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Living on a shoestring budget might avert bankruptcy

Let's face it — life is full of curveballs. Many of those seem to occur in the financial sector of our lives, and sometimes we aren't as well-prepared as we should be.

If your economic situation is in free-fall, the following tips might help you avoid filing for bankruptcy:

Have a major yard sale

Most of us have amassed an incredible amount of junk and unnecessary items by adulthood. Keeping in mind that one man's trash is another man's treasure, your Memphis house or apartment could prove to be a treasure trove.

Unload that exercise equipment underneath the pile of clothing and round up the components to the PS2 your kids no longer play. Slap a price tag on your stuff and sell, sell, sell. If the thought of staging a yard sale is mind-boggling, take a few snapshots of your wares and make some online posts.

Downgrade your vehicle

If you can no longer afford to make your monthly car notes, investigate the possibility of turning it in and replacing it with a used vehicle without a monthly payment attached.

Got two cars? Sell one to pay the bills and make-do with just the one (preferably the one without a note).

Take a second (or third) job


In this gig economy, there are countless ways to add to your family's coffers each month. Consider your and your partner's individual skill sets. Are you handy with tools? Advertise your "honey-do" skills on free platforms like Facebook and Craigslist to pick up some odd jobs.

Those who are good with numbers and bean-counting might want to advertise their bookkeeping skills to small businesses in and around Memphis. People who excel at writing might look into finding some online blog-writing jobs. Mystery shopping is also a good way to swell the bank account in your spare time. In the face of financial disaster, any job is preferable to none. Driving for Uber, delivering pizzas, cashiering at WalMart are all jobs that should never be sneered at. Nothing is shameful if it's helping you dig yourself out from under a debt mountain.

Your worst-case scenario

Unfortunately, you may have waited too long to address your financial crisis. In some circumstances, filing for bankruptcy is the only logical way out of impending doom. Take advantage of the opportunities offered to you to begin again with a clear slate.

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