A late paycheck can be devastating when you are counting on the money to come through. CNN Money reports that 76 percent of Americans are living paycheck-to-paycheck, which means that you could be in a terrible financial spot if your paycheck is late and you are not able to pay your bills or meet your monthly expenses.
When you have a late paycheck, you shouldn’t just sit back and let financial disaster happen. Here are some things that you should do when your paycheck is late.
What to Do When Your Paycheck is Late
When you have a late paycheck, here are some things that you should do:
- Speak to your employer right away. Your employer is required to provide your paycheck on time and as promised. While mistakes can sometimes be made and things can go wrong, you do need to talk to your lawyer to find out what the issue is and to learn when you will be getting paid. If you are in a bad financial spot because your employer is late, let the employer know. They may be able to give you an advance or a short-term loan until the paycheck comes through, since it is there fault it is late.
- Prioritize your bills and check your expenses. You should list all of the bills that need to be paid and the dates when they must be sent in by in order to avoid a late fee or a ding to your credit. See if you can pay the essential bills that are due immediately even before your paycheck comes.
- Reach out to your creditors and those you owe money to. If you need to pay your rent, your credit cards, your mortgages, your utility and your other monthly expenses and you don’t have the money to send in the payments, you should be proactive. Just being late and not letting your creditors know is more likely to cause you serious problems. If you reach out to the creditors and the utility companies, they may be willing to give you a short-term extension until after your paycheck comes in. It never hurts to ask and you could end up saving yourself a lot of aggravation just by reaching out.
- See if family members can give you a short-term loan. Family members and friends should understand when you have an unexpected situation like a paycheck that is late. If they have the money, they may be willing to lend you the amount that you need to get through until your paycheck comes in.
- Look for sources of emergency aid. If you have a pressing need for money right away, you may be able to find emergency assistance to help you until your paycheck arrives. There are lots of local charities and organizations that give people help with important bills like heating bills. If you are having a hard time putting food on the table, visiting a food pantry can help to ensure you do not go hungry until your paycheck comes. Find Food Bank.org allows you to put in your information and locate a food bank in your area that may be able to get you the groceries you need until your paycheck catches up. Once you get your paycheck, you can always donate money to the food bank to make up for the fact that you had to visit if you are concerned about using this resource.
- Consider a car title loan. A car title loan from TitleBucks.com will allow you to access fast cash very quickly to meet your immediate financial needs. You can qualify for a car title loan even if you do not have very good credit or if your credit score is bad. You can continue to drive your vehicle after taking a car title loan, and you can take a short-term loan just to get you through until payday if that is what you need to do.
- See if a cash advance is available on your credit cards. You’ll need to have a credit card already in order for this option to provide you with the quick cash that you need.
These are a few of the possible options that you have when you have a late paycheck but your bills need to be paid today. You should carefully come up with a plan to deal with this situation that works best for your financial needs.
James Lee is a no nonsense kind of guy. He likes to cut to the chase and lay things out on the table. Such is the case with finances. Prepare for any situation in advance, Know your options.