Today, credit is widely available and even people with poor credit ratings are able to finance their life with the money they don’t have. A lot of people working good jobs are finding it difficult to keep up with the many payments they have going and are often left living paycheck to paycheck. Even though everyone tries to save, very few people are able to actually save enough money to help them get through a rough financial patch.
Whether that means just having enough money to pay the rent in the case a person loses their job or whether that means having enough to finance an unforeseen circumstance, it can be tough when your income barely covers your expenses. Financial freedom cannot be achieved with a single source of income but you can certainly reduce your stress and risk by preparing for a rainy day.
If you are finding it hard to save then it would help to learn about a few simple ways to generate money in times of need. Here are some of the easiest and quickest ways you can come up with some extra cash in an emergency situation.
Liquidate Assets
When an unexpected situation occurs, people get stressed out and are often so caught up with the problem that it limits their ability to come up with reasonable solutions. Sometimes the fix is right in front of us but we fail to see it. That expensive fur coat you inherited or that fancy watch that you have could provide you with enough money to get through the next few months. Luxury items like watches tend to appreciate in value over time but you wouldn’t know because you have never had these items appraised before.
Even something like a bridesmaid dress or an old ring with a small diamond could sell for a lot of money in the current market. Keep an eye out for precious belongings and get them priced so you know what you have at your disposal if the need ever arises.
Quick Jobs
Right now, people across the US are reg from their day jobs and looking for remote work or are considering opening their own business. This trend is more prevalent in blue-collar jobs and particularly in the service industry. For people that need to make some quick money, this means there is more opportunity than ever before.
Most of these jobs don’t require a lot of education and nearly anyone can perform these operations. The basic training that is required for this work is provided by the employer and you can easily make enough money per week to keep things afloat. This is a good option to keep in mind in case you ever need to make some extra cash or you need an emergency replacement for your main source of income.
Payday Loans
If you are having trouble with cash flow, chances are you already maxed out your credit limit and you are having trouble getting additional financing. However, if you still have a job but just don’t have enough money left over to keep things going you can opt for a payday loan. When looking for the best payday loans you just need to ensure that it comes at a reasonable interest rate and that it gives you enough time to pay them back.
Generally, these are small value loans that are very short term, mostly less than a few weeks. If you are certain you will get paid within that time and you know you will be able to cover the cost of the loan with the money you will receive then this is a good option.
Donate
They say you get more of what you give away, and this is true when it comes to donating part of yourself. In most countries around the world, you don’t get paid for donating blood but you do get paid for donating the plasma within your blood.
Plasma is used for a variety of things including making medicines which is why companies are willing to pay to get this vital ingredient. The process is known as plasmapheresis. In this process, the plasma is extracted from the blood through a machine and the plasma-free blood is returned to the donors’ body while the plasma is separated and stored for processing. Depending on how much plasma you donate, you could get paid varying amounts. This is always in high demand and it’s an easy way to make some quick money.
Savings
People who have signed up for a 401K or have a savings often don’t keep track of how much they have in that . Since the money is deducted from the source and automatically credited to this they don’t keep track of it and they don’t monitor the since they aren’t using it on a frequent basis.
Some savings s don’t even allow you to withdraw, however, if it is an emergency situation, exceptions can be made. If you have such an , consider using these resources. The whole purpose is to save money for a day when you need it and if that day comes, this should be your first priority.
Asking people for money is a difficult thing to do especially if you have never done it before and don’t want to ask for help from family and friends. If you ever need some quick money then consider talking to your close friends or the relatives you are most connected to and ask them if you can borrow some cash.
You can formalize the agreement by having a proper contract that both parties sign. This is something you are only using as a temporary push and it’s not like you are asking them for money. With friends, you don’t have to worry about credit scores and you will also have a lot more time to pay back the money and you won’t have to pay any tax. Emergencies are just that, emergencies. Unexpected things can happen to all of us and we always have to be ready in case they happen by setting aside some money.