No matter how hard you try, sometimes your savings fall short. This could be for any number of reasons including job loss, living paycheck to paycheck, or not prioritizing your savings. There are several ways to cover a financial shortfall and support yourself while living in San Antonio.
From sticking to a budget to applying for a personal loan to finding alternative ways to earn additional money, keep reading for tips to help you prop up your finances during this time.
Create and stick to a budget
Learning how to make a budget that helps you prioritize your savings and cut back on your spending is an important financial tool, particularly if you’re short on cash. Your budget should include everything you anticipate spending in a month from your housing costs and utility bills to groceries and commuting expenses.
The well-known 50-30-20 budget offers helpful guidance for organizing your money into three simple categories: 50% of your income should be spent on essential items, 30% on wants, and 20% on savings.
See if there are ways to add to your savings on a regular basis, but make sure your budget actually works for you before you commit to it. You may not stick to a budget that is too rigid.
Another budgeting tip is to look for deals at big box stores around San Antonio to help you save money on everyday items and rely less on your savings. Creating smaller daily or weekly financial goals is another way to stay on track towards building your savings.
Consider applying for a personal loan
Depending on your financial commitments and goals, a personal loan can be helpful if your savings are falling short. Personal loans are often used in specific circumstances such as:
- Paying for an emergency home repair
- Covering urgent medical care
- Purchasing a new vehicle so you can commute to work
- Affording other big life events
Loans in San Antonio come in all sorts of forms from a variety of loan providers. It’s important to research your options and find a personal loan that fits your needs and your budget. Loan terms are often decided based on factors like your credit score, credit history, and income.
If approved, the loan amount is deposited into your bank account as a lump sum, and you’ll repay it in fixed monthly payments over a set period, with a specific interest rate and due date. This is different from how credit cards work, where your balance and minimum payment can vary each month depending on how much you spend and whether you carry a balance.
Borrow from family and friends
Sometimes the best way to help yourself during a challenging financial time is to ask for a loan from family and/or friends. This can be beneficial particularly if you don’t have a high enough credit score or income to secure a personal loan from a bank, credit union, or other lender.
However, borrowing money from someone with whom you have a personal relationship requires you to communicate clearly about the terms of the loan. Work out a repayment schedule in the same way you would if you were borrowing from a licensed lender like a bank. Put the terms you both agree on in writing and be sure to make your payments on time to maintain the integrity of your relationship.
Find alternative sources of income
Looking into a part-time gig or side hustle is another way to add to your savings. Depending on your background and interests, you might consider pet sitting, dog walking, or tutoring kids.
You can also tap into your specialized knowledge and talents. How about offering musical instrument lessons or teaching a foreign language? If you have experience in hospitality, look for extra shifts at the local coffee shops, bars, and restaurants around San Antonio. While it may not seem like much at first, every little bit helps.
Financial solutions are available
While seeing your savings fall short can be a nerve-wracking experience, there are steps you can take to help you get through a challenging financial time. Be proactive about finding a solution. Create a budget, look into a personal loan, consider borrowing from family and/or friends, or find another source of income to tide you over.
Notice: Information provided in this article is for information purposes only and does not necessarily reflect the views of hedgethink or its employees. Please be sure to consult your financial advisor about your financial circumstances and options. This site may receive compensation from advertisers for links to third-party websites.
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