Here are 5 ways to get cash to help pay for your monthly expenses during tough economic times.
Defer a housing bill. Talk to your mortgage holder and landlord about deferring a payment or two. Recent legislation suspends required payments on certain loans and halts foreclosures for at least 60 days. But you must contact your lender to discuss the specifics of your situation. It may be trickier to work with landlords to defer rent payments, but many property owners have signaled a willingness to work with tenants over the next several months to defer or forgive payments.
Talk to lenders about credit card payments. Call your credit card company to see if they are willing to defer your payment for several months. If you are still required to pay, ask to have your interest rate lowered or search for a zero percent balance transfer offer.
Get the word out. Tell everyone in your network that you could use work. You may have friends and family that could help you weather the financial storm for several months. But you won't know unless you ask.
Downsize your budget. Now is a good time to create or update your monthly budget. Keep track of where every dollar goes. Identify non-essential spending you could put on hold until you find your next job.
Look to your retirement accounts. You can withdraw money from your retirement accounts, but you may face a 10% early withdrawal penalty in addition to income taxes. It's always best to leave retirement accounts as a last resort.
Last updated: 07/02/2022
Laurie A. Stillwell, CPA, P.C.
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