Sometimes life creates financial difficulties that has us scrambling to figure out ways to raise quick cash to pay our bills. We all know that we should have a savings account to prepare for tough times. But the reality is, the unexpected happens, and not everyone has saved enough to cover those emergency expenses.
The last two years have really shown us all those unexpected times. Covid-19 pandemic has affected so many families’ finances and well-being.
For 2021, 25% of people claimed that they did not have any emergency savings, compared with 21% who were asked in 2020.
Another 26% said they have some protection for unexpected situations, but not enough to cover expenses for a couple of months. As you would expect, the study shows that low-income households are less likely to have enough of savings in case of emergencies.
Among families who earn less than $ 50,000 a year, only 35% say they feel safe with their savings, while 62% of households earning more than $ 50,000 a year say the same.
Only 1 in 6 households report that they currently have more emergency savings than they did before the pandemic.
People are divided into groups who feel comfortable and not: 51% feel comfortable, and 48% feel uncomfortable, while the remaining 1% do not know or refuse to answer.
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Save Cash During Tough Times: Avoid Impulse Buys
Stores make huge efforts to make their visitors uncontrollable emotions, euphoric, obsessed to make more purchases. Don’t fall prey to emotional buying. Spending decisions should not be a impulsive.
If you really want to buy something, try to postpone the purchase until the next day: maybe you just simply won’t need it until then. Learning to be composed so you don’t spend is more important than every tip below because you will be balanced, controlled, and calm by then, so it’s more likely, you will come by with great ideas for making money and going out of an emergency.
How to Raise Quick Cash During Trying Times
Apply For An Extra Job
If you can make the time, applying for an extra job is an obvious answer. Whether it’s seasonal work (it is the holidays at the time of this posting), or something else, there doesn’t seem to be any shortage of part time work.
It doesn’t even need to be work for a company. For example, you can look after pets, mow lawns, wash cars, babysit, etc. Or, if you enjoy driving, you can sign up for Uber, Lyft, food delivery.
Sell Unused Stuff For Quick Cash
You have things around your house you don’t use. Sell them. If you haven’t touched or used something in your house in the last 12 months, do you really still need it? List it for sale on ebay, Facebook Marketplace or something similar. You can use this ebay usa charges calculator to find out how much your fees will be. Not only will this put money in your pocket, it will also declutter your house.
Borrow Money From Friends and Family
This is actually controversial advice because of some conflicting factors. Relationships between lender and borrower can worsen, or simply your family member or mate can’t give you financial help because they don’t have money to borrow. Someone can also be ashamed of it. But in general, it is worth trying as a last resort.
Borrow From a Lender
There are many lenders that can help you raise quick cash. Be careful though, the lender sees you as a risk and will charge you fees and interest to cover their risks. Only borrow what you know you can pay back.
Freelance work means working outside the company staff, like in private practice. There are so many services now that make freelance work easy to find. You have a skill that other people are looking for, even if you don’t know you do.
Bottom Line To Raise Quick Cash
When times are tough, and you’re stressing out about how you can make ends meet, know that there are ways to raise cash quickly.
See also Multiple Income Streams: 9 Ideas
Greg is a Chartered Financial Analyst (CFA) with 22+ years experience in Financial Services. He has held numerous FINRA Securities licenses (series 7, 63, 65, and 66), and is an expert on Investment Products and Financial Planning. Greg has 22+ years experience as a real estate investor and degrees in Psychology and Philosophy.
Greg has been quoted/interviewed in Yahoo Money, Yahoo Finance, USA Today, Authority Magazine, Realtor.com, Business Insider, and others.
Greg is an avid runner, and the father to identical twin girls and their awesome brother. His love of budgeting and his kids led him to join The Great Resignation in 2021.
Disclaimer: Any Financial Tips on ChaChingQueen are general and informational. Speak with a professional about your specific situation.