Money emergencies come up in everyone’s life no matter who or where they are. The key to getting through a money emergency is knowing the right life hacks for personal finance. If you haven’t saved up for an emergency fund, the following are some tips for coming up with ways to get money fast. You can use any of them if you ever get into a situation that requires some fast cash:
1. Have a Rummage Sale
Rummage sales go by other names such as yard sales and rubbish sales. The way that you have one is by removing some items from your home that you no longer need and putting them on sale for meager prices. Most people who have rummage events put the products on a table in their front yard and allow the people in the neighborhood to stop by and negotiate. An old adage that says that one man’s trash is another man’s treasure. That’s certainly true with a rummage sale. Someone will find value in your things, and you will make some of the money that you need.
2. Borrow Money
Nobody wants to borrow money in a pinch, but sometimes it’s the only option on the table. This could mean having a family member lend you a few hundred bucks and repaying them over the course of a few months. For families who don’t have relatives who can help financially, borrowing money through a qualified lender is the next best option. Look for payday loan alternatives online to get the best deal on short-term borrowing.
3. Do Some Odd Jobs
Odd jobs that don’t require long application processes can help you gather funds for your purpose quickly. Examples of these odd jobs are babysitting, moving assistance, auto repairs, hair styling, writing online, and painting. You can find people who need help with such tasks by reviewing the classified ads online and in the physical newspapers.
4. Pawn something
You can gather funds quickly by pawning something of value, as well. Pawning isn’t the same as selling, so you don’t have to give away something that you love. You can come back within 30-60 days and repurchase your item if you have the loan money at that time. It’s a great way to get money fast without losing something that’s important to you.
You can pawn your car if you need a large sum of money. Title loans are similar to car pawns except you get to keep driving your car while your loan is outstanding. The only thing you have to give up is the title temporarily. They’ll place a lien on your title until you repay the advance, and then they’ll remove it afterward. You can receive title loan funds the same day that you need them.
5. Use Your Overdraft Option
Some banks will allow you to overdraft if you’ve had your account long enough, and you can prove that you’re trustworthy to repay the “loan.” There is a fee involved, but they’ll let you know what it is beforehand. Just make sure that you don’t make it a habit. While they do extend the courtesy, they most likely don’t want many repeat situations. It’s good for an emergency that you’ll to be able to repay within 30 days, however.
6. Try P2P Lending or Crowd Funding
Peer-to-peer lending and crowdfunding are both systems that allow you to ask random investors for help. These people want to help for various reasons, and you can give them the opportunity to do that by applying. You have to create a profile and tell the story of why you need the money. The better you are at telling your story and being transparent, the greater the chance is that they will help you.
Those are just a few quick tips that you can use if you have an emergency in your life. Once you use them, you’ll be able to come up with some additional hacks that you can use in the future.
