Drastic steps to raise cash and stay solvent

CANCEL SOME SUBSCRIPTIONS. Write down every membership, streaming service and digital app that you pay for on a monthly or annual basis. Check your credit card bill for ones you might have

forgotten about. Then ask yourself: Can you make do without access to all the TV, music, games, news, classes, security services and such you are paying for? Keep those you use frequently

and truly enjoy or rely on, of course. But if their value is just marginal, let them go. “You'd be surprised by how much it adds up once you start cutting down on those smaller

expenses,” says Ribeiro. DO A DEEP DIVE INTO YOUR SPENDING. A careful review of your credit card statements might show a surprising number of monthly restaurant or bar charges, or how

frequently you shop for pleasure, or the real cost of your knitting or woodworking hobby. “Many of my clients are calling me to say they're saving more money now,” says Sara Carter, a

financial counselor with the Greenville County, South Carolina, Financial Empowerment Centers. “They can't go to the mall and restaurants, and they have more money as a result of

staying home.” THIS MONTH SELL AN EXPENSIVE CAR. “Transportation costs are a prime area to cut back and save,” says Richard Ward, a Pittsburgh certified public accountant and member of the

American Institute of CPAs Financial Literacy Commission. Going from a two-car to a one-car household can save money on insurance, maintenance and gas, as can replacing an expensive car with

a cheaper vehicle. Mari Adam, a certified financial planner in Boca Raton, Florida, has worked with clients to lower their automotive spending; you can save hundreds of dollars each month,

she says, by trading in cars for lower-cost vehicles. Contact the dealer or lender and ask about your options. “Some dealers and brands reward loyalty, and they may want to keep you in the

‘family’ so when times are better, you may be willing to trade up again,” she says. “Make sure to do this while your credit is still good. If you miss payments and your credit score drops,

they may not be willing to work with you." REFINANCE YOUR HOME AND CAR LOANS. With today's low interest rates, you may be able to refinance your mortgage and reduce your payments

significantly. But closing costs and other fees can run from 2 percent to 5 percent of the loan's value, so you need to make sure your savings make the refinancing costs worthwhile. A

refinancing calculator at the American Institute of CPAs site can help you assess fees and savings. RENT OUT A ROOM IN YOUR HOUSE. If cutting back on spending isn't enough, one of the

quickest ways to generate regular income is to bring in a boarder. Carter has several clients who charge $500 to $600 per month per room. “It is a nice way to bring in additional income

while providing safe, affordable housing for people who need it,” she says. The homeowners generally have tenants complete an application and write up a renter's contract agreement, and

some even ask for a credit report history and a renter's history, says Carter. Find out about the tenants’ rights laws in your state. FOR THE FUTURE