Twenty-nine percent of American workers have less than $1,000 in their savings accounts. And 42% are living paycheck to paycheck.
As a single mom, you probably know what it’s like to make ends meet each month. Between work, taking care of the kids, and daily living expenses, it can feel impossible to find extra cash when you need it most. With these tips, you can gather a fund of emergency cash and pay for the bills on your own.
Don’t wait for a major money emergency. Instead, learn how to get cash fast with these seven tips.
The next time you have an “I need money now” emergency, you’ll know exactly what to do to start saving. Get started with these easy tips.
1. Participate in Church Assistance Programs
First, check out the churches nearby. There are a lot of neighborhood church aid programs available that can help.
Neighborhood church aid programs can provide you with resources, including free items and financial support. Some programs are also able to help with rent, free food, and clothing. Ask if there’s financial assistance available for single mothers in your area.
If you need emergency cash, programs can help you pay for rent and cover your utility bills.
Some programs can also help arrange affordable medical or health care. Do you need emergency money for a birthday or holiday this year? Some programs help during the holidays by providing free toys and food.
Speak with someone at your local church to determine what help they’re able to offer.
2. Apply for a Loan
Some banks and credit unions provide loans for single mothers. If you need emergency cash, head to a bank or lending institution to ask about their single mother loans. The turnaround time for these loans can take one to three business days before you’re granted approval.
Banks have loans specifically for customers who have defaulted on loans in the past. There usually wary of anyone who poses a threat of becoming a credit risk. If you decide on requesting emergency money from a bank, make sure you have good credit first.
Banks will also ask for some form of collateral for you to qualify for a loan. A bank or lending institution can claim the asset used for collateral if the loan isn’t repaid.
You might also consider a payday loan if you need emergency cash. Payday loans are ideal as a short-term option. They’re fast, convenient, and confidential.
Payday loans are used for general or urgent cash needs. You can repay the loan from your bank account on your next payday. To qualify, you might need to receive your paycheck in the form of a direct deposit.
You can apply for a payday loan through your computer, phone, or in person. The amount of funds you qualify for depends on your salary. Repayment will depend on how frequently you receive your payment.
You can also check out these hard money loans for emergency cash options.
3. Hold a Garage Sale
While you wait for your loan to come in, try holding a yard sale to gather emergency cash. There’s a chance you have items throughout the house you don’t need or want anymore. Gather them together and let everyone know that you’re hosting a garage sale.
You can sell:
- Sterling silverware
- Old albums, CDs, and movies
- Jewelry
- Clothes
- Shoes
- Books
- Toys
- Printers
- Computers
- Dishware
Most people who attend a garage sale are equipped to pay with cash. This is a great way for you to gather emergency money as a single mother.
Make sure to advertise your garage sale around town and on social media!
4. Turn to Your Family
If you’re comfortable with the idea, ask friends or family members if you can borrow money. While this isn’t always an ideal situation, it’s a good alternative to other options if you need cash.
If you want to earn the money instead of borrowing it, put your skillset to good use! Ask friends or family members if you can complete a task for quick cash. For example, maybe you can offer to make clothes or curtains using your sewing skills.
If you’re good with hair and makeup, ask if you can style hair for a large group during a big event. For those of you good with money, ask if you can offer your bookkeeping service.
The kids can help, too. For kids that are old enough, help them find babysitting gigs around the neighborhood. You can have your kids mow lawns or walk dogs for quick cash, too.
Together, you can gather the emergency funds you need as a team!
5. Start Selling Stuff Online
If you don’t have time to host a garage sale, consider selling your stuff online.
Head to eBay or Amazon to start selling! You can gather items from around the house that are in good shape and start generating a profit.
Keep eBay’s rules, regulations, and procedures in mind. Amazon will have its own set of rules as well. Take the time to complete a little research on your end to avoid timewasting mistakes.
Then, you can start building your emergency fund even while you’re busy being a single mom!
6. Sell an Old Car
Do you have an old car sitting around in the garage? If so, sell it off to a junkyard. Junkyards will often pay for working parts from an old vehicle.
If you don’t have a junkyard nearby, try selling your car to another car owner or mechanic. There are also companies that can salvage your car for metals, scraps, and other pieces to repurpose.
7. Cash Out on Your Retirement Plan
Thirty-three percent of American adults have $0 saved for retirement. If you do have money saved up for retirement, you might want to consider tapping into it for emergency cash.
Consider taking a personal loan against the funds in your retirement account.
Pay the Bills: 7 Ways Single Moms Can Find Emergency Cash
Need to pay the bills? With these seven tips, you can find the emergency cash you need as a single mom. Now you can keep the lights on and keep the kids fed.
Searching for more tips? Check the Travel and Home Living section of the blog for more ways to save.
I’m a 20-something stay-at-home mother and wife. I have an amazing husband, a beautiful daughter, two loving dogs, and a lazy cat. I wouldn’t change my life for anything! I love to read, listen to music, cook and blog!
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