Borrow from yourself first, that’s what I say. It sounds funny, but think about it. What if you needed $1,000 or $2,000 in cash right now, where would you get it? Would you pull it from your emergency fund? Take out a payday loan or credit card advance (please say you wouldn’t)?
I ask this because people do the oddest things when it comes to getting their hands on money. They’d borrow, steal, and even cheat sometimes before pulling from their own cash reserves. I once knew a guy who’d take out an 8% loan every time he “needed” something instead of dipping into his $5k+ savings account. Why? I’m all for doing what makes you comfortable, but financially I just don’t think it makes any sense.
We have savings accounts, rainy day accounts, and emergency funds set up for a reason – to have cash available at a time of need.
If you don’t pull from it then, then when? We all validate “emergencies” in different ways, but it really IS OKAY to pull from your stash when needed :) I know that sounds crazy, but that’s seriously what they’re there for.
In fact, I had a brilliant idea of listing out all the possible ways you could get your hands on money – in order of need & financial smartness – but after an hour and a half (and going) I realized it’s better set for another day. And that day being Monday ;) So go out and enjoy your weekend for now, and we’ll get back to this tantalizing list of options upon your return. I’m hoping you like it as much as I do!
Bonus tip: Find a good "balance transfer" offer to help pay off debt faster!
If you’ve been making payment after payment (on time) and still haven't been able to get your debt under control, snatching up a good balance transfer credit card offer may be the ticket to try. That’s where in order to gain your business - credit card companies will let you transfer your existing debt to a new card and let you pay ZERO PERCENT interest on it. Saving you tons every month!
What's the catch? Usually balance transfer cards charge a fee (around 3% of your debt balance) to let you transfer your balance to their 0% interest offer. But we've found a great credit card that will let you do a balance transfer absolutely free. Click here to learn more and see if you qualify!
PS: If you don't trust yourself with another credit card, ignore this! This strategy is to help you get out of debt quicker, not risk adding more to it.