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In a tough financial spot, should I wait it out or start selling stuff?
I had some unexpected financial fall backs this month. My home was in the direct path of a hurricane and I lost electric for two weeks leaving $200 worth of groceries spoiled. I had to eat out for a while and then replace everything that was refrigerated costing me another $150. My car windshield was smashed by a falling branch from the same hurricane, this cost me $250.
To top it all off a big paycheck I was expecting won't be coming for another week when I was told it was sent last week only to be told today it just got sent out this afternoon.
At this point after paying rent ($900) I have $370 left to my name and $650 worth of bills coming due before the 7th. I don't know what to do. My gas is also running low and I'll be out of groceries again in three to four days.
I could count on the check coming, but what if it doesn't?
I have two things I could possibly sell, a game console worth around $250 and a phone worth around $500 (maybe less). I really don't want to sell either of these because I love my game console and I kind of promised the phone to my dad.
Most of my family is just as strapped as I am, and I can't ask anybody else I know to temporarily borrow money.
Help! What can I do?
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DON'T SELL ANYTHING!!! Trying to sell things in a hurry will not get you anywhere near full value and the value you have placed on them is a bit high for resale as it is.
Buy some gas and buy some food. If you have bills coming due before you check arrives call your creditors and explain that you were financially hurt by the hurricane and are just starting to get back to work. You can send them a token payment in a week and the remainder next month along with next months payment. A token payment is usually 25 to 50 percent of what is normally sent. Do this to give yourself some breathing room while you recover fully from the hurricane. Most creditors will understand considering the millions of people affected by the recent hurricanes.
Your car windshield should be covered under you insurance policy if you have a both the required liability and the optional comprehensive coverage. Most comprehensive coverage does not have a deductible. If you have renters insurance your spoiled food should be covered under your renters policy check with your agent on both and file claims.
If you are covered is another reason to make token payments on your bills this month to allow for the insurance claims to be paid to you.
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