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We’ve all been there. You’ve checked your bank account, added up all of your outgoings, and you’re cautiously content that you’ve got enough to see you through to payday at the end of the month. Then out of the blue, your car conks out.
It doesn’t necessarily have to be your car. Perhaps your boiler’s broken, your roof’s ruined, or your fence has fallen. Any number of problems can arise to take an unexpected bite out of your wallet.
If you don’t have any savings to cushion your finances, you’ll need to start thinking about how you can raise the money to counter any emergency. You likely won’t have time to grind away with a low-paying side hustle; you’ll need a large cash sum straightaway. Of course, that’s easier said than done, but there are a few ways in which you can find the necessary funds quickly
Ask friends and family
This isn’t an option for everyone, and it’s not exactly a pleasant option for most, but if you’re certain you can pay the money back as soon as you’ve been paid, then this is a viable solution. Pride can often get in the way here, but if you consider how you might feel if the roles were reversed, you’ll probably realise that you’d be glad to help a friend or family member out of a pickle.
Don’t enter into this lightly though. The exchanging of money has long been the cause of many friendships and family relationships souring. If you don’t want that to happen to you, make sure that you’re absolutely sure that you can pay the money back quickly. Arranging a deadline to you can pay it back is a good idea, and can double up as a social get-together. Be aware though, that even if they insist that there’s no rush in getting the money back to them, you should always try to return it as soon as possible.
Look into applying for credit
If you don’t have anybody that you can ask for financial help from, you might find that applying for credit fulfils much the same job. It is of course, even more imperative here that you know that you can pay the money back without any hitches, lest you incur some financial penalties. Used judiciously and with some care however, you may find that this solution can work for you.
You don’t need to be accepted onto some super-duper platinum card to take advantage of receiving credit, there’s a number of trusted credit card alternatives available that even those with less-than-perfect credit histories can apply for.
One such alternative is an online line of credit. This sees an ongoing credit limit available to you in much the same way as a credit card, but transfers money to your account instead. Monthly repayments are handled in roughly the same fashion, with some companies, such as Polar Credit, allowing you to pay up quickly with no early settlement fees. They also offer scope for eventually reducing your APR with responsible use. Find out more by visiting Polar Credit.
Sell your unwanted items
It’s amazing how much stuff we accumulate as we get older. If you’d ever seen my house, you’d know I’m more hoarder than minimalist, with cupboards and drawers bursting at the seams full of curios. If you’ve barely used any of this items though, it may well be time to put it to good use by selling it.
They say that one man’s junk is another man’s treasure, and they’re absolutely right. Records, CDs, books and video games are easy to sell on; all being items that people don’t mind buying second hand. If you’re of a certain age though, you might find that some of your old clothes have now got a retro flavour to them that can command a premium from the right buyers. Seemingly defunct technology like Apple iPods and minidisc players also still have their fans, with well-kept examples fetching decent money on online auction sites.
So there you have it. A handful of ways in which to raise some money quickly. If you’re employed and have been at your place of work for a little while, it might also be worth seeing if you can simply be paid a little earlier. Try to ensure though that this doesn’t follow through to the next month and beyond, or you’re likely to annoy your boss.