Advice For When You Need To Free Up That Cash Quick

by Mike on December 15, 2016

Advice For When You Need To Free Up That Cash Quick

Sometimes, your situation isn’t always going to wait for you to receive your next payment. Sometimes, you need money quicker than you can usually provide it. It can be stressful and frustrating coming up against a deadline. But you’re not without options. Depending on how much time you have, you might be able to use some of these options to free up that cash you need right now.

Take a closer look at your bills

First, let’s look at all the money you’re spending. We’re going to assume you’re already saving as much as you can on luxury expenditures. But what about the spending you might have forgot about? Take a look at your bank statement and see if you can identify any subscriptions you might have forgotten about. If you don’t use it, cut it from your budget. Then look at the others you do use and see if you can haggle your provider down.

Re-evaluate your insurance

We all need insurance, but how we balance them could change how much money we have immediately available. For instance, if you’re willing to pay more cash upfront when you use the insurance, you can increase your deductible. This will lower your monthly payments, which could enable you to hold onto the cash you need for now. Just be aware of that add cost when you need the insurance.

Make some money on the side

If you have spare time and the internet, then anyone can use it to make a bit of extra cash. There are plenty of options online, from selling any spare stuff you’re not using to selling talents like writing or visual design on freelancing sites. Most people will be equipped to take on tasks as a virtual assistant, too. Just be aware you won’t be making huge bucks with most of these options, but every little helps, right?

Sell what you’re owed

If you’re in certain situations where you’re receiving payments through a structured settlement, you could have another option to get some cash quickly. For instance, if you were injured by someone and their settlement involves paying you monthly. Instead, you can choose to sell structured settlement for a one-time lump-sum payment. It’s worth being aware that you won’t get as much in total as you would have through that settlement. But that one-time payment could be just what you need at the moment.

If it sounds too good to be true, it is

Don’t let the desperation of the situation get to you. There are downsides to the options we’ve mentioned, like restructuring your insurance or selling your structured settlements. But the upsides outweigh them in many situations. Don’t trust anything that looks like it has no downsides. Society learned the danger of payday loans a little too late for a lot of people, for example. But apply that example to any options that come your way.

You need to know the costs and benefits of every option you take. Desperation can lead us to act rashly, so fight against that urge. Know the upsides and downsides of every option to avoid getting yourself out of one hole only to get yourself in another one.

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