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How to Pay The Mortgage When You’re Between Jobs

How to pay the mortgage when you’re between jobs. Dealing with your mortgage is probably the last thing you want to do when you’re between jobs.

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Pay the Mortgage When You’re Between Jobs

Being between jobs isn’t easy. Chances are you’re finding it difficult to cover the expenses you usually don’t have trouble covering, including your mortgage.

It’s easy to feel overwhelmed and go into panic mode as soon as you realize you don’t have enough to pay your mortgage.

Luckily, there’s no need to do so as there are ways to pay your mortgage even when you’re between jobs. With that in mind, let’s take a closer look at five options at your disposal.

1. Contact your lender

Why wait until you start getting all those calls from your lender once they realize you’re late with the mortgage? It’s a much better idea to give them a call yourself and show responsibility and determination to pay it even though you’re between jobs.

Explain your situation to the lender and they might be able to offer you a deal that fixes it all. For example, they might be able to lower your mortgage, allowing you to pay it and still be left with some money even though you don’t receive a paycheck at the moment.

They might also decide to change the due date for your mortgage and give you enough time to get a new gig.

Pay the Mortgage Between Jobs

2. Make some extra money

If you don’t have a job, it doesn’t mean there’s no way you can make money. The web has made it possible for anyone to make some extra money and all it takes is a little bit of time and effort.

The best thing about it is that you can choose an online job that suits your skills and needs. For example, if you speak a foreign language, you can teach it online as long as you have a good camera and internet connection.

Some other online jobs include taking paid surveys and working as a freelance writer. Calculate how much money you can make and it might just be enough to help you pay the mortgage until you find a new job.

3. Apply for a payday loan

Being between jobs can be quite tricky and if you don’t find a way to make some extra cash, you’ll struggle to both pay your mortgage and cover your everyday expenses.

Luckily, there are special loans designed specifically for people who are in such a situation and could use some extra money as quickly as possible.

Companies that give payday loans can provide you with money instantly and let you repay the loan once your financial situation improves. There are numerous repayments available, meaning that you can choose the option that suits your situation the best.

4. Reduce your spending

Not always will you be able to get a better deal from the lender and exploring some other options is a must. Since you won’t be receiving a paycheck until you find a new job, you might want to reduce your spending until then.

The best way to do it is to calculate your living expenses and figure out how much you’re supposed to set aside in order to have enough to pay your mortgage.

Luckily, there are so many ways to save money and you just have to find the ones that work for you. For example, you could give up smoking or stop using your credit card and switch to cash instead.

5. Consider declaring bankruptcy

This isn’t necessarily the most favorable option but if you’re out of ideas, declaring bankruptcy might be a good way to get your financial situation back on track without having to worry about the mortgage.

It’s an option worth considering if you believe you’ll struggle to get hired. If you declare bankruptcy, you’ll be protected from creditors repossessing the house or anything else you might own.

This should give you enough time to get a new job and cover some other expenses before starting to pay your mortgage once again. The downside is that you can expect your credit to be seriously hurt for quite a long period of time afterwards.

Dealing with your mortgage is probably the last thing you want to do when you’re between jobs. Still, it’s something you simply have to do and finding the best way to do it should help you pay your mortgage and retain control over your budget before getting a new job.

Tracey Clayton is a working mom of three girls. She's passionate about marketing and everything tech related. Her motto is: "Live the life you love, love the life you live."

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Business

How small businesses can overcome their supply chain challenges

Here are six tips to help your small business overcome its supply chain woes. Staying in control with effective supply chain management.

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Increase Your Income Streams with These Three Remote Business Ideas

Managing a supply chain is difficult for every business. Small businesses may have fewer supply chain requirements, but they also don’t have the financial clout of big operations, which suppliers are understandably willing to move mountains for.

Smaller businesses need to use their size to their advantage when dealing with supply chain challenges. While big companies are locked into mega orders and negotiating long-term partnerships, small operations can be nimble in the face of a dynamic market.

Here are six tips to help your small business overcome its supply chain woes.

1. Always pay on time

It may be obvious, but the first tip is always to pay your vendors in full and on time. Small businesses have enough supply chain issues to deal with. You don’t need to make new ones for yourself.

Manage your cash flow efficiently and keep track of all your payments. This way, you’ll ensure you don’t come into conflict with suppliers and end up paying interest or even potentially ruining business relationships and reducing your options moving forward.

Plenty of payment methods are available for small businesses to better organize accounts payable, including Automated Clearing House (ACH) payments that completely remove the need for cash or checks. Other benefits of ACH payments for your small business include scheduling payment dates and recurring payments, effective cash management so you can hold onto funds for longer, and reduced transaction fees.

2. Identify risk areas

Supply chains are often complex, containing a series of components critical to business operations. Make sure your small business has a clear and comprehensive list of everything it needs, along with multiple suppliers capable of sourcing each piece. Identify any potential risks in your supply where you may only have one or two viable sources.

It’s easy for small businesses to fall into the trap of finding a single supplier that handles everything they need and leave it at that. Unfortunately, this puts the fate of your business in the hands of one vendor. Any problems they have delivering their products is now your problem. There is no reason to introduce this level of risk to your operations, and a much healthier way to run your business is to always give yourself multiple supply chain options.

cropped view of worker with broken arm signing form for compensa

You never know if a specific product might become unavailable at short notice. However, as a smaller business needing lower quantities, you can use your agility and develop relationships with multiple suppliers. Try to find entirely separate vendors in different locations that do not work with the same manufacturers.

3. Stock management

Keeping track of your existing stock is critical regardless of the size of the business. You need precise numbers for everything you currently have in stock and estimates for current usage in order to restock in time and never is left short. Accurately forecasting demand is critical for businesses to effectively manage their stock and protect themselves from unplanned product shortages.

While it’s not always possible due to budgetary constraints or storage capacities, if you have a volatile supply chain, there are benefits in trying to increase your inventory levels. In particular, this applies to critical components that are harder to come by. You can do this by bulk buying when you have the opportunity or seeking financing options to invest more into your inventory.

4. Simplifying your supply chain

While it can help to offer a wide range of products, this places additional strain on your supply chain. More products mean expanding your supply chain, dealing with more vendors, and more complicated logistics. Where possible, remove or combine products to simplify your supply chain and save yourself time and headaches. Even larger companies are streamlining the products they offer, consolidating operations, and building supply chain resilience to limit future disruptions.

5. Managing logistics

Even once you source everything you need, you still have the logistical challenge and costs associated with getting it all delivered. With rising fuel prices, logistics costs are snowballing, and small businesses need to work hard to rein in the cost of moving their supply chain products. This may mean making larger orders from fewer suppliers to save money along the way.

6. Use supply chain tools

A range of supply chain tools can help businesses stay on top of their operations. While it may seem like overkill for your small business, Supply Chain Management (SCM) software can help you track inventory, manage logistics, and create a comprehensive real-time database of all your supply chain information.

Staying in control with effective supply chain management

Having steady, reliable, and fast access to everything your business needs is one of the most challenging parts of running a business. Unfortunately, even the biggest and most well-equipped companies in the world have supply chain struggles. But, by using your size to your advantage and identifying multiple sources for each type of inventory, you can remain in control even when inevitable supply chain mishaps occur.

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