As a parent, especially early on, cash can be tight at times. We’ve always been a bit paranoid about what might come our way and kept an emergency fund on hand, but many people can’t get there since it’s month to month or bad luck and unanticipated events keep coming their way. Therefore, if you’re not in a position to build an emergency fund and you have an emergency come your way, here are a few ways to raise cash quickly:
- Massive Budget Cut – While this isn’t necessarily the same as a revenue inflow, the result is the same. Have you considered how drastically you could cut your budget immediately if you needed to? Could you cut $1000 out of your monthly budget today by eliminating all recurring expenses like gym memberships, newspapers, Netflix and things along those lines? Probably not just on those categories, so next, is groceries, going out to eat, etc. If you add up all the “discretionary” spending outside your bare necessities you may be able to come up with a nice sum in a jam.
- Sell Stuff – If a massive budget cut isn’t in the cards (perhaps you’re already there!), then there’s always the opportunity to raise cash selling stuff. Garage sales can be moderately successful, but for scale and efficiency, online seems to be the best way to go. Personally, I sell stuff on craigslist.com all the time and have used eBay sporadically. Gold and silver prices are still high so perhaps there’s some old jewelry laying around or even things you never thought of selling but don’t mind parting with. Go around the house and take inventory – maybe it will generate some ideas on stuff you could sell now if you’re not even in a jam!
- Loans - There are various loan options out there from a number of loan lenders such as peer to peer lending platforms or short term payday loans. Which option makes sense depends on many things ranging from how quickly you need the money to how quickly you think you can pay it back.