It finally happened. Your trusty car, which has reliably gotten you from Point A to Point B, finally gave out on your way back home. It can be saved, but it’s going to need some things – a new alternator, some work on the engine and radiator, maybe more. You’ll need to get it done pretty soon, because it’s your only means of getting to work and you can’t afford to miss a lot of days. The real problem is that, well, you’re short on cash and you won’t be getting paid until next week.
The problem you have just seen is one of many kinds that catch us by surprise. There are plenty more, and they can push you to seek alternate means of funding. Maybe you had to go get a payday loan to make your cash stretch longer for the here and now, or even borrow from family or friends. If this is where you find yourself, here are two things to remember on how to make your dollar last longer with supplemental funding.
For example, let’s say you have a one-off sort of issue that needs to dealt with. It could be something like an important bit of home repair or the car situation we read earlier. The key to using your borrowed funds here is to take care of the issue right away. If you wait to handle it, you could be tempted to spend your money on something that you don’t need. The longer it takes for you to use your money for the issue at hand, the more likely it is that you’ll use it for something else – and possibly dig yourself into a financial hole as a result.
Another situation could be that the money isn’t needed for a particular problem, but it is simply needed to hold out until the next paycheck. Perhaps you want to be sure that you have enough to cover basic needs and expenses for the time being. If this is the case, the first thing to remember is to not spend it quickly. You need to make your money last until payday, which may mean tightening your belt and going without certain things you would normally buy. Once again, not sticking to this bit of advice can make your situation even worse than it may have been originally.
Whatever the matter at hand, management of funds is critical when you are using supplemental funding to aid your primary source of income. Money is not at all difficult to mishandle – there are so many things to spend it on, and chances are that they will surface right around the time that you receive your loan. Handle your money according to the situation you borrowed it for, and you’ll be able to make your dollar last longer with supplemental funding.