Best Ways to Escape a Financial Emergency
There are
many reasons as to why you may find yourself stuck in a financial emergency.
Unexpected expenses can emerge at any time. Even if you are prudent enough to
have an emergency fund earmarked for a financial emergency, there is still a
chance that it will run out faster than you might think.
There are a
variety of situations that can cause you to need money quickly, such as:
Medical Expenses: Medical bills can pile up quickly,
and if you are unlucky enough to have an unexpected medical incident, your bank
account can drain quickly.Unemployment: Losing your job is stressful in
more ways than one. Watching your emergency fund diminish while you are looking
for your next career opportunity ranks at the top of the list.Vehicle Repair: When your car needs major repairs—or
even worse—when you need to replace your car, the financial strain can be
immense. If your emergency fund isn’t robust enough to handle the unexpected cost,
you might find yourself facing a financial emergency.
So, what
exactly should you do when you find yourself in a financial emergency and you
need money quickly? Check out the list below on how to make sure your emergency
fund lasts.
Sell Your Personal Items
to Cover a Financial Emergency
When you face the prospect of a rapidly dwindling emergency fund, it is often a good idea to take stock of your personal items and decide what you are willing to part with. Decluttering your home and living a simpler, less materialistic life is a movement that has gained a lot of traction in the past few years. As a result, there a plenty of online options to choose from when you want to sell some of your belongings for some additional money.
The advent
of the internet has made it a cinch to connect with people who might be
interested in buying some of your personal items. A financial emergency no
longer necessitates setting up a tag sale or going to a pawn shop.
Some online
marketplace options include:
MarketplaceAmazoneBayCraigslist
Whatever
tool you use to sell some of your personal items, the extra cash will be a boon
to your emergency fund and will help you get out of a financial emergency.
Odd Jobs and Freelancing
When you need
money during a financial emergency and your emergency fund is running low, a
great option is to pick up an odd job or do some freelance work to make some
extra cash.
Depending on your skill set, there are a lot of great ways to make a bit of extra money to supplement your main income.
Some
freelance websites include:
UpworkFivverFreelancer.comCloudPeeps
You can
work on projects when you are at home and off work to build up your emergency
fund. Escape an unexpected financial emergency with savings stored away. If you
are crafty and need money, you can create an Esty account in order to make some
extra cash.
If you work
with your hands, signing up as a freelancer on TaskRabbit will be sure to grow your
emergency fund. Otherwise, check your local paper’s job listings and ask your
friends and family if there are any small jobs you can complete when you need
money. Additionally, if it is an option for you, try to pick up extra shifts or
work overtime to boost your income and pay off some bills.
Emergency Title Loans
If you own a car, it is probably one of your biggest financial assets. If you are facing a financial emergency and need money to supplement your income or grow your emergency fund, you can leverage that asset through an emergency title loan.
An
emergency title loan is a quick and easy way to help you through whatever
financial emergency you might face. Depending on the make, model, year, and
condition of your car, you could receive a significant amount of cash quick. It
depends on the state in which you live, but in most cases all you need to acquire
the loan is your car’s title, identification, proof of address, and a recent
pay stub.
A car title loan could immediately solve your financial emergency by boosting your emergency fund. When you need money quickly for an unexpected bill, a title loan might just be the ticket out of your financial emergency.
Don’t Stress about Your
Financial Emergency
While it is
easier said than done, it is important to stay calm and keep a level head when
you are facing a financial emergency. When your emergency fund dries up and you
need money, it is easy for a sense of hopelessness to set in. While this is an
understandable emotion, it is counterproductive. If you follow the tips
outlined above, you can escape your financial emergency with ease in no time!
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