• Skip to main content
  • Skip to primary sidebar

Best Money Saving Blog

Save and make money here

  • Saving Money
  • Jobs
  • Interviews
  • Stories
  • Contact
  • About
  • Advertising

No Emergency Fund? Here’s What to Do

January 29, 2019 by admin

Managing a budget isn’t always an easy thing to do. This is especially true when you come across unexpected emergencies. It’s a good thing there’s a way for you to prepare for those unexpected events. An emergency fund can prepare you to pay for those unexpected emergencies while not needing to borrow money or max out your credit cards in the process. But what happens if you don’t have an emergency fund when you need it? There are still a few options for you to get the money you need.

Loans

If you are strapped for cash when an emergency arises, you can always take a look at quick personal installment loans. These can help see you through until you get back on your feet. If you go to places like banks or credit unions for these loans, you’ll have a better chance if you have great credit. If your credit is less than stellar, you can still get one through several loan sites online. These are feasible options for when you need the money quickly.

Cut the Budget

If you don’t need the money right this minute, you might be able to get what you need simply by cutting your budget. The time frame you have plays a massive role in this because cutting the budget might take months before you can save enough money to pay for the unexpected expense. Again, a stored emergency fund would eliminate the need for this.

Side Hustles

If you don’t have the time needed to save the money by cutting your budget, or if the budget you have is already a bare bones one, you might want to look into earning the additional money that’s needed. You can get a part time job, or even add a few hours a week to the job you already have. You might ask friends and neighbors if they have any extra work or chores that you can do for money. Consider taking on a side hustle as a driver for ride-sharing services.

Collect Any Debts

If you’ve loaned money to people when they needed it, now is a great time to ask them to pay it back. You shouldn’t bank on this though because not all of them will be willing and/or able to pay you back right away. Some might not even pay you back at all, so the rule here is don’t lend out anything you can’t afford to lose.

Liquidate Investments and Assets

If you’ve invested in anything or have any assets, sell them. Start with those things that you haven’t used in a while – like kitchen appliances or branded clothes. If you do this and find that you’re still in a bind, you might begin to sell off your paper investments or any shares or pooled fund units that you might have.

There are always ways for you to get a bit of money legitimately, sometimes you just have to sit down and weigh your options. Don’t be afraid to look outside the box. You might be surprised at what you can come up with.

Filed Under: Personal Finance

Primary Sidebar

Recent Posts

  • Making Cents of Money
  • No Emergency Fund? Here’s What to Do
  • Fundamentals Of Commodity Trading
  • Ways to Save Money and Live Cheap in Austin, TX
  • Saving Money In Summer

Archives

Copyright © 2023 · Infinity Pro on Genesis Framework · WordPress · Log in