Title Loans Aren't the Only Way to Financial Relief
If you’re in financial trouble, then you probably already know about title loans, if not the title loan places nearest to you. And it’s understandable why: title loans are a powerful financial tool, both fast and convenient, that can launch your economic situation into a positive trajectory.
But not every situation is the same, and not every solution is uniform. So besides title loans and title loan places, what other options are open to those of us who find ourselves on the rocky shore of financial troubles? That’s what we’re here to explore today.
Get A Second Income
The most direct way of digging yourself out of a financial hole is to gain a second source of income (or a first one, if you’re unemployed), if you want to avoid title loan places.
The first way to gain a second income is to work a second job. This can be hard, especially if your first job is stressful already, but there really is no way to earn money faster than a secure job. Instead of running through the hundreds of type of jobs that may or not be available in your area, here are the few key archetypes they fall into.
- Freelancing. This is by far the most flexible option out there for a second job. As a freelancer you’ll only work the jobs and hours you want and work with your schedule. Often freelance work is also creatively stimulating and rewarding than a normal nine-to-five. The biggest challenge is finding clients to hire you, but luckily in the internet age that’s easier to do than ever with sites like Fiverr and Upwork which will match you with those looking to pay you for your work.
- Seasonal. Though these by their fundamental nature won’t be available all year round, if they happen to coincide with when you need money, they can be wondrously lucrative. Examples of this kind of job include positions at retail, summer camps, resorts, festivals, and even as delivery people during the holiday season. If you feel bored with your normal work while also need some extra cash, a seasonal job could be perfect.
- Serving. Working as a waiter or server at a restaurant is an underrated, but lucrative way of making money. Especially if you’re polite and well mannered, tips can easily rake you in handfuls of cash. Hours are often flexible as well in terms of scheduling it around your main job. It is physically difficult work though, so go in fully expecting to spend long hours on your feet.
- Retail. Though the thought of endlessly folding and hanging up clothes appeals only to sociopaths, there’s no denying that retail jobs like those for Walmart or Target are easy to obtain and white not the most lucrative, are dependable secondary sources of income. Just as with serving though, they’re physically taxing jobs and also tend towards being cognitively unengaging. Still, if you’re able to push through those issues, a steady secondary income awaits you.
Save What You Can
While the middle of a financial emergency may not seem like the most opportune or useful time to start a saving regime, saving is the opposite side of the coin of adding an extra income stream and one that’s not even tax deductible. There are dozens of concrete steps you can take right now to save yourself a handful of cash. Here are just a few:
- Cut the Starbucks. While coffee is often a mandatory part of being able to function as a human being in the morning, it can also be deceptively expensive. While a dollar or two a day may not seem like a lot, over time it can add up. If you buy coffee five times a week at $3 a cup, that’s $15 a week and $60 a month and $720 a year, which is more than most people realize. Cut the Starbucks and reap the rewards.
- Cut the alcohol. Well, booze and cigarettes, really. While there’s nothing wrong with a little indulgence, these two are some of the most expensive ones out there and are priced at a premium. The fact both are addictive also means you probably aren’t good at moderating your intake or spending either. Cutting out both will save you possibly hundreds a year, just as with the coffee example.
- Cut the vacations. We all need to relax to keep our sanity, but often we on the lower income tier tend to fall into a vicious cycle where we work so hard we need to spend money on a vacation relaxing, which we then need to work hard to afford. It’s the quintessential ‘work hard, play hard’ which can be utterly exhausting. Why not just save hard instead?
Note: The content provided in this article is only for informational purposes, and you should contact your financial advisor about your specific financial situation.