3 Ways to Access Money Quickly When You Need It Most
No one likes being in a position where they can’t make ends meet. For some people, this situation happens all too often as the wait for payday seems further and further away. For others, finding themselves in a financial pinch is due to an unexpected turn of events. The COVID-19 global pandemic is a perfect example. A quarter of all Americans have absolutely no emergency savings whatsoever. Regardless of the cause for this, it’s a scary fact.
While the rough rule of the thumb has always been to have three months’ worth of emergency savings, this is unlikely to be adequate if you have dependents to support. In fact, households where the main breadwinner is on a higher income and has a niche position that might require relocation are recommended to have one year’s worth of savings. Whether you are looking for fast cash right now or want to be prepared should the need arise, keep reading to find ideas that could help when you need it most.
The internet and social media make selling things incredibly straightforward. Rather than feeling embarrassed that your friends and acquaintances might see you in a financial bind, think of it as spring cleaning. You’ll have the advantage of decluttering your home from unwanted toys, furniture, and clothes and making instant cash. Websites like eBay can have you turn the selling of used goods into a permanent side hustle if you put time into maintaining excellent seller reviews.
Ask for help
Admitting that you need help isn’t easy for anyone. However, think about what you would do if someone you knew was in the same situation. Asking for a temporary loan from close friends or family can be the most straightforward way to get you out of a bind. However, ensure that you have a solid plan for repayment and stick to it to avoid putting your relationship at risk.
Depending on the situation, you may also consider asking for assistance from your employer or your church. For example, if your home has flooded or your child is sick, then many people would be happy to rally to support you. Sometimes, it is the act of asking for help that can be the most difficult.
Get a loan
Getting a loan from a credit union or bank can take the luxury of time that you might not have. Accessing loans can seem even more out of reach without collateral, a permanent address, or a bad credit rating. However, as long as you own your own car, then it may be possible to get a title loan. Check out this title loans calculator to see what your monthly repayments and the interest rate would be.
Everyone is vulnerable to the changes in the economy, and despite our best efforts to squirrel savings away for a rainy day, sometimes there is a temporary downpour. Urgent expenses can arise for all of us. In these cases, you need to equip yourself with the knowledge of how to access money quickly when you need it most.
This article does not necessarily reflect the opinions of the editors or the management of EconoTimes