If you're faced with unexpected expenses, you may be in search of tips for how to make money quickly, as well as things you can do to cut expenses right away.
Fast Tips for Making and Saving Money Fast
Whether you're struggling with job loss, high medical expenses, or home repair bills, getting out of a financial jam requires flexibility and creative thinking. You need to come up with a way to increase your income while reducing your expenses.
To make money in a hurry, you have several options:
- Have a garage sale. Clean out your closets, declutter your desk drawers, and sell all unnecessary items. If you're willing to negotiate with potential buyers, you can easily earn $100-$200 in just a few hours.
- If you have collectible items, such as sports memorabilia, list your collection on eBay. Just don't forget to take into account any transaction fees that will be accessed when you're determining your price.
- Offer to mow lawns, shovel snow, perform basic home repairs, clean houses, or run errands. Many people are in need of these services, especially busy professionals. Childcare is another service that is in high demand, particularly if you're available to babysit during the evening and weekend hours.
- If you have professional skills such as computer programming, accounting, or graphic design, register on Guru or Get a Freelancer to bid on temporary projects.
- Donate plasma. If you're 18, weigh at least 110 pounds, and can pass a basic medical examination, you can earn extra cash by donating plasma. You can donate two times in a seven-day period, as long as you allow a minimum of two days in between donations.
To reduce your household expenses, try the following:
- Challenge yourself to use up the items in your kitchen. If you're stumped for what to make, try searching the All Recipes Web site for recipes that use the ingredients you have available. You may also find it helpful to print out a list of ingredient substitutions that can help cut down on unnecessary purchases.
- Make your own cleaning solutions. Baking soda and vinegar are a frugal and environmentally- friendly alternative to commercial cleaniers. See the LoveToKnow Save article How to Make Natural Cleaning Products for more information.
- Check out your local dollar store for household essentials. Many people assume that dollar stores are filled with nothing but junk. However, dollar stores are actually great places to buy everything from toilet paper to birthday gift bags. Some dollar stores even have sections with namebrand toiletries and packaged food items.
Options to Avoid
When looking for tips on how to make and save money fast, there are a few options you should try to avoid.
- A payday loan may seem like a great option when you're in a financial bind, but this strategy for generating cash in a hurry should be avoided at all costs. Payday loan places charge extremely high interest rates, making it harder for you to dig yourself out of trouble.
- Although it's a cheaper option than a payday loan, you want to avoid getting a credit card cash advance if at all possible. Even if the cash advance has a very low interest rate, it's likely to be part of a promotional offer that is only good for a limited time. In addition, you will be required to pay off the lower interest balance before tackling the higher interest portion of your credit card debt.
- In some cases, a home equity loan is a good way to get the cash you need for necessary expenses. However, if you default on the loan, you risk losing your house.
- Your retirement fund is supposed to be an investment in your future; it's not a piggy bank you can crack whenever you're search of tips for how to make and save money fast. If you make a withdrawal from your 401(k), you'll pay substantial tax penalties and be forced to save even more money in the future in order to make up the difference.