Did you know that just over half of all Americans do not even have enough money in their bank accounts for any type of emergency? A good energy fund includes around three months’ worth of expenses, in the event that you lose your job or you have an unexpected bill.
Have you ever wondered how to get access to emergency funds quickly if you do not have them on-hand? Here are some of the best strategies for getting emergency money so that you are never left in a rut again when it comes to financial management.
Ask Friends and Family
If you have friends or family with a significant amount of wealth, then it may be in your best interest to ask them if you can borrow emergency money. Usually, a family loans means that the contract is informal and you will not have to risk your credit if you cannot pay it back.
You can always sign an agreement with your family member to pay back the loan if they want to feel more comfortable when lending you the money.
Secure a Short-Term Loan
Payday lenders are everywhere, and you can always get a loan that will tide you over until you get another paycheck or a secure form of income. However, make sure that you do not go with a lender that charges high interest.
You may want to see if your bank offers personal loans. These are often at a much lower interest rate and have flexible repayment options.
Do Online Surveys
Small tasks in the gig economy can add up to larger payments if you are persistent enough. One of the easiest ways to put some extra emergency cash in your pocket is through sites that let you do online surveys and reviews.
Before you use one of these sites, make sure to read reviews to determine if they are legitimate and you will not have to waste your time. For example, read this Ysense review to learn all about how much money you can make taking surveys online.
Sell Your Possessions
It may not be an ideal solution, but you can also sell high ticket items that you own for cash to tide you over. Many pawn shops are open twenty-four hours a day, so you can go whenever you need to and get some emergency money.
Some of the most popular items that people like to sell at pawn shops include computers and electronics, jewelry, musical instruments, and family heirlooms or antiques that they can no longer hang onto.
Always Have Access to Emergency Funds
If you need immediate emergency funds, you should not have to worry about paying off your debt or bills. With this guide to emergency funds, you can secure the emergency cash that you need in no time at all.
Would you like to learn more about ways that you can make money quickly? Check out our site for more ideas, tips, and tricks for improving your personal finances.
Veeramachineni Lalitha
I am Finance Content Writer. I write Personal Finance, banking, investment, and insurance related content for top clients including Kotak Mahindra Bank, Edelweiss, ICICI BANK and IDFC FIRST Bank. My experience details : Linkedin