How to get through the financial storm of your life without borrowing money ?

Hong Kong
August 18, 2011 2:50am CST
When we face different storm of life, we need to go through it if we can't escape from it. There are storm in our finance and there seems to be no way out except borrow money from others or from the bank.There are some people they will just cut out their life insurance in order to get those money from the cash value. For sure it is the last step that we would recommend for people to cut their insurance because we will experience loss of finance and all the protection in the long run.However, borrow money seems to be the only way out. Well, maybe you have another opinion that can help our members in mylot. Share with us.
1 person likes this
12 responses
18 Aug 11
Yes, you're right borrowing money is the only way out! I will find other alternative like selling my things like DVD,CD,TV.
1 person likes this
@dorannmwin (36698)
• United States
22 Aug 11
I wish that there was a way to get through a financial storm in my life without borrowing money, but that hasn't been something that I've been able to do. Well, right now we are having a lot of financial hardship because of my husband missing work and also his increased medical expenses from having chemotherapy. Well, we've withdrawn a lot of our own money from his IRA to help pay for the expenses and we do have family members that did owe us money. However, once that is gone really the only option that we will have is to borrow from our family.
@blue65packer (11835)
• United States
19 Aug 11
No matter what I do I stink when ikt comes to money! I swear it was easier.like 15 or so years ago, to save money and have it for emergenies! I know things chnage and inflation is always there! I know I am making more but spedning more! Gasoine is higher,my cable goes up every year,food is expensive,electric is not cheap,I have to pay a water bill! I am paying off bills I am paying off from 2 and 3 years ago! I am always borrowing money! Two years ago I took a loan out from my retirement fund to pay for a new car transmission and payed off some smaller bills. Sill 3 more years to pay off! When my car needs fixed I ask Mark,my friend, for money! There is no way I an afford car payments! I have borrowed money from my folks in the past too. I don't see this stopping unless I win the lottey!
@Cutie18f (9564)
• Philippines
19 Aug 11
I notice that borrowing money seems to be the only recourse that people can do in order to solve financial problems. I try to avoid getting into this nowadays because it is not going to be very easy to keep on asking for favors from people. Another problem is the payment. When we borrow too much, we might not be able to pay them back and that's going to complicate matters.
@r3jcorp (1384)
• Philippines
19 Aug 11
Borrowing money will just add burden with the existing financial problems but you can do it if it is amortize in longer periods and with the least possible interest and pay those who are asking for too much. You can try to evaluate your monthly expenses and look for areas where you can cut it out to have further savings.
@QeeGood (1214)
• Sweden
18 Aug 11
you can sell out things you do not really need. you can cut your expenses, you can do a monthly calculation of the most important expenses you have to pay, like rent, food, clothes, electricity, insurance. After all is carefully evaluated thoroughly you perhaps need to take a loan as a way out of the huge debt. But it is very important to be determined to stick to the calculations for the monthly expenses.
@RobtheRock (2485)
• United States
18 Aug 11
I agree with you. I think we should tighten our belts. That's what I do since I'm aready drowning in debt. No one will let me borrow. And I don't want to borrow. I'll get on my feet and then pay my debts. And I won't borrow in the future.
@SIMPLYD (78669)
• Philippines
18 Aug 11
Even the very rich people borrows money. And when they borrow , they borrow in millions. Well, when we need an immediate big cash , i always run to my boss and she will readily lend me. Then, to pay her, i would borrow from SSS or from Pag-ibig. That's what i did when our daughter needed a big amount for her schooling last year. Sometimes, it's my husband who borrows from SSS. We take turns. I thank God for giving me a very generous boss! I love her so much.
• Philippines
18 Aug 11
Save and invest wisely. This principle will save you from the need to borrow money. Be financially free by knowing where to invest and organizing and managing your own money. As early as now, one should start to save up an emergency fund, investment fund and other funds deemed necessary in the future. Borrowing money should only be an option when you need big amounts to be able to start an investment which will yield another big amount. Borrowing money should not be done if the purpose of the money has no effect on increasing your assets. Just my thoughts regarding this topic.
18 Aug 11
Hi wildlittlefan, We cannot avoid financial crisis. It usually happens in the family. Whenever that comes, we ask help from a brother or sister who have jobs and income. It is in the family to help one another, give to another, share to another. We pool our resources together to help a family member who is in need of financial help. We do not borrow from the bank because of the high interest.
@brew2x (3096)
• Philippines
18 Aug 11
Borrowing money can be a solution and can also be an additional problem in the future. Just try to find money lender with the lowest possible interest rate. You don't want to be neck deep with more financial problems if the interest is pretty high. Selling items at home that you don't need anymore will also help. Try a garage sale or sell your items online, whichever works better for you. If you are in need of money as soon as possible then you can also pawn some jewelries. Same with the money lender, find a pawnshop with the lowest interest rate possible.
@Ghajini (776)
• Philippines
18 Aug 11
Financial problems are just one of the many problems that we will encounter in life. I suggest that if you will ever decide on borrowing money, be sure that you borrow from someone you really know and trust and most of all borrow only a realistic amount that you can pay back in the future. It's a bad idea to borrow 50k dollars if you know yourself that you have no means of paying that in the future. Lastly, you can also ask GOD to help and guide, you'll never know HE might lead you to someone who you can trust and borrow money from.