Is your rent due, but you haven’t received your paycheck yet? Are you stuck with an unexpected medical bill? There are a number of emergency situations that call for instant cash. If you don’t have an emergency fund to fall back on, here are few ways you can quickly put together some cash. Take a look.
1.Ask Family or Friends
Keep your pride aside, and ask your family and friends for monetary assistance. Instead of thinking of it as a charity, look at it as a loan that you should promise to repay when you can. Borrowing from friends and family is a safe option as they are unlikely to charge an inordinate interest rate.
2.Sell Your Valuables
Whether you have some valuable jewelry or electronics, you should consider selling them. You can take your jewelry to a pawn shop and get a loan in return. Another option is to sell iPhone 6 as iPhones usually have a decent resale value. Remember to do your research to find a genuine buyer.
3.Work an Extra Shift
Take up an extra shift at work and ask your employer for a salary advance. Whether your employer gives you salary advance depends on your line of work and the employer, but it’s worth asking.
4.Take Out a Payday Loan
If you cannot borrow from your family, then taking out a loan is another option. In case you have a bad credit score, then a traditional loan is out of the question. A payday loan is an accessible option for emergencies.
However, payday loans being one of the most expensive forms of borrowing can trap you in a never-ending cycle. It’s smarter to sell iPhone 6 than take out a payday loan.
5.Sublet Your Room
You can sublet your room for some time and meanwhile crash on a friend’s couch or live with your parents.
6.Host a Garage Sale
Even if you don’t own any precious jewelry, it’s still possible to earn some cash by selling your belongings. Take a look around your house and gather everything that you can live without. From clothes to furniture, nothing is off-limits. You can either host a garage sale or sell these things to a second-hand shop.
7.Open an Etsy Store
Are you good with crafts? Can you paint really well? All your art and crafts skills can be monetized, thanks to Etsy. Make some artwork and set up an Etsy shop to get your side hustle started.
8.Offer Your Services
There are quite a few services that you can start without much training or experience. You can drive for Uber or Lyft. Another option is to work as a dog walker or babysitter. Put up flyers in your neighborhood for whatever services you decide to offer.
Life is unpredictable, and a financial emergency can come out of nowhere. Hopefully, one of the aforementioned tips will help you through a rough financial patch. Whether you decide to sell your iPhone 6 or take out a loan, try to keep a positive mindset during difficult times.