In the event of a financial emergency, you need to have a plan in place. Of the numerous options available, work out one that will bode well when a crisis strikes. No one goes through life unscathed, so preparing in advance keeps you from stressing over something that could be avoided. Having an emergency account or a way to take care of difficulties that arise provides a measure of assurance to thwart the anxiety that you feel from situations over which you have no control.
If you do not have an emergency savings plan, take advantage of low-cost credit – perhaps in the form of a credit card or someone on whom you can depend to lend you the money. Maintain a zero-balance credit card for emergencies, but you will probably have to use it periodically to keep it in force. After all, credit card companies are in business to make money, and when you do not use the card, they cannot charge you interest. So, use it infrequently and pay it off immediately. When you do need it, it will be available. Remove stress and strain by recognizing that an emergency will eventually occur, and having borrowing options in a pinch is reassuring.
If credit cards aren’t an option, those in a financial pinch can consider short-term cash advances instead. The process of finding a quick personal loan of this type is pretty straightforward thanks to lenders allowing for applications online. With that said, would-be borrowers ought to carefully look over the loan agreement to get a good grasp of the terms and conditions of the repayment process. Misunderstandings can lead to extra interest and fees being paid before the loan can be discharged.
Another choice is to get rid of items that you do not need or do not want. Many sites, such as Craigslist, eBay, OfferUp, and Pennysaver, provide a platform for selling items online in a cost-effective way. They are relatively simple to navigate. Also, if you have a skill that can be parlayed into a product to sell on these sites, you might want to put together a small inventory of items and store them until you have a need for extra money, or sell them immediately and deposit the money in an emergency fund.
Yard sales are popular ways to make extra money. Actually, you can make a decent amount if you organize and plan well. In addition to your own belongings, collect items from neighbors or from people who simply want to get rid of articles they no longer want. Seniors who are downsizing often will give away objects rather than hassle with selling them or donating them to charities. Some charities either will not accept certain items or are very specific about what they will accept. Put advertisements in community newsletters or place notices online in community groups. If you have a small truck or van, scour neighborhoods and collect various pieces if you have room to store them. Have a weekly yard sale until you have sold all of the items, and place the money in an account for emergencies.
Researching online jobs usually provides a wealth of prospects. Writing freelance articles, completing surveys, performing transcription or data entry duties, answering phones for call centers, and editing or proofreading materials all present opportunities to earn extra income. The fact that you can work from home eliminates the need for expenses, such as gas, clothing or lunches. Stay alert for income-producing possibilities that may come from any source. Have them in place before you need them. Another advantage is that you can deduct expenses associated with your at-home office, like computers, phones, internet, and office supplies.
Know what your options are before the need arises. Money, or the lack of it, is a malady that causes many emotional, psychological and physical dilemmas. Keep them at bay by preparing in advance.