Saving and setting a budget are the keys to financial success, but sometimes you have to invest in yourself to achieve your goals. Unfortunately, a cash shortage can leave you unable to take advantage of potentially life-changing opportunities, so taking out a personal loan can be a smart financial move with long-term benefits. Below are a few situations in which you may have to spend money to make money.

What Situations May Require an Upfront Investment?

1. Home Repairs

A leaky roof, struggling furnace, and other home repair issues may cost a few hundred dollars to fix. However, if the problem goes on too long, the damage may spread, resulting in bills that could add up to tens of thousands of dollars. Taking out a personal loan to cover the repairs now could save a lot of money and prevent serious financial emergencies later.

2. A Job Interview

If you’ve been working toward the career you’ve always wanted, landing an interview can seem like a dream come true. Unfortunately, many people don’t have a wardrobe that reflects their skills, talent, and ambition. First impressions are everything, especially in professional settings, so you want to walk into an interview looking your best. In this situation, spending the money on appropriate attire can generate returns for the rest of your life.

3. Starting a Business

Every business takes time, commitment, and enough cash to get your enterprise off the ground. Depending on the industry you’re going into, you might need to lease a commercial space, purchase equipment, and print some marketing materials. A small business or personal loan can provide the springboard you need to succeed.

If you need funds to take advantage of an opportunity, Spirit of America Federal Credit Union offers low-cost financial services and the personal service you deserve. As a not-for-profit credit union, they proudly served federal employees, postal workers, military members, and their families throughout Nebraska’s Lancaster County, a tradition that goes back to 1932. Visit their website to learn more about their personal loans or call (402) 467-1102 to start the application process. For updates and more financial tips, follow their Twitter today.

Insured by NCUA (National Credit Union Administration)