There comes a time in every person’s life when the unexpected happens and you need to come up with some extra funds… fast. It could be your car breaking down, home repairs that need doing urgently, or an unexpected bill… at some point you’re likely to be faced with a financial crisis, no matter how carefully you normally budget. But don’t panic, here’s a guide to help you free up some cash and deal with the crisis without doing long-term damage to your personal finances.
Get Selling… But Carefully Consider Your Options Before Spending
An oldie but a goodie, if you need some cash quickly consider selling some of your belongings. Bulky items like furniture can fetch pretty big sums to the right buyer on auction sites – and if you set the delivery options to collection only you won’t have to worry about forking out for shipping costs. Smaller items like gadgets, clothes, or books can be shipped at a relatively low cost, and you can account for those costs when setting your reserve price. If you’ve got any bigger ticket items like computers or TVs that you’re not using then they can often be taken to high street electronics shops and ‘traded in’ for cash. You could even sell your car to free up liquid cash and instead lease a car to give you a lump sum in the short run and a newer cheaper to run car in the long run. It’s all about asking yourself whether you really need and use an item, and if the answer is no putting emotions to one side and selling it on. If the crisis requires you to purchase new items then consider your options carefully before parting with your cash.
Hire Yourself Out
Taking on even a few hours’ extra work around your day job can really add up when it comes to making some cash. And these days, many websites quickly match temporary workers to odd jobs such as dog walking, pet sitting, or participating in research studies. If you have a friend or family member looking for a babysitter – why not offer your services? You’ll probably be cheaper than a professional, and they get to leave their bundle of joy with someone they know and trust. Admittedly, it could take a little longer to gather the funds you need than selling your possessions – but unlike permanently parting with your stuff, it’s guaranteed you’re not going to regret this later once the crisis has passed.