For some of us in the lower end of the economic bracket money is more often than not an issue that we struggle with. I’ll freely admit that I don’t earn a lot of money. When I file my taxes, it’s not a pretty picture. Even when saving money through the year by putting away 10% of what I make off of my work, I still find myself having to pay back more debt and more into taxes than I have saved up. Inevitably, this leads me to looking for cash loans which can be difficult to attain for an independent contractor like myself.
When filing for cash loans like these – payday loans, first day loans and their ilk – you have to typically provide far more financial information than a worker who earns his money on a weekly or bi-weekly basis. While I enjoy the independent contractor lifestyle, and there’s no doubt that I might ‘be doing it wrong’ as a contractor. I should be able to save more money through the year but with the sheer amount of debt that I have on my shoulders I have little to no choice but to pay back the debt that I owe.
This might mean that I could work more. I no doubt should. There’s a conundrum there that I have to face; do I want to continue living a marginally stressful life but one that is more flexible thanks to working as a contractor or should I give up the contract work in favor of something more stable? This would make it easy to pay taxes as they would be taken out directly from the paycheck rather than forcing me to depend on my saving techniques. However, would it help me pay off the amount of debt that I have currently? I’m not so sure.