Even Olympians Face Financial Hardship

The Olympics are just a few short weeks away and American athletes have already descended on the grounds in London. Unlike other professional athletes, most Olympians don’t receive large salaries to practice their sport. So if you’ve recently fallen on hard times and need a payday loan advance to cover your monthly expenses, don’t feel bad, because even Olympians can face financial woes.

Specifically, only 50 percent of track and field athletes who rank in the top 10 in the nation earn more than $15,000 per year from their sport. While apparel contracts can account for a majority of this income, there are often provisions that can drastically reduce payment if an athlete underperforms or becomes injured.

Some athletes have even gone as far as selling sponsorships on internet auction sites such as eBay. For example, American shot putter Adam Nelson sold his support to MedivoxRx for $12,000 per month just to make ends meet.

While selling your support for a product may not be an option to bring in more money every month, there are ways to budget your money to get by.

Track Your Spending

Perhaps the most effective way to control your money is to track your spending. Examining your expenses for at least a month can give you an idea of areas you can cut back on. Hang onto receipts, ATM slips and bank statements to get started, and adjust your payment habits accordingly.

Determine Your Priorities

Once you figure out where all of your money is going, determine which of your monthly expenses are the most important. As a rule of thumb, no more than 30 percent of your monthly income should go toward housing and utility bills.

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