It can happen to anyone. Life can be going so well, and things seem to be going your way. You begin to feel relaxed as if you have it all figured out. Most of the time, that’s when hardship strikes. It could be your car that just blew a gasket. It could be a monsoon-like rain that sweeps through your area and completely damages your basement. It may even be hospital bills.
Whatever the case, emergencies happen. And, it’s a great idea to have an emergency fund ready to go at the drop of a hat. But, some people don’t have that luxury. While some may bank thousands of dollars away for a rainy day, others struggle to keep hundreds. And maybe, you just got done with one emergency when another strikes.
Either way, know that you will get through it. There are ways to scrape together enough money for emergency funds.
This is one of the quickest and most efficient ways in which to gather a small amount of cash. Yes, you won’t be able to collect tens of thousands of dollars with a cash advance, but you will be able to gather a few hundred (or maybe a couple thousand).
These cash advances can be life savers, but they do have a drawback. You need to take care of paying it back as soon as possible. Don’t let interest build up. Instead, take some strict measures and cut back on spending until you can pay it off. The quicker you pay off the cash advance, the better your life will be.
While cash advances are wonderful, there are also a host of other ways you can gather money for emergencies.
Sell Your Things
Nobody wants to do this. But, besides cash advances, this is the next fastest way to get money. You can go to a variety of websites to sell. eBay is a popular choice, as is Etsy. Selling your items is a quick way to make a buck. However, the drawback is pretty clear. You don’t ever want to sell the things you’ve worked so hard for.
It can be a difficult task, but one that you may want to think about if you’re in an emergency and need immediate funds.
Again, this is something you probably don’t want to do. But, there’s no shame in borrowing money from a friend, a family member or anyone else. In fact, if it’s going to keep you afloat, it’s one of the smartest things you can do.
Now, depending on who you know, the amount you can borrow may vary. But, it’s an extremely fast and effective way to get money when you’re in a pinch. However, make sure you work out a deal for the borrowing of the money. Make sure you get it hammered out as to when you’ll be paying back the money and how fast you’ll be paying it back.
Borrow from Your 401k
You don’t ever want to do this. But, sometimes, it’s the only choice you may have. Yes, the 401k is the retirement plan. It’s the plan that is going to help you live the rest of your life once you retire. It’s a pretty significant account and one that you should try never to touch. However, times may get tough and you may have to dip into it.
When you’re taking money out of your 401k, the good news is that there’s probably a decent amount of money in there. Even if you’ve only been with a particular company for a year, you’ll probably have a good sum of money earned.
Besides taking money away from your future, you may not be able to take out your full amount. The 401k will have a certain portion that will remain with the company if you decide to opt and cash out. It’s a risky move, but one you may have to make if it means that you’ll be able to pay your bills.
Emergency funds are great, but life may throw you a curveball. If it does, know that you can live without an emergency fund. It’s possible to scrape together money in a variety of ways, and any of these will lead you to money. Always remember that there is a way, and don’t get discouraged when these situations come up.