When you find yourself hit by an emergency expense, it’s easy to feel overwhelmed. When your car breaks down, your washing machine stops working, or you’re hit with an expensive boiler malfunction, you could find yourself wondering how you’re going to get by until your next wage packet comes through.
Obviously, the easiest way to make sure that you’re prepared for any problem that comes your way is to focus on saving some extra cash back from your income each month, which you can place into a rainy-day fund for emergencies. Of course, it takes time to build that kind of a cushion – particularly if you don’t have a very strong income, to begin with.
In the meantime, we’re going to look at 7 things you can do to find extra money when you need resources fast, and you don’t have the spare budget to tap into.
- Sell the Things You Don’t Need
If you’ve got a house full of clutter and not enough cash to pay for a sudden expense, then you might be in luck. Today, it’s easier than ever to sell a range of items from around your home, regardless of whether you want to get rid of old games, old furniture, or even an unwanted phone. Consider hitting online marketplace like eBay to sell off some of the items you don’t need. You can always make a day of going through storage boxes to find things that you can sell.
2. Ask Family for Help
While it’s nice to maintain your independence in life wherever possible, and avoid getting on the bad side of the people you love, sometimes you need to turn to the other individuals in your life for a little extra help. If you’re not sure how you’re going to pay for something important, and you know that your mom has some money going spare, then ask whether you can borrow it for a small amount of time. Just remember to pay back what you owe.
3. Ask for an Advance on your Wages
Many UK companies simply won’t be willing to give you an advance on the money you’re owed – even if you’re in a bind. However, there are some groups out there who are willing to give their workers a little bit of extra support when they’re struggling. If you’re in a difficult position, you should speak to your boss about your options. The worst that can happen is that he or she will tell you that there’s nothing they can do.
4. Take Out a Personal Loan
There are some particularly fast lenders out there who can fund a personal loan for you within a matter of hours instead of days. If you’ve got a good credit history, then you should have a range of choices to choose from. Unfortunately, if you find that your credit is a challenge, then you’ll need to look for a bad credit lender who’s willing to go through the process with you as quickly as possible. Remember, shop around as much as you can to make sure that you’re getting the best deal.
5. Take on an Extra Freelance Job
These days, you might not be able to take another mainstream career on alongside your regular job, but that doesn’t mean that you can’t find other ways to earn some extra money. For instance, the remote working environment means that people around the world are finding new ways to top up their income with freelance positions. You could design websites online, act as a virtual assistant, or even write blogs. On the other hand, you could think about offline jobs too, like delivering food, or dog sitting.
6. Tap into Your Overdraft
When you’re setting up a current account with your bank, it’s a good idea to think about whether you can get an approved overdraft on the account that you can tap into when things go wrong. That way, even if there’s no money left in your bank account, you should still be able to pay for certain expenses within reason. Consider speaking to your bank about the options that are available to you if you’re finding yourself in a rough place financially.
7. Ask for Some Forbearance on Bills
Finally, if things look particularly drastic, remember that you can always contact your electricity or gas providers, along with mortgage companies and other bill collectors to find out whether you can put your payments on hold for a short time, or at least cut the cost down until you’re back on your feet. Many providers are happy to discuss options with you when you’re suffering from a lack of cash.