Emergency funds are handy for you and your household to have for when things go wrong. But not everyone has managed to save their money or have any savings whatsoever. Life doesn’t wait around though, so if there’s a situation where you need money quickly, here are a few suggestions.
This is a contributed post and do not necessarily reflect the opinions of Meet The Harris Family.
Get A Loan
A loan is one thing that you should only be getting out in an emergency and when the income you have currently won’t cover whatever payout is needed. Remember to think about that loan as money that’s not yours, because it isn’t. That will help you get into the mindset of paying it back after you’ve made your payout. Check out Smslån when it comes to taking out a loan. Some advice when it comes to getting a loan is to go for ones where the interest isn’t too high, and it’s more of a short-term based loan, rather than one that’s drawn out. The longer the payment plan, the more interest and extra fees they’ll charge you.
Sell Your Stuff Online
Selling your stuff online isn’t a bad idea when you need money quickly. There is likely to be a lot of things that are lying around your home and can be sold. Try to remove clutter every so often, and if there’s something fairly valuable that isn’t being used anymore, then it’s definitely worth considering whether it will be better in someone else’s possession. There’s pretty much a website to sell everything nowadays so no matter how obscure something may seem, there’s likely to be a place where you can sell it.
Get A Credit Card If You Don’t Have One Already
Like a loan, you may need to have a credit card for those purchases where you’d rather spread the cost. With credit cards, they’re not likely to have too big of a hit in terms of additional fees or interest, and many do come with interest-free spending. As long as you’re paying it back on a regular basis, it shouldn’t cause you any more harm financially. So if you don’t have a credit card already, then it’s definitely worth applying for one now because you could end up being approved in a matter of weeks, maybe even less.
Remortgage Your Home
There may come more extreme times where the money you owe or need to pay exceeds that of any loan or credit card that you can take out. Remortgaging your home is one of those moments where you need to make absolutely sure it’s something you need to do and that you’ve exhausted all your other options. Remortgaging can mean that you have to owe more money and that might make the age at which you retire a lot later than you wanted it to be. So with that in mind, only go forward with this if it’s a last resort.
Having money available is important, so learn from your mistakes and get an emergency fund if you haven’t already got one.
