work on your posture and body language, showing confidence and professionalism.
Your appearance shows off your job opportunities and personal presentation skills. By focusing on your appearance, you’re telling employers you’re all in for success, even when money is tight.
“Dress for the job you want, not the job you have.”
Looking professional boosts your chances of making a strong impression and being noticed in a crowded job market. In tough financial crisis times, showing off your personal presentation skills and dedication is key.
Sell Unused Items to Generate Cash
In tough financial times, selling unused items can help boost your cash flow. Decluttering and selling these items can give you a financial lift.
Start by looking through your stuff and picking out what you don’t use or need anymore. This could be electronics, clothes, sports gear, or tools. Focus on selling things that are still in good shape and might be wanted by others.
When you’re selling unused items, you have many places to choose from. Sites like eBay, OfferUp, and Poshmark let you reach lots of people. They take a small fee, but they’re good for making money fast. Or, you could try selling locally at garage sales, on Facebook Marketplace, or through Craigslist to find buyers nearby.
It’s key to know about the fees and payouts from each selling place. For instance, eBay takes a 13.255% sales fee, and OfferUp might take 12.9% on shipped items. Set your prices right and make your items look appealing to sell more.
Selling unused items not only clears out your space but also brings in cash. It’s a great way to get by during hard times. It’s a win-win that can really help financially.
| Marketplace | Selling Fees |
|---|---|
| eBay | 35 cents per listing and 13.255% of the total sales amount up to $7,500, with an additional 2.35% on the overage |
| OfferUp | 12.9% of the sale price with a minimum of $1.99 for shipped items |
| Poshmark | $2.95 for sales under $15 and 20% for sales worth $15 or more |
| Etsy | 20 cents per listing and 6.5% of the price, plus additional fees for shipping and gift wrapping |
| thredUP | $2.99 Clean Out Kit fee and a service charge of $14.99 or higher for selling gently used clothing |
Decluttering and selling unused items can be a smart way to generate cash when money is tight. Look at different selling options, understand the fees, and make your items stand out to sell well.
in terms of money we have no money
In tough financial times, it’s key to act fast to make money. Start by inventorying your skills and looking for ways to use them. You can freelance, consult, or get a part-time job to make use of your talents.
Inventory Your Skills and Find Paid Work
First, list all your skills, experiences, and special knowledge. Be proud of what you can do. Then, find job opportunities that match your skills. Use your network, job boards, and freelance sites to find work.
Get Out There and Ask for Jobs
Don’t hesitate to ask for jobs. Contact local businesses, groups, or people who might need your skills. Show them how you can help and talk about fair pay. Remember, saying no is okay, and each no brings you closer to the right job.
Under-Promise and Over-Deliver
When you get a job or client, aim to under-promise and over-deliver. Set realistic goals and beat them. This makes you stand out, leads to more work, and gets good word-of-mouth. By giving great value, you’ll likely get more work and a strong reputation.
Remember, finding paid work in hard times needs persistence, creativity, and showing off your skills and job opportunities. By inventorying your skills and under-promising and over-delivering, you can really help your finances.
Conclusion
Financial challenges come in many forms, like unexpected bills, losing a job, too much debt, or bad budgeting. But, getting back on track financially is possible. By taking steps like paying for basic needs first, talking to creditors, using emergency funds, and making money with your skills, you can start to fix these issues.
Getting better financially takes time and effort. But with persistence and a readiness to change, you can slowly get back on track. Always check your plans, make changes if needed, and don’t hesitate to ask for help from experts, groups, or friends.
Getting financial help and bettering your money situation is possible. Use the tips from this article, act on them, and you’re on your way to financial security and independence. Stay determined, keep your eyes on the goal, and your financial future is ahead.