We all try our best to be prepared for a financial emergency. Maybe it is a wine jar full of loose change we could cash in to pay for some groceries or a birthday card full of cash tucked away in a drawer until we really need it. Of course, there are times a person may not even have those types of options. When a financial emergency occurs, what can you do to make some extra money? Read on for five tips that could help.
1. A Side-Hustle
1. A Side-Hustle
There are a lot of side hustles you could do to make some quick cash in an emergency. Do you have clothes, shoes, and electronics you don’t wear or use around the house? Sell them on Facebook Marketplace, eBay, Poshmark, or any other website that allows users to offload their belongings. Start driving for Uber or Lyft. Grab a job as a pet sitter or delivery food driver. Apply for the Amazon Flex driver job, which usually pays $20 – $30 per hour, depending on your location and the tips you might receive. You also get access to theAmazon Flex bot, which is a system that sorts out everything for you, grabs the blocks and saves a lot of time.
2. Create a Budget: A budget can help you track your income and expenses, and identify areas where you can cut back on spending to save money. Creating a budget can also help you prioritize your expenses, so you can focus on covering the most important ones during a financial emergency.
3. Use Emergency Funds: If you have an emergency fund, this is the time to use it. Emergency funds are typically kept in a separate savings account and are meant to be used for unexpected expenses. If you don’t have an emergency fund, consider starting one as soon as possible to help prepare for future emergencies.
4. Explore Financial Assistance Programs: There are many financial assistance programs available that can help during a financial emergency, such as government benefits, community programs, and nonprofit organizations. Researching and applying for these programs can provide some relief during a difficult time.
5. Consider a Personal Loan: If you’re unable to cover your emergency expenses through the above methods, you may want to consider a personal loan. Personal loans can provide a lump sum of money that can be used to cover emergency expenses, but it’s important to carefully consider the interest rates and repayment terms before taking out a loan.
2. Use a Credit Card
Credit card debt is no joke for millions of men and women. In fact, Americans owe billions in credit card debt alone. However, it?s always a good idea to have at least one credit card with a decent spending limit that you can put aside for emergencies. To keep it active, spend a little bit using the card every couple of months and then pay it off right away. When your water heater breaks or your car needs four new tires to pass inspection, you?ll have that card to fall back on.
3. Apply for an Online Loan
If you don?t have the best credit score, you might not have the option of using a credit card. If this is the case, it’s possible to apply for installment loans online even when you have a bad credit history. Most companies have very lenient requirements for installment loans. You?ll be asked to prove your place of employment, your income, and your identification. The company won?t do a credit check in most cases, and you can get the cash you need deposited right to your bank account within days. It?s an easy solution when you don?t have anywhere else to turn for fast cash.
4. Keep a Savings Account
It?s often easier said than done when it comes to saving money. But you should always try to have money set aside in the event of an emergency. Download a free spending tracker and start paying attention to where your money goes every month. Find ways to cut your spending habits, such as your entertainment for the month or your cell phone plan. Put those savings into a savings account for emergency use. Even just a small amount every paycheck can make a big difference if you are diligent about it!
5. Ask for an Advance
If you are working, talk to your finance department about the possibility of an advance on your paycheck. You may be allowed to take out enough to cover an emergency. You may even get lucky and get a personal loan from your boss! The best way to ask for an advance is in writing, but you should always be prepared for your boss or finance department to ask to meet with you face-to-face. There may be a way to get an advance and pay it off in increments from your future paychecks.
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!
Speak Your Mind