WeeklySA_AdminTough Times:Think outside the box
Whether you are facing an onslaught of unexpected medical bills, you recently lost your job, or your home has been hit by a hurricane or other natural disaster, one thing is certain: You need cash, and you need it now. Unfortunately, when a financial emergency crashes into everyday life, the vast majority of us are caught completely unprepared.
If you find yourself in this fix, you are not alone. If you need quick cash to cover an urgent expense, where do you turn? Here are seven smart ways to raise money quickly without causing irreparable harm to your finances.
1) Liquidate Your Assets
Does the corner of your jewelry box hold your dad’s Rolex, your mom’s engagement ring, or a diamond pin you rarely wear? What about goodies tucked away in your closet—perhaps a fancy bridesmaid dress or your inherited great-aunt’s fur coat You also may be able to make fast cash by selling off recent-model electronics, like big-screen TVs, tablets, phones, laptops, and game consoles, as well as media like DVDs, CDs, books, and games. Or you can try posting them on Facebook, and Twitter; run an ad in your local newspaper; or peddle these pieces to friends and family members.
Depending on the quality of the garments, electronics, and media you’re willing to sell, you could quickly rake in hundreds—or more—in much-needed cash.
2) Take on Odd Jobs
If you don’t have any high-value items to unload, you can try selling your services instead—especially if you are out of work and have time on your hands. You might babysit and/or pet-sit for friends or start up a neighborhood dog-walking service. If you’re not up for dealing with dogs or kids, you might offer to mow the grass and wash cars for people in your neighborhood, or drive a neighbor’s elderly aunt to her doctors’ appointments. Or, if you enjoy driving, you might sign up to be a Lyft or Uber driver. You could also grocery shop for busy friends or the elderly offer to repair and paint your sister’s dilapidated fence. Depending on how many jobs you take on and how much you charge for each task, you could scrape together a few hundred bucks within a single weekend
3) Track Down Your Loose Change
At first glance, this advice may seem a little absurd—but it’s not a joke. According to a 2016 news report from Bloomberg, Americans throw away approximately $61.8 million of coins in the trash each year.8 That’s a lot of money stuffed in couch cushions, piggy banks, and old paint cans across the nation. Hunt around the house to collect all those hidden coins. Once you dig up every last cent, haul the trove to your local bank.
Some banks will count change for free for their customers, although others may require you to count and roll your change on your own. Either way, once you convert those coins to cash, you could have another hundred bucks to put toward your emergency expense.
4) Organize a Garage Sale
One man’s trash is another man’s treasure, as the saying goes. While garage and yard sales require a lot of work, they can bring in a decent chunk of change for some sellers. Be sure to advertise on Facebook (if you have a local group), your local newspaper (online as well as print), and church bulletins, and put up neon signs with black lettering in key locations to bring in as many people as possible.
5) Borrow Money From Friends or Family
We saved this one for last because it really should be a last resort. While borrowing money from friends and relatives may be a quick fix, it can lead to some adverse consequences. When a loved one lends you some cash, it can put a strain on your relationship—especially if you don’t pay the person back quickly. According to an article in Psychology Today, unpaid loans can lead to lingering bad feelings between the lender and borrower.13 If you plan on borrowing money, it’s probably best to draw up a contract stating when you will begin to pay back the lender and if you will also pay interest on the money borrowed.
