Are you having a hard time making ends meet? Here are 5 smart ways you can get emergency cash to help off some of your outstanding debt.
If you’re like most American workers, it seems like there’s never enough money to go around. Did you know that nearly eight in 10 workers struggle to make ends meet each month, living paycheck to paycheck?
Primarily, this is because we live beyond our means, we put ourselves in debt to buy things we couldn’t otherwise afford. Financing a car or house may not be avoidable, but many people don’t know when to quit.
Consequently, when financial emergencies come up, it requires finding emergency cash fast, which isn’t always easy. Here is how you can get the cash you need when you need it.
How to Get Emergency Cash to Pay Off Debt
Your finances aside, we can help you get emergency cash when you need it. The key, especially when using the money to pay off debt, is not digging yourself deeper into debt in the process. Keep reading for our top suggestions.
1. Downgrade Your Vehicle
One of the biggest financial burdens weighing the average American down is their car payment/s. The average car payment is roughly $350 a month. If your household has more than one car, you could be spending upwards of a grand on car payments every month.
Instead, consider downgrading to an older model and selling your newer vehicle. Sure, it will be less luxurious, but you could be saving hundreds of dollars a month, not to mention any positive equity that comes out of the deal.
2. Sell Stuff Online
People tend to become overly-sentimental about their possessions. We also like to shop. This leads to hoarding items we don’t need or use and filling our homes with way too much stuff.
Fortunately, this also provides a means for making emergency cash. Most towns have community buy/sell/trade pages on Facebook. Join these community pages and start posting your unwanted items for sale – you might be surprised how much money you can make.
3. Down Grade Your House
Next, consider downgrading your living situation. Regardless of why you need emergency money, your home may be a goldmine of positive equity. Selling your home and moving into a smaller home could provide all the money you need.
If your house isn’t necessarily market-ready, research “the fastest way to sell my house as is.” There are companies out there willing to help people just like you.
4. Host a Garage Sale
If you’re not online or don’ like the idea of selling items one by one on social media, you could host a garage sale to push for a lucrative weekend. To attract more potential buyers, connect with your neighbors, friends, and families to sweeten the pot and encourage more interest. People love multiple-family garage sales.
5. Create a Side Hustle
Finally, if you need emergency cash, think creatively. Aside from your job, what other ways can you make money? We’re not saying you need to start your own business, but there’s no reason you can’t make money doing favors for people.
For example, you can offer to mow lawns, walk dogs, babysit, clean houses, go shopping for people, etc. However, for a more legitimate line of work, you could consider driving for Uber or Lyft.
Looking for More Tips or Advice?
Needing emergency cash for any reason is a bummer. There’s a certain feeling of desperation and sadness that comes with not having enough money for what you want or need. However, you can start changing it around today with the tips listed above.
And if you’re looking for more tips and advice about finances, business, and more, be sure to check out some of our other articles before you go. Good luck!