Need Cash? 7 Ways to Raise Emergency Money Fast

About 60% of Americans say that they don’t currently have enough money in their bank accounts to cover even $1,000 worth of unexpected expenses.

With so many people living paycheck-to-paycheck, it’s normal to feel incredibly anxious about how you can afford an emergency.

This post is here to help.

When you need emergency cash, you have more options than you might think. Read on to learn the seven things you can do right now to get money in the bank.

1. Cut Non-Essential Spending

Over 80% of Americans grossly underestimate how much money they’re spending on subscription services each month.

When you need emergency cash, the first thing to do is to examine your spending habits.

Take a look at your bank statements from the past few months. How much are you spending on subscription services you don’t use? What about dining out, entertainment, apps, and even smaller non-essential purchases that add up?

Slash what you can, and you might find you’re well on your way to building up an emergency fund.

2. Rent out a Room

Have an extra bedroom in your house or even a couch in your apartment that a young backpacker would love to crash on?

Instead of letting them continue to collect dust, why not rent out your space?

You can choose to have someone live with you for a month, a few weeks, or even just over the weekend. List your room on places like Airbnb or VRBO and watch the offers come rolling in.

Just make sure that you understand the rules of renting out your space if you live in an apartment building. You don’t want to accidentally put your home at risk while trying to make a few extra bucks.

3. Host a Garage Sale

Before you bag your old clothes and unused furniture and drop them off at a donation center?

Consider selling it in a garage sale instead. This is a great way to make a few hundred bucks in a single afternoon — and we’re willing to bet you’ll have fun in the process.

Advertise the garage sale both on social media and through old-fashioned signs throughout your neighborhood. Make some refreshments to sell or give out to encourage shoppers to come over.

Of course, you don’t have to limit yourself to your front yard.

If the idea of spending all day hosting a garage sale just isn’t for you, consider selling your items online.

Places like Craigslist, Poshmark, or even Facebook Marketplace are all excellent places to unload your junk.

4. Look into a Side Hustle

If you want to learn how to get emergency money, you should consider taking on a side hustle.

Usually, these are smaller remote jobs that you can do anywhere, at any time.

Consider reviewing products for a fee. Become a dog walker for an app like Wag, or even sign up to become a housecleaner on apps like Handy. If you’ve got a special skill, put it to work on a place like Fiverr or Task Rabbit.

These are excellent ways to pad your income.

Plus, they’ll also help you connect with references, improve your resume, and help you tap into skill sets you didn’t even know you had. You may find you want to keep up these side hustles.

5. Apply for a Loan

Payday loans/cash advances and lending from non marginable securities stock loans are excellent ways to get a quick influx of cash.

Just make sure that you take the time to evaluate the fees and interest rates associated with the loan. If you only need a smaller amount of money — under $1,000 — it may be better to charge the purchase on a credit card.

You don’t want to end up in a cycle of debt that will ultimately put even more financial strain on you than you had in the first place.

6. Refinance Your Loans

Maybe you don’t need to apply for a loan in order to come up with some emergency income.

Instead, you might need to refinance your current lending options. If you could pay just a bit less on your loans every month, you might be able to free up the income you need.

Get in touch with your lender, write a letter of financial hardship clearly explaining your situation, and explore your options.

7. Head to a Pawn Shop

When you need emergency cash immediately, a pawn shop could be your saving grace.

Take items you no longer need or want and see how much a pawnbroker would be willing to pay you for them. Depending on whether or not your item sells, you may be able to buy back the things you’ve pawned when your finances are in better shape.

In addition to adding a little extra cash to your wallet?

We think you’ll also love living in a home that’s a bit more clutter-free.

Use These Tactics to Raise Emergency Cash ASAP

We understand that, when you’re in a tough financial situation, it’s easy to feel like you’ll never get your credit score or savings account back on track.

Whether you’re struggling to make rent or loan payments, or if you’ve been hit with an unexpected medical bill, try these tricks to raise emergency cash in no time.

Looking for additional advice on how to improve your financial situation? Want to understand which lending options are a good fit for you?

We’re here to help. Keep checking back with us to ensure you never miss out on the top financial and budgeting advice.

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