Did you know that the average American has over $90,000 in debt? Some common causes include low income, bad budgeting, divorce, and illness.
Not only can it lead to stress, but it can also make it more difficult for you to reach your financial goals. For example, it can keep you from owning a home.
In some cases, it can also affect your relationships.
Are you experiencing financial trouble? Thinking of getting a loan?
Because there are other things that you can do if you need money now. Keep reading to find out what they are!
1. Start a Side Hustle
Consider starting a side hustle—that way, you’ll have multiple sources of income. For example, if you have a vehicle (learn more about car ownership and equity), you can work as a driver for a ride-sharing app. If anything, it’s one of the most flexible side gigs that you can get.
For one thing, you’ll be able to pick your own schedule (ie. it won’t get in the way of your full-time job). For instance, you can work nights or on the weekends.
Other popular side hustles include working as a pet sitter, virtual assistant, freelance writer, or photographer. You can also sell crafts online if you’re artsy.
2. Cut Back On Your Spendings
Cut back on your non-essential expenses if you’re having money problems. For example, you can eat out once a week instead of three times a week. The same goes for entertainment. Try to find free or low-cost options instead of spending money on events.
And if you can, cancel some of your ongoing subscriptions and memberships. For instance, you can work out at home instead of going to the gym. Depending on your location, that can save you upwards of $200 a month.
It also helps to track your spending. That way, you’ll know exactly where your money is going. For example, you can use a spreadsheet or a free budgeting app.
3. Organize a Garage Sale
Holding a garage sale will let you clear your closet and make money at the same time. For example, you can sell old games, furniture, or artwork.
Just make sure to price the items fairly. As a general rule, you should never charge more than 20% of the current retail price.
And make sure to advertise your garage sale at least one week in advance. Put up signs on street sign poles. Advertise online. You can also post an ad in the local newspaper. Remember to include your street name and the time of day on the sign.
What to Do If You Need Money Now
Now you know what to do when you need money now! As you can see, there are several options, from starting a side gig to organizing a garage sale. If anything, you just need to put your mind to it.
Was this guide helpful? We have more tips like this in our money management section. Check it out today!