What Are The 5 Important Advantages Of Payday Loans Near Me 550

1) Liquidate Your Assets

2.) Take on Odd Jobs

3) Locate Your Loose Change

4.) Organise an Garage Sale

5) Get Money From Your Retirement Account

6) Take a Part With Your Plasma

7) Borrow Money From Friends or family

The Bottom Line

Wealth Lifestyle Advice

7 Effective Strategies to Increase Cash Fast

How do you get cash in a time of essential

By Amy Bell

Updated December 03, 2021

Review by Khadija Khartit

Facts checked by Yarilet Perez

Whether you are facing an avalanche of medical bills, lost your job, or your home has been hit by a hurricane or any other natural disaster There is one thing that is for certain: you need cash, and you are in need of it today. In the event that a financial emergency crashes into your daily routine, the most of us get totally unprepared.

If you’re in this fix and you’re not alone, you’re not alone. About six out of ten American households face the dreaded financial crisis every year, and around one-third of American families have no savings at all according to FEMA.1 A majority of Americans will have difficulty paying for an unexpected emergency expense like a $400 car repair in a report from the U.S. Federal Reserve.2

If you need quick cash to cover an immediate expense, where should you go? Here are seven effective ways to raise money quickly without causing irreparable harm your finances.

Important Takeaways

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

You might consider taking on an odd task, like pet walking, babysitting or yard work, to make more money.

It is possible to consider borrowing or withdrawing money from your retirement account. In most times, it could mean paying tax on the withdrawal and an additional 10 percentage penalty.3

If you borrow money from relatives or friends it is best to draft a contract about the conditions for the loan.

1) Liquidate Your Assets

Do the corners of your jewelry cabinet contain your dad’s Rolex, the engagement ring of your mom, or a diamond pin you seldom wear? Are there treasures hidden in your closet–perhaps a fancy bridesmaid dress or your inherited grandma’s coat.

One online platform ready and 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.

You also may be able to make fast cash by selling off newer models of electronics including big-screen televisions, tablets, phones laptops, gaming consoles, as well as media such as DVDs, CDs books, games, and more and on websites like Decluttr, Gazelle, and uSell, and marketplace sites such as Swappa. Or you can try posting your items on Facebook Marketplace, Craigslist, and Twitter; run an ad in the local paper; or peddle these pieces to friends and family members.

Depending on the quality of the clothes or electronics you’re willing sell depending on the quality of your merchandise, you can easily bring hundreds of dollars or more in cash.

2.) Take on Odd Jobs

If you don’t have high-value items to unload Try selling your services instead–especially in the event that you’re out of work and have some time on your hands. You can babysit and/or pet-sit with friends, or even set up your own neighborhood dog-walking business. According to ZipRecruiter the typical hourly wage for babysitters is $17 an hour, while pet sitting pays the average $14 per hour.56 Dog walkers usually earn about $15 an hour, as per PayScale.7

If you’re not comfortable handling kids or dogs, you might suggest that you mow the grass and wash cars for the people who live in your neighborhood. You could also transport an elderly neighbor’s aunt to her doctors’ appointments. Or, if you enjoy driving, you might sign as an Uber or Lyft or Uber driver. According to Gridwise the rideshare drivers earn their earnings by 2021 based on where they live and range from $14.65 each hour in San Antonio, Texas, up to $19.44 in the Bay Area.8

You can also go grocery shopping for older adults or offer to fix or paint the sister’s old fence. Depending on the amount of work you accept and how you will charge for each task you can earn some hundred dollars in one weekend. If you’re not able to find enough people who need work done, try signing up for jobs through websites such as TaskRabbit or Thumbtack. You can also find jobs that require skills in Upwork, Freelancer, or Fiverr.

An emergency fund can provide an emergency fund to aid in the event that unexpected expenses, such as medical bills or losing a job happen. Make sure to save money as soon as you can start one.

3.) Track Down Your Loose Change

At first glance it might seem somewhat absurd, but it’s not a joke. According to a 2016 news release from Bloomberg, Americans throw away around $61.8 million worth of coins into the trash every year.9 This is a significant amount of cash stuffed into couch cushion cushions and piggy bank and old paint containers across the nation.

Explore the house to discover all those coins hidden in the house. Once you dig up the last penny, bring the treasure to the local bank or credit union. Some banks will accept change at no cost to their customers, while others may require you to keep track of and roll the change on your own.

Whatever way you decide to go, when you’ve converted those coins into cash, you could get another hundred dollars to use towards the emergency expenses.

4) Organise an Garage Sale

One man’s trash can be another’s treasure, as the saying goes. While garage and yard sales require a lot of work but they can also bring in an impressive amount of money for certain sellers. Be sure to advertise through Craigslist, Facebook (if you have a local group) and your local paper (online as well as print) and bulletins for churches, and set up neon signs with black lettering at key spots to attract the maximum amount of people possible.

5) Make Money from Your Retirement Accounts

For more significant sums in money, these first four steps may not be sufficient. It’s the time to look at what you can do with your 401(k). In the majority of years, if you’re younger than 60 1/2, you’ll pay a 10% penalty when you withdraw your 401(k) funds, but there are instances that it’s a good idea to do this.3

Additionally, there are some exceptions when the penalty of 10% could be waived. For instance, when you have unreimbursed medical expenses that are greater than 7.5% of your modified adjusted gross income.10 You may also be able to borrow, rather than take, money from your 401(k) which is a more sensible option if you have the ability to manage it.11

If you don’t have an 401(k) however, you have an IRA it could be a source of money, especially in the case of a Roth IRA. If you have a traditional IRA, your options are more limited, but even then, there are some situations where you can take out the retirement funds at no cost to you.3

6.) Part With Your Plasma

The next step is to explore more extreme options. Plasma is an important source of energy used in a range of medical procedures and research. The process of donating plasma is similar to giving blood, according to Octapharma Plasma Inc., an organization that gathers plasma and uses it to create life-saving medicines for patients worldwide.1213

When your blood is drawn and processed, it is circulated through equipment which separates plasma from other blood components. Your plasma is then collected in a container, and the other components are transferred to your blood via the process known as plasmapheresis.

Reports vary regarding the amount you can earn and will be contingent on several factors. It is possible to earn between $20 to $60 per donation. As per Octapharma Plasma’s website Octapharma Plasma website “Generally that the heavier you are, the more plasma we are able to collect and the longer to donate it. The amount of money new and returning donors receive is a reflection of this. “12

7) Borrow Money From Friends or Family

This one was saved for last because it really should be a last option. Although borrowing money from family members and relatives may be a quick fix but it could also have 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.

In a report published in Psychology Today, unpaid loans can lead to lingering bad feelings between the lender and borrower.14 If you are planning to borrow money then it’s best to make a written contract that states the date you’ll begin to pay the lender back and whether you’ll also be required to pay interest on the amount borrowed.

The Bottom Line

If you find yourself cash-strapped when a financial emergency hits it’s not an isolated situation. A majority of Americans don’t have enough cash on hand to pay for unexpected expenses. If you’re in this position the most damaging thing you can do is increase the amount of credit card debt or take out an payday loan, which will be a huge cost in terms of interest.

Fortunately, there are plenty of smart ways to raise money quickly without ruining your financial situation. You can decide to either dispose of some of your possessions or even accept odd jobs or borrow money from a family member or friend One thing is certain when you’re able to recover from this financial catastrophe, it’s time to start building up an emergency savings account.