You’re short on cash and need money fast. Rent is due. Your electricity is going to get cut off. You’re almost out of groceries. We get it. There are dozens of reasons why you absolutely need cash and you need it now … before payday. But taking out a payday loan with skyhigh interest rates and crazy fees is not your only option. In fact, it’s your worst option. There are plenty of ways you can get extra cash without falling into the deep, dark payday loan trap.
Here are 4 ways to cope with a cash flow gap without having to borrow money:
1. Create a rainy day fund
Be prepared! If you don’t already have money in your savings account, start saving now for the next time you need extra cash! Set aside $25 – $50 from every paycheck. Anything helps! A rainy day fund is meant for emergencies … like needing extra money to help cover rent or ensuring your power isn’t cut off. Your rainy day fund shouldn’t be used for that big, new TV that’s on sale or a new pair of shoes. Neither of those are emergencies.
If you’re in need of fast cash right now, read #2 and #3. However, once you make it through this gap, start saving for the next one. Create a rainy day fund so next time you find yourself in need of extra cash fast, you’ll have it ready and available to you.
2. Sell stuff you don’t need
Your home is full of things you never use. Get rid of them! Post them to craigslist or ebay and make some cash fast by decluttering and getting rid of things you don’t need anyways. Go through each room of your house one at a time. Look under beds, in the bottom (and top) of your closet. Search in places where you often throw old “junk” closets, under beds, book shelves, storage bins. Here are some things to consider getting rid of: books, CDs and DVDs (cash them in at a used book store); extra TV; old furniture that’s being stored in your garage; clothes (find a local consignment store).
3. Find a part time job for additional income
There are plenty of opportunities you can find quickly and easily. Ask around the neighborhood and start mowing your neighbors’ lawns. Print a few fliers and offer to paint on the weekends. There are lots of people with rooms that need to be painted who would prefer to pay someone else to do it. Start pet sitting or dog walking. Or deliver pizzas in the evenings. If you’re creative and spend just a little time searching, you’ll find opportunities.
4. Reduce unnecessary spending
Forgo your morning coffee. Stop eating out. Buy the cheap soap and shampoo. When grocery shopping, buy the store brand it’s often cheaper. These are just a few quick and easy tips for everyday spending, but there’s plenty of ways to reduce unnecessary spending. Only buy clothes if you absolutely must have them. Otherwise, put clothes shopping on hold. Get rid of
cable. You don’t have to have it! And no going to the movies or any recreational activities that cost money. There’s far too many things you can do for free, anyways!
Reducing unnecessary spending gives you extra cash to put towards necessities. It also gives you extra income for creating your rainy day fund.
If you’ve turned to payday loans in the past when you’ve struggled with a cash flow gap and are overwhelmed by mounting debt and aggressive payday lenders, we can help. Contact us today to set up your free consultation!