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Quick Ways to Raise Cash When You Need Money for an Emergency

Quick Ways to Raise Cash When You Need Money for an Emergency

It is an unfortunate fact that practically everyone is going to run into at least a few emergencies over the years, and some of those situations could cost quite a bit of money. Car repairs, unexpected medical emergencies, needed home improvement projects, and more can all end up costing thousands of dollars that you may or may not have on hand. More often than not, people find themselves behind on money in these kinds of situations. Luckily, there are a few simple steps that you can take to get an immediate influx of cash when you need it the most.

Get a Side Gig

Recent studies have revealed that nearly one-third of all Americans have some type of side job to make ends meet. While working a second job isn’t ideal for many people, it is a great way to make a little extra cash as quickly as possible. Some of the most common side gigs include couriers, delivery drivers, and assistants. If you have any unique skills, then you might want to market those skills online as well. Make sure to weigh the costs of getting a second job in the position you’re in. If you are a caretaker, working through school, or have medical conditions, your lifestyle may not lend itself well to working multiple jobs. 

Clear Out Your House

Selling some of your old possessions is another simple step that you can take to make some quick cash. Many people don’t realize just how many relatively valuable items are sitting around their homes. Jewelry, comic books, and other high-end collectibles are a great start, but even some of the random items around your house could also be worth quite a bit of money. Tools are particularly valuable to certain buyers, and that means you might want to take a look in your garage and shed. Be on the lookout for other items you can sell for quick cash like video games, older furniture, clothes. 

Sell Off Old Cars

At some point over the years, you might pick up an old vehicle hoping to restore it, but those types of projects often fall by the wayside. You might also have an old car on your property that has become too damaged to drive. If that sounds like your own situation, then you should contact a company that offers money for junk cars. Many of those organizations will pick up your car at your home and give you cash on the spot.

If you have a newer car that you have trouble affording or that has high insurance costs, consider downgrading to an older model. Selling the car will get you some quick cash and paying less on your monthly rates will save you more money over time.

Withdraw From Your Retirement Account

In the event of a serious disaster, your retirement account could be your last option. It is never a good idea to make early withdrawals from a retirement account, but that could be necessary in certain situations. Most retirement accounts allow you to make early withdrawals for a small fee, but that money must be returned as quickly as possible. Remember to use your retirement savings, like your 401(k) or IRA, as a last resort to take money from.

Once you have financially recovered from the situation, you might want to consider establishing an emergency savings fund. In the event of a serious injury or some other type of emergency, that money will help you cover a wide variety of expenses ranging from monthly utility bills to car payments. Add small deposits of money to this account over time and you might be surprised at how much you have saved the next time an emergency arises.

Anica is a professional content and copywriter who graduated from the University of San Francisco. She loves dogs, the ocean, and anything outdoor-related. You can connect with Anica on Twitter @AnicaOaks.
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