Last Updated on December 30, 2020 by HodgePodgeDays
Insurance not covering you? Fridge suddenly broken? Burst pipe leaking all over and no money to repair it? These are all terrible situations to get into and it’s horrible to even think about it. However, it’s important that you focus on getting out of your financial emergencies as soon as possible so that they don’t affect you both mentally and physically.
Whether it’s a medical emergency or a repair that needs to be dealt with as soon as possible, we’ve put together a few tips that will help you find cash fast when you’re dealing with a financial emergency.
Money takes a long time to grow, but there are ways to get a quick boost of cash to help you deal with your financial emergencies.
That favour a friend owes you
Do you believe in being rewarded for good deeds? Well, if one of your good deeds led to a friend telling you that they owe you, then it might be time to call on that favour. While you don’t want to make it a habit to ask people for money (and of course, you will need to pay them back) your friends are there to help. If you’re lucky enough to have a friend that is willing to help you out no matter what, then you don’t want to abuse their assistance and you’ll need to find a way to repay them in the future.
Your long-forgotten savings
You’d be surprised at how many people forget about their savings. Whether it’s in an account that you automatically pay into on a regular basis or a lockbox of cash that you’ve stashed somewhere in your home, don’t forget about your savings. Of course, you only want to use your savings if you’re really in an emergency that has to be dealt with as soon as possible. If you have some time to remedy the issue, then we’d recommend leaving your savings as they are for now.
If you feel like you’re in a financial emergency, then it might be time to break open those savings that you’ve forgotten about.
Whether it’s making a quick sale on Craigslist or listing some expensive-looking antique from your home on eBay, you can sell your clutter for a quick boost of cash. Don’t shy away from selling large items such as televisions or furniture either. Thanks to services like Shiply, you can easily get rid of large items that are cluttering your home as well. Once you sell your clutter, it’s a good idea to be frugal for a while and stop purchasing things that you don’t actually need in order to save money and keep your home clear.
No one likes to talk about loans, but it’s arguably one of the best ways to get a quick boost of cash. However, taking a loan from a payday service is not recommended and it’s best to approach your bank if you feel like you have an upcoming financial crisis. You could also ask your employer for an advance on your salary, but if you do this too much then it might affect your working relationship.
With some luck, these tips will help you get out of a financial emergency quickly, safely and without leaving a heavy weight on your mind.