A big amount of 4,500 PHP (108 USD) is what I lack just for this month alone. And I’m now scratching my head on where to source it. I do have a lucrative project at the moment however, typical Asian modesty refrained me from asking when exactly I’ll be paid (that and the fact that side project “employer” is family makes it even stickier) He did give me an advance that I have used to cover May deficits and I didn’t think far ahead enough to cover next month’s. Boo-hoo.
My obstacles: 2 ongoing loans (one will end on Dec. 2011 and the other April 2012)
My earnings: full-time job (350-440 USD) and a half (part time; earning varies)
My challenges: cover monthly deficits with online part time jobs
My goal: Financial freedom before I hit 40 (retirement fund, savings, art earnings as passive income)
Although sensible people will say it’s not wise to take out a loan to pay another loan (they’re right; that’s how I got into this mess in the first place) in my present circumstances, just to stay afloat, you’d have to consider borrowing from the best or the worst.
The second loan company that I’m utilizing has this cash advance service where I can borrow from 1 to 2 thousand PHP (20 to 48 USD) 5 days before the next pay period without interest. Most Philippine companies opt to pay their employees bi-monthly (15th and 30th of the month) Because I do have deficits, I do run out of cash so this is an option.
I have tried pawning jewelry ONE desperate time. If you, like me who only have one item that’s pawn-able, it might be best to skip this option. The pawn shop I went to had a great reputation and great customer service but unless you have loads of gold to get a big chunk of money out of pawning, again just skip.
Borrow from relatives and friends, when you have every intention of paying. I cannot stress this enough. Trust is the main reason they’re lending you money. Don’t break that trust.
Lastly, if all else fails, restructure your loan payments. Talk to the people you owe or have to pay. It will place you in an awkward position, yeah sure but being transparent and planning your payment shows you’re willingness to pay the amount off.
Hope this helps.