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No more money at the end of the month - 8 tips for bridging the gap

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OPTIMIZE YOUR DIRECT DEBITS FIRST

Do you often not have enough money left over at the end of the month? Here's how to keep track:

  1. Put your standing orders together on a date shortly after the beginning of the month.

  2. Try to schedule monthly direct debits from companies (credit card, subscriptions, etc.) on the same date as far as possible. Some companies offer several options for the debit date.

  3. Keep an eye on credit card payments to avoid being surprised by charges. You can use an e-account with most providers.

  4. Keep a budget book so that you know exactly what your income and expenditure are. This will allow you to adjust your payments so that you still have money left over at the end of the month.

    1. Free online budget book: Finanzmanager V8

    2. Paid online housekeeping book: Hahabu (from 4.90/month)

YOUR OPTIONS FOR BRIDGING THE GAP

If you are already in an emergency situation and urgently need money to tide you over, you have various options for a quick solution:

  • Immediate sale of collateral to a dealer

  • Increase in the overdraft facility at the bank (up to a maximum of 3 months' salary)

  • Ask the credit card company to suspend the charge

  • Pawning collateral (pawn loan)

  • Pawning a car (car loan)

  • Defer rent or other fixed payments

  • Ask social institutions for help in cases of hardship

  • Check subsidies to improve the situation in the long term

1. IMMEDIATE SALE OF COLLATERAL

If you want to get money that you no longer have to pay back, you can sell your items immediately at a retailer such as Rebuy (electronics) or Momox (books & clothing). You'll get a little less than if you sell privately, but you'll receive your payout immediately and without having to wait.

2. INCREASE IN THE BANK'S OVERDRAFT FACILITY

Banks generally grant their customers a maximum overdraft facility of 3 months' salary. If you have not yet exhausted your limit, you can ask your advisor for an increase.

The prerequisite for this is usually a monthly income.

3. SUSPENSION OF CREDIT CARD PAYMENT

In exceptional cases, credit card companies often grant you a one-off suspension of a direct debit. It is best to ask your provider whether you can postpone or split the payment.

Please note: Don't forget that you will be debited the unpaid amount in the following month.

An alternative to this could be to switch to installment payments. You will usually be debited around 10% of the total amount each month. However, the fees for this are very high, so you should only consider this offer as a temporary solution.

4. PAWNING OF COLLATERAL

If you have a valuable item such as jewelry, a cell phone, a tablet, a bicycle, a designer bag or much more, you can easily have it pawned at a pawn shop. In digital online pawnshops such as CASHY, you can view your offer online and book your pawn loan straight away.

  1. Offer: Find out anonymously online at cashy.at how much you can borrow for which item and how much the fees are.

  2. Delivery: Bring the item to a store or simply send it by post.

  3. Pay out: Receive money in the store in cash or as a bank transfer, if you send it by post you will receive a PayPal or bank transfer.

  4. Repayment/extension: Both an extension and a repayment or partial repayment are possible online in your account. Your item will either be returned to you in the store or sent back to you once the pawn loan has been paid in full.

5. PAWN YOUR CAR

If you own a car that is neither leased nor financed by the bank, you can also use it as collateral to borrow money and thus bridge the time until your next salary is received. You simply deposit the papers for your car loan as collateral at the pawnshop and can simply continue to drive your car within Austria for the entire term.

  1. Enter your vehicle details in the calculator and find out immediately how much you can borrow. You can also directly reduce the amount offered for the booking if you need less.

  2. Make an appointment to have your car checked and decide whether to park your car or continue driving

  3. Receive money immediately after your appointment in cash, via PayPal or as a bank transfer.

  4. Repayment is possible at any time, even earlier, and you can apply for an extension at the end of the term. Partial repayment is also possible at any time via your account.

Car pawn calculator

6. DEFERRAL OF MONTHLY PAYMENTS

It is often possible to defer regular payments such as rent, loan installments, energy costs or similar. This means that you get a deferral of payment. In other words, you defer (part of) a payment and settle the difference the following month or, for example, at the end of the loan repayment period, depending on the agreement.

7. ASSISTANCE FROM SOCIAL INSTITUTIONS

If you can't find a way out of your situation and none of the options we have mentioned are a solution for you, you can also turn to associations such as Caritas. There you can get help in the form of donations or legal advice and perhaps find a way out for yourself.

8. CHECK SUBSIDIES

If you are a so-called hardship case, you can also apply directly for a state subsidy for your rent. Whether you can receive a subsidy in the long term depends on the following factors:

  • Household size

  • Income

  • Rent

You can also apply for grants for many other expenses. It is best to find out directly from the social welfare office what options are available for your situation.