No matter how financially fit you are in life, there may still be a time when you get caught out when it comes to money. Unexpected expenses such as a broken-down car, moving to a new house or having to take time off because of an illness can cause a dent in the finances. Often, you may not have some emergency cash lying around. Getting quick cash fast can be difficult, but there are some ways you can make some money to get yourself out of a sticky situation.
- Sell your stuff
It may seem pretty obvious, but I’ve heard of a few people who actually make decent money from selling their unwanted things from around the house. You can sell your stuff pretty easily online these days using Gumtree or eBay as well as attending car boot sales. What’s more, you can actually have a good clear out as well as making some pretty decent money. If you don’t want to the hassle of posting items all the time, opt for collection only and save yourself some time too!
- Offer up your skills
If you’re particularly good at something or have a skill that people or small businesses might need, why not offer to work for some extra cash in between your other commitments. Go freelance, offer to babysit, help people around the house or garden, walk the neighbour’s dog. There are plenty of things you can do that will help people out and make you some extra money in your spare time.
- Get an overdraft
Your bank may offer you an overdraft that you can use in the case of emergency. You may be able to use this to pay your bills or pay off a car until your insurance money comes through. Using an overdraft can make a really big difference in short term circumstances until you have money coming in again. However, it doesn’t always suit for a long-term situation. Some banks will offer an interest free overdraft in small amounts, but anything over an above that you’ll be looking at paying high interest rates.
- Credit cards
For those emergency situations, a credit card can be pretty useful. It can help you to get some cash temporarily until you come back into some money. Credit cards can have decent interest rates, but you may need to do some shopping around to get the best deal. Make sure that you are able to pay the money you spend back within the time-frame, else you’ll be looking at a hefty charge rate.
- Cash loans
A riskier strategy but some cash loans can help you get out of a tight spot. There isn’t always the best choice as they can have high interest rates, but if you know you’ll be able to pay it back in the near future, you might be okay. Don’t get caught in the trap of renewals and partial payments and borrow as little as you can so you can pay it back in full as soon as possible.
Whilst these tips can really help get you out of a quick tight spot when it comes to money, having an emergency fund stashed away may be your better bet. However, if an urgent situation arises where you need cash fast, you can look at these options to help you out.