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Low Balance

October 17th, 2006 at 03:32 pm

So, what do you usually do when you you are 10 days away from payday and you have 20 dollars in your bank account, not even enough to keep your gas tank full until the next paycheck rolls around?

Aside from the initial negative body reaction when you realize you've underestimated what was in your account by $150, how do YOU react when you are faced with this situation?

This isn't a short-term situation, by the way. The next paycheck, in 10 days, is already almost all accounted for. and I'm already late on paying bills. so, i'm in a hole that's getting deeper.

7 Responses to “Low Balance”

  1. Carolina Bound Says:

    I have three choices in this situation (and believe me, I've been there). I can tap my savings account, or my money market account, or I can charge my expenses and begin a vicious cycle of more bills to pay. I've been known to do them all. Then I curse myself for getting into this situation and SWEAR I will be more careful from now on. I think this happens when there is not much margin between expenses and income. And that's something I haven't been able to solve.

  2. Thrifty Ray Says:

    For the immediate, you either tap into savings or go further into debt.

    For the short term, you challenge every debt you have. Eliminate or reduce everything possible...think outside the box. Is it really a need? or can you forego?

    And for the long term, you either spend less or make more--and save a little of everything you make for the next rainy day.

    Ive been there...and it was not fun. But someday you get to look back with the satisfaction of knowing you made it!

    Good luck to you.

    PS...I know that you can get immediate money for donating plasma. It is tax free and cash on the spot. I know a few people who used this as a tool to survive the really tough times. Babysitting is also a means to quick cash- but you MUST enjoy kids and have alot of patience!!!

  3. sarah Says:

    I know how hard this can be. I've been there. Sometimes the onlly thing to do is to take an emergency loan. Good Luck

  4. ptc712 Says:

    I left out the part where I say I'm maxed out on credit and I have no savings.

    I have a mortgage and a car payment and various unpaid bills and a 401(k) that i can't borrow from. I'm living a bit close to the edge.

  5. LuckyRobin Says:

    Do you have cable tv? If you do, cancel it. That should free up a bit of money.

  6. StressLess Says:

    Sell the car and get a cheaper one. Ask for a loan at prosper.com. Find out where emergency food banks are, and get a free bag of groceries. Walk more and use less gas. Use public transportation. Ask to carpool with somebody temporarily. Take something to a pawn shop. Have a yard sale. Take vacation time and don't do any driving til your next paycheck comes. Find a Debtors Anonymous meeting. Check Craigs List for your area, for casual jobs that might come up on the weekends and pay cash.

  7. Susan Says:

    You ride the bus (my bus pass is $10 a month) but I treat myself on Fridays to driving my little old '86 Chevy Nova which I adore. You look at everything you have in your cabinets and you get creative with menus. You don't drive your car if at all possible. Walk with your kids to school or whatever is cheaper than driving. Pretend you only have but $2.00 and don't think about the other available $18.00. What would you do with just two bucks? Please don't get mad with what I'm about to say because I realize I tend to be somewhat of a zealot BUT...suffering can be fun, a game and it teaches you to pay attention to everything that you or your family do purchase. I know, because I have become comical in the way I approach any change I might find on the streets, etc. And don't forget to laugh, it's cheaper than anything you can buy on a shelf.

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