4 Things You Can Do In A Financial Emergency
Life happens. The pipe bursts, the car breaks down, or bones break. These accidents come with expenses, and sometimes you don't have enough money to cover the cost. Fortunately, there are some things you can do to help bring you back from the edge when you really need extra cash to make ends meet. Here are some things you can do in an emergency to help.
1. Pawn jewelry and other valuables.
Your first step should be to look for things you own that have value to everybody. These are items like diamond rings, gold necklaces, firearms, and recent electronics. For example, if you have a nice smartphone, you might factory reset the phone and sell it to a local pawn shop or online. You can usually replace this type of phone with a cheap flip phone until things are looking better.
Don't overlook other valuable that you might not have thought about. Some pawn shops will take items like road bikes, lawn mowers, and power tools. If you have tools you don't use very much, pack them and get comparison quotes from local shops.
Jewelry is another dependable source of sudden income. The one thing you should be aware of is that diamonds, while valuable, do get marked up in retail stores. You won't get as much for the diamond as you might have paid for it, but you'll still get a decent price when you visit with a reputable pawn shop, especially if the metals are a high quality and the diamond has a nicer cut, clarity, and carat weight. Shop around at a few different shops to try and make sure the price you're offered is fair.
2. Start a basic side hustle to bring in some extra cash.
Your next item of business should be looking for ways to increase your income. You might look for babysitting in your area, or you might deliver newspapers in the mornings before you head to your day job to bring in some extra cash. Consider shoveling walks, mowing lawns, or taking a few shifts a restaurant to wait tables.
You can also try working from home as a writer or by taking paid surveys at night. There are always a few ways to make a few extra dollars here and there.
3. Take out a personal loan.
Instead of putting all the costs of the unexpected expense on a credit card, meet with your local credit union to ask about the possibility of a personal loan. These loans have much more reasonable rates than credit cards, and they are easier to manage for those who have trouble controlling credit card spending. Personal loans are unsecured, so you won't lose your house or any property if you are having trouble making payments, but they are also low risk, with longer pay back plans than standard credit cards.
4. Sell household items on local swaps or online.
Finally, you may have some things at home that won't sell at a pawn shop, but they will sell to local people or to those on the internet. Some items you could sell include:
- gently used clothing, especially for children. You own clothing might be hit or miss, but many people look for children's clothes secondhand.
- unused musical instruments. Do you still have a trumpet that you haven't played since college? Now might be the time to pass it on in exchange for needed cash.
- furniture and decor. Pictures, clocks, and especially dressers and bookshelves are useful to sell.
- kitchen appliances. Mixers, blenders, and griddles are sometimes valuable to sell, especially if they are high-end items.
For more information, contact a local pawn shop in your area.