8 Stylish Concepts On your Payday Loans Near Me 550

1) Liquidate Your Assets

2) Take on Odd Jobs

3) Track Down Your Loose Change

4) Organise an Garage Sale

5) Make Money from Your Retirement Accounts

6) Part With Your Plasma

7) Take money from friends or family

The Bottom Line

Wealth Lifestyle Advice

7 Ways to Raise Cash Fast

How do you get cash in a time of most crucial

Amy Bell Amy Bell

Updated December 03, 2021

Reviewed by Khadija Khartit

Fact checked by Yarilet Perez

If you’re facing an avalanche of medical bills, lost your job or your house has been hit by a storm or another natural catastrophe there is one thing for sure: you require cash and are in need of it today. In the event that an emergency financial situation erupts into everyday life, the vast most of us get totally unprepared.

If you find yourself trapped in this state it’s not a problem that’s unique to. Six out of 10 American households experience more than one crisis a year and about one-third of American families have no savings whatsoever according to FEMA.1 A majority of Americans will have difficulty paying for an unanticipated emergency expense such as a $400 car repair, according to a report from FEMA.2 U.S. Federal Reserve.2

If you need quick cash to cover an immediate cost, where should you go? Here are seven smart ways to quickly raise funds without causing irreparable damage to your financial situation.

Important Takeaways

Selling personal items such as clothes books, electronics, or even electronics may help you raise cash in the event of an emergency.

Consider taking on an odd task, like taking care of your dog, babysitting or doing yard work to earn additional cash.

You might consider borrowing or withdrawing money from your retirement account. In most instances, this could result in having to pay taxes on the withdrawal and the 10% penalty.3

If you take money from relatives or friends, it’s best to create an agreement on the conditions that apply to the loan.

1) Liquidate Your Assets

Is the corner of your jewelry box contain the father’s Rolex, your mom’s engagement ring or a diamond pin you rarely wear? What about the treasures tucked away in your closet–perhaps a fancy wedding dress, or an inherited grandma’s coat.

One platform online that is willing to cash in on your clothing is thredUp. In the Help Center click on «The Clean out Process» to find out how selling works.4 You can also sell your clothes on eBay.

It is also possible to make fast cash by selling off newer models of electronics such as big-screen TVs smartphones, tablets laptops, gaming consoles, as well as media like DVDs, CDs, books, and games for sale on websites such as Decluttr, Gazelle, and uSell as well as marketplace websites like Swappa. You can also post your items on Facebook Marketplace, Craigslist, and Twitter and run an advertisement in your local newspaper; or offer them to friends and family members.

Based on the quality of the garments or electronics you’re willing sell You could easily take hundreds of dollars or more in cash.

2.) Take on Odd Jobs

If you don’t have expensive items that you can sell, you can try selling your services rather, particularly in the event that you’re out of work and have some time on your hands. You could babysit or pet-sit for your friends or set up up a neighborhood dog-walking service. According to ZipRecruiter, the nationwide average hourly wage for babysitters is $17 an hour. Pet sitting pays around $14 an hour.56 Dog walkers typically earn around $15 per hour, as per PayScale.7

If you’re not comfortable dealing with dogs or kids, you might provide a mower and wash cars of people in your neighborhood, or transport an elderly neighbor’s aunt to her doctors’ appointments. If you’re interested in driving, consider signing as driver for Lyft or Uber driver. According to Gridwise, rideshare drivers earn their earnings by 2021 based on their location, but range between $14.65 per hour in San Antonio, Texas, up to $19.44 in the Bay Area.8

You could also grocery shop for older adults and offer to fix and paint your sister’s dilapidated fence. Depending on how many jobs you’re able to take on and the you’ll cost for each job it is possible to earn some hundred dollars in one weekend. If you don’t have enough clients who require work done, try signing on to job sites like TaskRabbit, Thumbtack, or tasks that require skills like Upwork, Freelancer, or Fiverr.

An emergency fund can provide a financial cushion to help with unexpected costs, such as medical bills, or losing a job are incurred. Set aside funds whenever you are able to establish one.

3) Locate Your Loose Change

At first glance it might seem somewhat absurd, but it’s not an omen. According to a news report from Bloomberg, Americans throw away about $61.8 million worth of coins into the garbage each year.9 That’s a lot of money that’s stuffed into sofa cushions, piggy banks, and old paint cans all over the country.

Hunt around the house to find all the hidden coins. When you’ve uncovered every penny, take the treasure to the local credit union or bank. Some banks will accept change at no cost to their customers, while others might require you to count and roll your cash on your own.

In any case, once you convert those coins to cash, you could have another hundred bucks to pay for your emergency expense.

4) Organize a Garage Sale

One man’s trash is another’s treasure according to the old saying. While yard and garage sales take lots of effort however, they can yield a decent chunk of change for some sellers. Be sure to advertise through Craigslist, Facebook (if you have a local group) and your local paper (online and also print), and church bulletins, and put neon signs with black lettering at key spots to draw in as many potential buyers as you can.

5) Make Money from Your Retirement Account

For more significant sums in money, these first four steps may not be sufficient. That’s when it makes sense to review your 401(k). In most years, if you’re younger than the age of 59 1/2, you’ll be subject to a 10% penalty when you withdraw your 401(k) money, however, there are occasions that it’s a good idea to do this.3

There are also certain situations where the 10% penalty can be waived, such as in the event that you are not reimbursed for medical expenses that are greater than 7.5% of your modified adjusted gross income.10 You may also be able to take out a loan, instead of withdrawing funds out of your 401(k) it is a better option if you are able to manage it.11

If you don’t have an 401(k) however you have an IRA that could be a source of funds in particular in the case of an Roth IRA. With the traditional IRA you have options restricted However, there are some situations in which you can withdraw the retirement funds at no cost to you.3

6) Take a Part With Your Plasma

The next step is to explore more extreme options. Plasma is an extremely valuable source of energy used in a range of medical procedures and research. Donating plasma is similar to giving blood, according to Octapharma Plasma Inc., which is a firm that gathers plasma and uses it to make life-saving medications for patients worldwide.1213

When your blood is drawn then it’s passed through special equipment that separates plasma from the other components of your blood. Your plasma is later reconstituted in a container, while the rest of your blood is return to the body via a process called plasmapheresis.

Reports vary regarding the amount you can earn, and it will depend on a variety of aspects. You can earn between $20 and $60 for each donation. According to the Octapharma site for plasma «Generally that the heavier you are and the heavier you are, the more plasma we can gather, and the longer it will take to donate it. The amount of money that new and returning donors receive reflect this. «12

7) Get Money from Friends or family

This one was saved for last because it really should be used as a last resort. Although borrowing money from family members and relatives may be an easy 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 could cause lingering negative feelings between the lender and borrower.14 If you plan to borrow money you should draw up a contract stating when you will begin to repay the lender and whether you’ll also be required to pay interest on the amount borrowed.

The Bottom Line

If you’re in a position of cash shortage when a financial emergency hits, you’re not alone. A majority of Americans do not have enough money in their bank accounts to cover unexpected expenses. If you’re in this situation the most damaging thing you can do is increase the amount of credit card debt or get the payday loan, which will result in high interest rates.

Fortunately, there are many smart methods to get money fast without destroying your financial situation. If you decide to trade in some of your belongings, accept odd jobs or borrow money from your parent or a friend One thing is certain: As soon as you’ve recovered from your financial calamity, it’s time to start building up an emergency fund.

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