Do you know what they say about the best-laid plans of mice and men? No matter how meticulously you plan your expenses, occasionally some financial emergency comes up out of nowhere, and you are left to arrange for the extra cash from outside your regular income streams.
Well, fear not. Here are some easy ways to raise a quick buck in a jiffy.
Get Rid of the Useless Stuff
You know what stuff I am talking about. Remember that old Rolex that went out of fashion ages ago? Or those fancy clothes you bought for exactly one party, and never had the occasion to wear again?
And then there are all those discarded recent-model electronics, from big-screen TVs and iPads to laptops and Kindles. Maybe even some unused furniture, or an old bike or two.
Since the stuff simply lies gathering dust anyway, why not sell it? Post an ad on Craigslist or eBay, or just host a good old-fashioned yard sale. You might be pleasantly surprised at how much money you can raise this way. As a bonus, you’ll clear the clutter out of your house or apartment.
Take a Title Loan
Sometimes the cash crunch hits at the most frustrating times, when you have some money coming your way within a week or two, but don’t have much immediately. A title loan can come in handy at such a time.
A title loan is basically a quick, no-fuss finance option that relies upon using the ‘title’ of your vehicle as collateral to provide short duration loans. While the interest rates tend to be high, it is the easiest way to get financed from the formal system, which can be crucial if you need the cash immediately.
Dip Into Your Investments
While cutting into your carefully built-up savings is not a great option, for larger amounts, you may have to go down this route.
If you have built up significant equity in a life insurance fund over the years, you can borrow against this corpus, avoiding pay out taxes and keeping your policy intact. Otherwise, you might have to cash in on your investment instruments, like bonds or stocks.
Be careful though, as these payouts are usually subject to taxation, and are generally not immediate, which means they are of little use if you need the money immediately.
Take on Odd Jobs
If the timeframe for arranging the money is in a couple of months rather than weeks, you should consider earning the money from a side job instead.
Netting some extra cash is surprisingly easy in this day and age, with a plethora of freelance options available for people with all kinds of skill sets. Be it writers, coders, artists or marketing professionals, there are plenty of quick gigs out there for everyone.
Not only does this get you the requisite funds without affecting your savings or forcing you to sell your things (though you should get rid of the useless stuff anyways), this might also open up long term earning opportunities for you, allowing you to supplement your income.