Tips on Staying in Control When the Changing Season Adds Strain to Your Household Budget  

How To Stay in Control When the Changing Season Adds Strain to Your Household Budget

After a long winter, warm spring temperatures have now arrived in most areas of the country. Unfortunately, for many Americans, the mild spring weather comes along with some extra pressure on the household budget. Whether its paying for a teen’s prom dress or fixing that new leak in the roof caused by a winter ice storm, having to come up with a few hundred dollars extra can be tough to do. If you are facing this kind of financial pressure this spring, these tips can help you meet the challenge and stay in control of your household budget.

Look for room to spare in other areas of the budget

A good way to meet the cost of that repair, prom dress, or other expense is to siphon off some cash from other areas of the budget. Discretionary spending, such as fast food lunches and barista-made coffee drinks can be replaced with a brown bag lunch and coffee from home to provide a nice chunk of saved cash.

Find alternate ways to earn extra cash

Another good way to get the money you need is to make good use of the springtime weather by having a garage sale. Take a few days to sort through each room of your home to find all those items that your family no longer uses, needs, or wears. A well-organized garage sale can easily help you earn several hundred dollars in cash and give you the bonus of a less-cluttered home, as well.

Consider using an unsecured personal loan

Unsecured personal loans made by reputable personal loan lenders are an excellent resource for the unexpected costs that families sometimes find themselves facing. For the borrower, an unsecured personal loan is faster and less involved than doing a traditional home improvement loan. In addition, unsecured personal loans for bad credit can also help to improve damaged credit, when paid back per the agreed terms. Unsecured personal loans usually require the borrower to provide:

  • current credit information, such as credit score and history
  • income and employment information
  • debt-to-income (DTI) information

Unlike a secured home improvement loan, the borrower pays no closing costs for an unsecured personal loan and the loan terms are usually available with convenient 3, 5, or 7-year repayment schedules.

Borrowers should remember, however, that unsecured personal loans do have higher interest rates than many types of secured loans. This is because an unsecured loan has no collateral attached, making it riskier for the lender to provide. Before considering any type of unsecured personal loan, borrowers should make sure they have chosen a reputable lender and that they understand all the terms and conditions for the type of credit application they are making.

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