Life often throws unexpected bills our way and dealing with them can be stressful. Studies have shown that on average Americans are saving less than 10% of their annual income. So most people aren’t prepared for a financial emergency.
But don’t panic! There are lots of ways of getting yourself out of a financial pinch. This article outlines 5 simple ways to raise money fast.
1. Selling Some Items
Most of us have too much stuff in our houses, sometimes I want to sell my stuff because I don’t need it. Technology and furniture in good condition will usually fetch the highest price. You could also sell jewelry made of gold or silver.
There are lots of apps and websites that are easy and free to sign up for, such as eBay or Depop. Also, try using social media platforms like Facebook, as it has a marketplace feature. If you cannot sell things online, you could also try local auctions or garage sales.
2. Count Up Loose Change
It is surprising how much money could be lying around in loose change. Collect all the change you have and take it to a bank or exchange machine and turn those coppers into cash!
Check also if you have any gift certificates or coupons that you could make use of. Saving money on groceries and other essentials raises money faster than you’d think.
3. Ask Friends and Family
Borrowing money from supportive friends and family could be a game-changer. Talking to loved ones about hardship can help relieve stress about the situation.
To make sure that both sides feel comfortable, make a repayment plan. This should outline your terms and manageable monthly payments. You may even be able to work out a way you can offer them something in return such as cleaning or gardening.
If you feel comfortable, you could even turn to crowdfunding. This is where you ask for support from people online. Sites like GoFundMe are often used to support people in need of financial aid.
4. Turn Investments Into Cash
Cashing in any stocks, bonds or cash investments can be a quick way to liquidate your assets. Talk to a financial professional about this step, as you could be liable for taxes on the money received.
If the amount of money you need to raise is large, then selling your home is also an option. Agencies that specialize in selling properties fast, like www.doughopkins.com are a smart choice.
5. Pick Up a Side Hustle
Finally, working part-time could be a great option for earning some extra cash. You could try working online doing virtual administration or teaching English. There is also a big market for creating and selling arts and crafts for online marketplaces.
Finally, working part-time could be a great option for earning some extra cash. You could try virtual administration or teaching English online. There is also a big market for creating and selling arts and crafts for online marketplaces.
If you want something in your local area, offer to babysit or walk dogs. You could also ask local stores if they have any vacancies. If you have a car, picking up some shifts through Uber or a similar company could be a good option.
Raise Money in a Hurry!
If you find yourself in a sticky financial situation, don’t feel embarrassed. Many people find themselves in hard times, and now you have the tools to raise money in a hurry.
If you are looking for more helpful articles like this, head over to the business and finance section. There you can find information on financial planning, taxes, and more!