Personal emergencies can hit anyone and they usually come at the worst possible time. For this reason, preparing for them is extremely important. We all know that having an emergency “fund” is a good way to go, but life is not always that simple. Sometimes our emergencies don’t come in perfect time with our finances. That said, we sometimes have to scramble and find ways to raise money for personal emergencies. Here are some of the more dependable methods to come up with quick, legal cash:
Best Ways to Raise Money for Personal Emergencies
Online Auctions
Most people are fairly Internet savvy these days and are familiar with eBay and their services. There are actually countless other sites out there that do the same thing but narrow their focus. Whether you are into baseball cards, antiques or jewelry, there are online auction sites for you to raise emergency cash. Find something you can sell and get to work!
Flea/Markets/Yard Sales
If you are more of a person to person type you can always have a yard sale. There are also flea markets and swap meets. Look into the options in your area and put together a super sell. The big disadvantage here is that you will not generally get near as much for your stuff going this route compared to online. Still, the purchase is made and the product is delivered on the spot, so you save shipping charges at least.
Pawn Shops
If you have a valuable item that you don’t really want to sell but would like to borrow against as collateral, pawn shops are the best route to go. They are not cheap with fees, but at least you can get your items back when your feet are underneath you. This is a great option if you have no line of credit to work with.
Get a Second Job
Working hard will always help you get emergency cash. If all else fails, go and find a second job to supplement your income. It might not be a popular option but it does work and you can at least be certain of the results.
Offer Services
There are countless things you can do such as dog sitting, house sitting and even baby sitting to earn extra income for a personal emergency. The key is to get your name out there and really do a fantastic job. If you do a great job at a reasonable price, you will have no problems finding extra work with friends and family.
Look at insurance/IRA options
The penalties are severe and you really should try to solve things another way, but if you have no choice you can always look at borrowing against your insurance policies or IRAs. There are all kinds of rules and things you will need to talk over with your banker/investment rep so be sure to be very careful and ask questions. Earning money is only good if it solves problems rather than creating them, right?
What other creative ways to make quick cash in a personal emergency do you know of?
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