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There are many potential sources of funds you can tap in order to pay down your debts or fund other goals.
Write out this list of possible cash sources:
- Salary/Wages
- Self Employment Income
- Tips
- Second Job
- Inheritance/Gifts
- Borrowed Money (from a bank or family)
- Alimony
- Pension
- Social Security
- Savings
- Investments
- Sell Goods Owned (car, furniture, etc.).
Now, next to each of these items, write one of the following letter codes, based on your chances of getting cash from each source: Write V for Very Likely; P for Possible; NL for Not Likely; and I for Impossible. This is a practical look at your options. Start to consider your circumstances realistically, and think about if you have any other unique sources of funding that you might tap.
Next – Day 16 Scrutinize Your Spending.
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Lynnette is a personal finance expert, author and speaker.