Monday, March 29, 2021

4 Options To Consider If You're In Need Of Emergency Cash


Photo: Sharon McCutcheon/Unsplash

Whether you have recently lost your job, your home is in need of large repairs, or your car has been written off, one thing is for sure: you need cash and you need it quickly. Sadly, when financial emergencies arise, many of us are unprepared and don’t have a rainy day fund to help. 

If you’re currently in this situation, you’re definitely not alone. Even better, there are options available to help you raise cash quickly. The following four ideas are a great place to start:

1. Borrow A Bit

One of the easiest ways to get a quick cash injection is to borrow a little bit of money. 

The easiest and safest way to do this is through a no interest loan scheme. Alternatively, you could seek a loan from family or friends, but that can be complicated and test relationships. You could also release equity from your property, but that also comes with its own risks. 

In all cases, do not take any loan if you are not sure you can pay it off within a reasonable timeframe. It is also very important to avoid any illegal, high-interest, or otherwise unscrupulous money lending options. There are always better ways to get a cash injection than turning to predatory money-lending that results in more debt, usually very quickly. 

2. Liquidate 

Liquidating what you own doesn’t mean you have to sell huge belongings like your house or your car. For a small to medium cash injection, there is a lot you can sell before it gets to the stage of selling larger assets. Here are some suggestions of things you could sell to get cash quick:

  • Jewelry that has no sentimental attachment or that you don’t wear often

  • High-quality clothing like bridesmaid dresses or vintage pieces you inherited but don’t like

  • Recently purchased phones, TVs, or games consoles you could return for full price

  • Older electronics and gadgets that rarely get used 

  • Equipment like cameras or sewing machines from hobbies that never took off 

  • Toys and clothes your children never use any more

  • Any items you clear out during a decluttering session  

It may feel a little desperate to have to sell items to make money, but if it stops this cash emergency from becoming something bigger, it’s a small price to pay. 

3. Boost What You Earn

Starting a new career isn’t going to get you money quickly. However, signing up for more hours at work could be an easy way to boost your next paycheck. Freelancers may wish to consider invoice financing to even out their income. Taking a second job could also boost your earnings. 

Ideally, the second job leverages your natural talent so it doesn’t feel so grueling. For example, if you’re naturally chatty, maybe a few hours working at a bar in the evening could work well for you. Or if you have expertise in a certain area, like photography, you could write an ebook, or run online workshops for hobby groups. 

4. Make A Sacrifice

According to statistics, Americans spend around $2,000 per year on vacations. If you spend a good chunk of your income on holidays, perhaps you could have a staycation this year for an instant cash injection. Sacrificing large payouts like this may feel disheartening, but as we mentioned above, it is much better for you over the long-term than getting into even deeper financial troubles. 

You Can Get Emergency Cash Quick

It is often easier than we realize to get emergency cash when we need it. With a little ingenuity and creative thinking, you could get back in the black quickly, for a better financial future.