Found Money:
How To Generate Quick Cash In An
Emergency
You need to be able to
come up with some quick cash fixes
(without additional borrowing) to
recover from a Money Emergency:
Budgeting Tip
#1: The first thing you want to
do is prioritize to get back on track
very quickly. If that means letting your
credit card bill go for a bit, so be it.
As soon as you realize that you have a
money emergency, contact your credit
card issuers and request reduced
interest rates and payments. Not only
one, both!
Budgeting Tip
#2: For your car payment, call
the creditor and request a payment
extension. Perhaps you hate payment
extensions, because they require a fee
and you still have to make the payment
at the end of the contract. In this
case, a payment extension can allow a
little breathing room to help you
recover during your money emergency.
Expect that you will likely have to pay
a fee (usually about ¼ - 1/3 the car
payment amount) for the extension.
Freeing up the money you need today is
your first and only goal at this point.
Budgeting Tip
#3: Check to see if your
mortgage holder will allow an extension
for a nominal fee. Do this today!
Budgeting Tip
#4: Another quick fix, is to
host an on the spot yard sale. You don’t
have too much time for planning, so do a
quick survey of your personal
belongings. Come up with clothes that no
longer fit, but that are in good
condition, knick-knacks, dishes, and
books as well as stuff you bought but no
longer use. Throw it all together,
quickly. Put some notices up the same
day at laundry mats and grocery stores
around town, and remember to place a
sign at the end of your driveway. You
can make a quick $300 this way with very
little time and effort.
Budgeting Tip
#5: If you have a larger item to
sell, call into the local radio stations
to see if they have a “call in swap
show” on the weekends. This is a very
popular way to quickly convert gently
used and more expensive items to fast
cash.
Budgeting Tip
#6: Another quick option is with
utility and telephone bills. If you
aren’t already on a budget plan, ask
that the current bill (plus any previous
balance you owe) be set up for a budget
plan. Expect to pay a down payment
(usually ¼ of the bill) and that all
future bills (while on the back payment
budget plan) must be kept current. The
nice thing about it ... it’s usually
interest free, and can give you some
much-needed breathing space for a month.
You must be sure though that you
maintain the regular utility payments
AND the budget payments in the coming
month.
Budgeting Tip
#7: Check with your family
church regarding emergency help. Local
churches can be one of the best places
to find out what’s available in the
community to help those in need, or in
times of emergency. Check with your
local church, first.
Getting Fast Cash
through Borrowing
If you are
absolutely, positively, in a bind, a
real cash emergency, and you have
exhausted all of the above, then
consider borrowing. First, ask your
family, then your local bank.
As a last resort,
you may want to consider what’s known as
a “Payday Loan.” These types of
borrowing stores can be useful when all
else fails.
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