How To Manage Instant Cash In Case Of A Financial Emergency

How To Manage Instant Cash In Case Of A Financial Emergency

Emergencies don’t come announced or with advance notice, they can spring up anytime, anywhere. Since the world works on financial transactions in return for services and products, a financial emergency can be your worst nightmare. However, in a world that’s full of possibilities and solutions, there are not one but plenty for this problem as well. Some solutions to financial emergencies might be right at your home whereas for others you might have to dial a few numbers or fill out some forms. 

Let’s look at some of the sources of instant cash in case of an emergency.

1. Sell

Selling some of your possessions that you don’t need anymore is a good way to earn some cash quickly in case of an emergency. This is a good option if you want to raise a small amount to help you out in the situation. You can either give an ad in the newspaper or sell your products online. You can also have a garage sale for the same. Spread the word among your friends and family about the items up for sale. 

2. Part Time job or Extra Shifts

Another way to earn some cash quickly, is to get a part time job or work some extra shifts at your office. The quick jobs like babysitting, walking someone’s dog, doing some minor repair work etc. can get you instant cash and it can also help spread the word among people. 

3. Get An Instant Loan

If you need large sums of money, then get yourself a personal loan. You can also opt for instant cash loans from companies like Finance 27 who will give you same day loans, without any hassle. You can pay off your loan gradually and easily with a monthly or quarterly payment plan, this will depend on the bank or loan provider. 

4. Borrow

Borrowing money from your friends or family members on a short term basis, is another route to getting instant cash for emergencies. You can explain your urgent situation and give them a date by which you will return them their money. If you assure them of a time by which you’ll return the loan, your friends and family members will be more likely to help you out. 

5. Time To Dive Into Your Investments

If you have been investing your money regularly in assets, then it’s time to dive into those investments and cash them. Cashing in investments is not going to give you immediate cash, but can be a good option to get some money, if you can afford to wait for a couple of days. Make sure you discuss with a financial advisor about any tax penalties or payments that you might have to make for cashing in your investments. 

6. Selling Jewellery Items

If you own any jewellery items of gold, silver, platinum or any other precious metal, then you can sell these items and get paid for them in cash. There are many shops that sell second-hand jewellery and will give you a good rate for your jewellery items. Make sure you check the price of the metal, that your jewellery is made of, at the time of selling it, to get the right price for it.

Conclusion

Desperate situations call for desperate measures. While you may be shy in asking your friends or family for money, remember that it’s only temporary and you’re stuck in an emergency. You should avoid taking debts as far as possible but you cannot avoid emergency situations. So in emergency situations, don’t shy away from asking your near and dear ones for help. 

If you take the route of a personal loan, then make sure that you understand all the terms and conditions properly so that there are no surprises for you later. 

Leave Comment