Life isn’t always fair, and if you’re one of many struggling to make ends meet the last thing you need is another setback due to an unforeseen financial emergency. Luckily there are a number of ways to acquire the money you need now and other ways to bring in additional cash for the future.
If you like to keep your financial status to yourself, borrowing money from a family member is the last thing you want to do. However, if you borrow money from the family you can avoid paying interest and additional fees that come along with the application process. Another way you can secure a loan if you have a full-time job is to apply for a short-term loan. For many, alternative payday loans online are a good option. They are much easier than traditional bank loans to get an approval on, even if your credit score isn’t where you want it to be. However, before taking on any loan, make sure that you can afford it. Go over your budget and see if the required monthly payment is doable. There’s no reason to dig yourself deeper into the hole you’re trying to escape.
Set up a GoFundMe account
If you have access to the internet, setting up an account with a company such as GoFundMe offers a way to raise the money you need during your financial hardship. It only takes a few minutes to set up the account and then once it’s up and running people can deposit money into the account. Once you have the money you need you simply close it out and the funds transfer directly into your bank.
A fast way to bring in a some much needed cash in just a weekend is to host a garage sale. Home furnishings like a dresser, a desk, a crib and baby supplies are often big sellers. Set up a few tables in your garage or on your front lawn, neat and organized so the display is easy and appealing. It benefits you in two ways. First, it puts cash in your pocket and secondly, it gives you a way to do your spring cleaning early.
Most people have a skill or talent. They can write, work on cars, babysit, or make things. If you have a skill you can use it in your down time to bring in some extra cash. Take advantage of the internet and the number of people you can reach in a single day. Sites like Etsy, offer a large platform where you can sell off your created crafts. If you prefer not to use the internet, you can have business cards printed and display them at local establishments.
Ultimately, your goal is to get on track with your budget. If you are running into financial difficulties each month it’s obvious that you need to reduce your debt. Give yourself short-terms goals to complete. For instance, if you have more than a few credit cards work towards paying the rest of them off. Take the ones with the higher interest rates and work towards getting the balances down quickly. This will help you to save a few hundred dollars in a single month.
Open an emergency fund
Living paycheck to paycheck with no backup resources at your disposal is dangerous. Anything that comes along unexpectedly sends your monthly budget into a frenzy. A way to avoid this in the future is to open a separate account designed specifically for emergencies. You can start out slow, opening it with only what the bank requires and then make weekly or bi-weekly deposits. In no time at all, you’ll have a few hundred dollars.
Life is sometimes challenging. It always seems that a crisis unfolds at the worst possible time. Fortunately, you can avoid the same scenario playing out in the future by working extra with your skills and establishing a fund specifically for these times.
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