Car issues, roof leaks, medical emergencies, and other unexpected expenses can arise when you least expect them. Sadly, many people won’t have the cash they need to cover these expenses. In fact, about 40% of adults in the U.S. admitted that they would not have the cash to cover an unexpected expense of $400.
If you’re in this situation, it’s important to remember that there are ways for you to pay for unexpected expenses even if you don’t have the cash at the moment. Here’s what to do:
Sell Personal Items
If you’re in need of extra cash, start by sorting through your personal belongings to find stuff you no longer want or need. These items may not be valuable to you, but you may be able to sell them for enough cash to cover your unexpected expenses.
For example, sell clothing that no longer fits to local consignment shops or used clothing stores. Use apps such as Let Go or Offer Up to sell other items such as old electronics, kids’ toys, and furniture. This is a great way to earn extra cash and declutter your home!
Reduce Monthly Expenses
Now is the perfect time to take a hard look at your monthly budget to determine how you can cut costs. If you lower your monthly expenses, you can use the money you save to pay off your unexpected expenses.
To reduce your monthly expenses, consider temporarily canceling subscription services and gym memberships. Commit to making food at home instead of going out for lunch or dinner. Lower your electric bill by turning off the lights when you leave the room and adjusting the temperature on your air conditioner. Ask your co-workers if they would be interested in carpooling to work to save money on gas. These are some of the many ways you can cut costs and put more money aside to pay unexpected expenses.
Take Out A Car Title Loan
Don’t rule out loans simply because your credit score isn’t perfect. If you’re in need of cash, a car title loan might be the solution. You can use the title to your vehicle as collateral in order to obtain cash from a car title loan. Many lenders offer same-day approval for car title loans, which means you can get the cash you need to pay your expenses within a few hours.
Lend A Helping Hand
Reach out to friends and family members to see if you can lend a helping hand in exchange for a little extra cash. Are your neighbors going out of town? Ask if they need a dog sitter. Is a friend renovating her home? See if she’s willing to pay you to paint.
Your loved ones will understand that you are in a tough financial situation, so they will most likely be eager to help out in any way possible.
There’s no doubt that an unexpected expense can put a strain on your finances. But, it’s important to remain calm and remember that there are ways to come up with the money. By following these tips, you can find the cash you need to cover these costs in no time!