Tightening the purse strings is definitely no easy task but what if there is just no money left inside that purse in order to fulfill the most basic needs of life. While it’s a hard situation to deal with, there are ways to deal when times are just too tough to survive.

Here are a few ideas that you may not immediately consider when it gets down to the bare bank account.

Find A Second Job – Working 40 hours a week or more at a full-time job may be exhausting enough but if you are stuck for cash and have a pile of debt to pay, it may be on your best interest to take a second job and devote the extra income specifically to your debts. Many retail places and restaurants will work with you on schedule flexibility and there are many employers who would be happy to find someone willing to work nights and weekends. A second job doesn’t have to be forever if you learn to manage the extra income correctly and dig yourself out of a hole.

Turn a Hobby Into Cash – If you have a talent for something that could earn you additional cash, there is no time like the present to get started. If your family or friends are always asking you to bake your special cookies, hem a pair of pants, or help them with their garden, consider how much money you could be getting paid for your time and effort. Don’t worry about offending family and friends by charging for your services. They should understand your situation if you are in need of additional income. Ask friends and family to start spreading the word about your skills to get more business. Print out simple fliers on bright paper to hang up at the grocery store with little pull off tags stating your services and telephone number. There are many full time, successful businesses that started out this way.

Go For Basic – Besides the services that are required to live, such as electricity and water, you can cut down on the other expenses for a few months in order to save some cash. Families do not need cable or even a television to survive so cancel the service for a while. There is plenty of extras that can be cut based on individual households. There will definitely need to be some sacrifices until you can get your finances back on track.

Sell Your Possessions – There are probably plenty of DVD’s, CD’s, books, and much more that while you love, are not doing you any good collecting dust in the house. There may be some valuable items in your attic or basement you have simply forgotten, such as a baseball card collection you have simply forgotten. Take stock of what can go but don’t impulsively sell family heirlooms or items that are far more valuable than what you are aware of. By selling as much as you can, you will not only earn extra cash relatively easily, you will also be decluttering your living space, which may motivate you into a new frame of mind.

Sell Your Car/Home – This is a huge step and one that should be thought of carefully. If times are really tough and you are no doubt over your head with expenses, it may be time to consider downsizing the big things, such as your home and car. Both will bring cash to the table as well as reducing the amount of your monthly expenses because there will no longer be maintenance expenses, monthly payments, repair costs, and such.

Bankruptcy – New laws have made it less easy to file for bankruptcy than in years prior but for those families facing just too many bills and not enough options, visiting a bankruptcy attorney may be the best choice. Obviously a bankruptcy will throw a huge curveball at your credit report and you will essentially be starting over from scratch. Before filing for bankruptcy, it is important to have a plan ready to avoid getting into the same financial situation again.



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