Your daughter fell off her bike and broke her arm, but you don’t have health insurance. There was a terrible storm last night that caused your favorite tree to fall directly onto your house, creating a hole in your roof. Your dog ate that delicious chicken bone from the trash, and now you have to get emergency surgery.
Even if you’re the most cautious person in the world with your money, unexpected expenses still come up all the time. And, in some cases, those expenses are huge.
When you need emergency money, you usually don’t have a lot of time to work with financial institutions or save up dollar by dollar. You need the money right now.
Keep reading as we give you some ideas on what you can do to get emergency money right away.
Sell Things You Don’t Want
Most people have some items around the home that they don’t want or need anymore, so if you need some fast emergency cash, try selling off some of those nicer items that you won’t miss.
You could set up a yard sale, sell your items on popular resale websites, or take them to pawn shops in your area. Depending on what you have to get rid of, you can figure out which of these selling options may be the best bang for your buck.
If you choose to go the online sales route, be cautious of scammers that take advantage of people that need fast money.
When meeting someone in person, always go to a public place during daytime hours. Preferably, it may be better to have someone pay you upfront on PayPal or Venmo, and then you can leave the item in an agreed-upon location (like their front porch).
Consider Your Borrowing Options
When you need a lot of emergency funds, you might want to think about taking out an emergency loan. These are personal loans that will help you get the money you need right away for financial emergencies, but you’ll have to pay them back over time.
You can get either an unsecured or secured loan depending on what you’re approved for by the lender.
If you are financially stable right now, but you’re worried about the future, a line of credit may be a better option. You can draw on these balances as needed and pay back only what you use (with interest).
Paradigm Life can help you learn more about financial stability, setting financial goals, and more when you’re dealing with an emergency situation.
Pick up Some Gig Work
You might need extra money now, but it’s not exactly an emergency yet. If that’s the case, gig work is a great way to make a little extra cash between your regular working hours. Generally, you’ll be able to find same-day jobs that will help you get some cash for jobs that they don’t need to hire a regular “employee” for.
You’ve likely heard of, or even used, the meal delivery and grocery delivery services that are out there. This may be another opportunity for you to make some quick money and boost your personal finances.
Borrow From Your Credit Card or Retirement Account
Most credit cards will allow you to take a cash advance. In addition to this, you can withdraw money from your retirement account in an emergency situation.
Both of these options should be considered your “last resort.” If you take a cash advance or withdraw from your retirement funds, you are going to be putting your future financial goals in jeopardy.
However, if you’re in a financial situation that you know requires money now, these are still options that are available to you. Sometimes, the risk is worth it if it’s totally necessary.
Get the Emergency Money You Need
You have a few options when it comes to getting emergency money, so don’t panic.
Consider what would make the most sense for you and your family, and speak to a financial professional about what options might be best if you want to take out a loan or withdraw from your retirement account.
If you found this blog informative, check out more of our financial-related posts next.