Tips On How To Manage Instant Cash in Emergencies

As humans, we are bound to make mistakes and have emergencies that might require instant cash and financial assistance. What do you do when you’re involved in an accident or a medical emergency and need money immediately to get yourself treated or out of the situation you are in?

In emergencies, we find ourselves so stressed that at times our brain stops thinking and we hit a dead end regarding ideas to get instant cash in hand. The first thing you should do is calm yourself down and figure out your options of getting instant cash.

Look at your personal savings and bank account balance, whatever you have in your bank account, withdraw it and keep it aside. Calculate the remaining amount that you need to arrange and follow the below tips to get instant cash.

1.Selling

If you have the liberty to arrange the amount needed in a couple of days or weeks, get together the belongings that would give you a good price if you sell them. Items like watches, jewelry, antiques etc. will get you a good price upon selling. So, if you are comfortable with selling these items for cash you need for the emergency, try and sell these items and add the cash you earn from these to your bank account balance. However, keep in mind that due to your desperate situation, buyers may give you a low price for your items, so do your research and find out the worth of your items before you sell them.

This method of getting instant cash will work if you have some time on your hands to sell things and arrange the money. So give yourself a couple of days to arrange the kind of money you require by selling your expensive belongings.

  1. Investments

If you’ve been making investments all your life, it’s time for them to be useful. Don’t hesitate from cashing in on your investments. Although, this method is going to be quite a lengthy and time consuming one, so make sure you have that much time on your hand. Also, understand the terms and conditions of breaking your bonds and investments from your investment banker. You may have to pay taxes and other dues so, take that into consideration when you make the decision of breaking your bonds and cashing in on your investments. Also, remember that you will not be walking out of a bank with cash in your hand. Cashing in on investments is a lengthy process, so go through the proper channels and understand the limitations and regulations.

  1. Take Up An Instant Paying Job

If you really need instant money and do not have savings or investments to rely on, then the best way is to get a job that will pay you instantly, the moment your work is done. Ask your neighbors if they need to get their lawn mowed, walk their dogs, babysit their kids etc. Spread the word among your group of friends and other social circles, that you need an instant paying job.

  1. Loan From Friends or Relatives

Do not shy away from asking for help from your friends and relatives. Let them know your situation and ask them to lend you some money which you will return to them eventually. People are willing to help if it’s a loan, so assure your friends that you will return their money. Don’t make promises of a date of return which you are not sure you’ll be able to meet. Let them know honestly how long it will you take to return them the money. Your friends and relatives will appreciate your honesty and be happy to help you.

  1. Loan

There are many financial organizations that give instant, same day loan. Approach these organizations or apply for an instant loan online. They mostly give the loan within 24 hours, so you don’t have to worry about waiting around for the loan. You can also apply for a personal loan to a bank. However, this would depend on your credit score. If your credit score is low, then the interest rate on your loan will be high, this is why it is suggested that your credit score should always be good so that banks don’t refuse a loan to you.

  1. Short Term Loans on Credit Cards

If you own a credit card, then you can also get a cash advance on your credit card from an ATM, bank withdrawal or cheques. These are like short-term loans on which you will be charged a high interest rate or a transaction fee. It is a very quick way to get instant cash in case of emergencies.

Conclusion

The best way to ensure that you have money in case of emergencies is to keep savings, but a lot of times the nature of emergencies can be such that savings may not be enough. In such cases, you can opt for one of the many options listed above to source out instant cash. However, whichever source you choose, make sure you are ready to pay it off once the emergency has blown over. You will need to work extra hard to ensure that you pay off your loans with interests and not get caught in the web of debt.  

News Reporter

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