They say when life throws you lemons, you make lemonade. However, when life throws unexpected financial circumstances your way, what are you supposed to do? Everyone has found themselves in a financial jam at least once or twice in their lives. You’re enjoying life and then suddenly the plumbing needs to be repaired, your small business hits a slow season, the car stops working, or the kid’s tuition becomes due before your next payday.
When immediate financial matters come up and you haven’t got a dime to your name where can you turn? There are several solutions for making some quick cash to help you out when you’re in a quick bind.
Consider a Line of Credit
Lines of credit are great for getting out of financial jams. They are flexible loan agreements between a borrower and bank or lending institutions like LadderCredit.com. Like a credit card, a line of credit can be used for whatever you want, when you want, and as frequently as you want as long as you make the required minimum payments.
While personal loans will require you to use all the funds and charge interest for the total amount borrowed, lines of credit work differently. Borrowers are only expected to pay interest in the money that they borrowed. So, if you need to pay the kids tuition, dip into your line of credit and repay it at a pace you can afford. Slow seasons for your small business can easily be funded by a line of credit as well.
Consider a Side Hustle
If you often find yourself in financial binds it may be beneficial to consider a side hustle. Having a job on the side generates additional income that can be put up and saved for those rainy days. There are so many passions that can be turned into lucrative opportunities. Whether you’d like to walk dogs, become a blogger, babysit, cut grass, sell beauty products, or work as a part-time customer service rep from home you can earn a considerable amount of money doing it.
Sell Things You Don’t Want
Not interested in taking on a side hustle? There are still ways to get some quick cash when you’re in a financial jam. Look around your home and see if there are things that can be sold. Anything you’re no longer using can be sold to earn some extra money. Whether it’s clothes you can’t fit, old cell phones, a junk car, old computers, or children’s toys there is a market for it. You can sell them online through classifieds or bidding sites. You can also organize a yard sale and hawk your things for the best price.
Ask a Friend or Family Member
If you’re really down and out and need money sooner rather than later you can always look to your friends and family for assistance. If it’s a large amount of money you need asking for smaller amounts from a few of those you hold close can get you closer to your goal. Be sure that you’ve set clear guidelines on how you will repay them, and more importantly, make sure that you stick to the plan. Although they are not a bank or credit card company, they were nice enough to lend you money when you needed it. Failure to pay back the loan could result in turmoil in your family which you want to avoid.
When you find yourself in a financial jam there are several options for getting relief. Keep in mind that if you’re taking out a line of credit or borrowing money from friends and family repaying it timely is imperative. Failure to do so could lead to a ruined credit history, tarnished relationships, and the inability to borrow money in the future should you need it.