02 Apr 3 Alternatives to Borrowing Money
Sometimes we want things in life that cost more money than we have in the bank. This leaves us thinking of creative ways to be able to “afford” that item so that we can have it now and not have to wait. The most common way to accomplish this is to get a loan to pay for the item, but this can leave us paying more because of the interest that we have to pay.
Here are 3 Alternatives to Borrowing Money
Work extra hours at your current job
If your company will let you work overtime, then this could be a great way to come up with the funds to make the purchase without going into debt. In fact, many places will pay time and a half which means that if you normally make $10 an hour, you would make $15 per hour for any time over 40 hours that you work.
Sell stuff you don’t need
If you haven’t had a garage sale in a while, then this might be your ticket to get what you want without borrowing any money. Go through your house and start boxing up anything that you don’t need. Find as much stuff as you can so that you attract the biggest crowd. The more people you can get to your sale, the more potential for selling your unwanted stuff.
Don’t buy the item
This might sound like it is not an alternative to borrowing money but it is. Give it 24 hours so that you can sleep on it before making the decision. Often times our emotions can overwhelm us when it comes to making big purchases like a new car and we have to take some time to think about it before we make such a big decision.
What alternatives to borrowing money have you used?