You will never run out of reasons to need money. While some of these needs can wait, others cannot. Depending on the intended use and urgency, there are a few ways to get the money you need. Here are 6 quick and smart ways to raise money.
1. Liquidation of Assets
If you have ever been under a financial strain, you know the value of an asset in your possession. Assets can vary from household goods and personal items like TV, jewelry, and clothing, to bigger assets like cars, land, and even business equipment. Depending on your needs, you can choose to sell some of your assets to raise money. Alternatively, you can give some of these assets to pawn shops for a loan, but this route is often risky and overly expensive.
2. Get a Quick Loan
Loans are perhaps the best way to fund your need or get your idea to fruition. Depending on your credit score, urgency, portfolio, and how much you need, you can either get a traditional loan from the bank or a payday loan online. The folks at luckyloans.co.uk/short-term-loans-payday-loans-uk/ say that if you need to raise money and pay it back within a short time, a payday loan would be the best option. These short-term loans are usually reviewed and approved the same day, and you can get the money in a matter of minutes after applying online. Long-term loans are best suited for bigger purchases or investments, but these usually take time and require you to have an excellent credit history.
3. Taking Extra Jobs
Money has never been enough, which is why you find tycoons having more than one investment to generate income. Volunteering is a well-paying side hustle. For example, dog walking is a new form of income. Here, you can volunteer to take your neighbors’ dogs for a walk and can charge per hour. Averagely, most charge $14 for an hour, which is quite good. Rates will vary due to factors like the type of dog, place of the walk, etc. another cash cow is babysitting. National-wide, the minimum pay for babysitting per hour is $28. Uber services and running errands for free-time people can also earn you some good, easy, and genuine money.
4. Save Loose Change
Before we go any further, if you do not have a piggy bank, grab one. When we are out shopping and get pocket change, it is not unusual to spend it aimlessly because we do not see its value. But every dollar counts. Saving is a great way to track your finances, and it promotes healthy spending too. You might be surprised at how much those coins can save you at the end of the year. Research shows that Americans throw away roughly $61.8 million of coins in the trash each year. See how much is lost out of ignorance and arrogance?
5. Ask For Help from Friends and Family
Blood is thicker than water, and everyone at some point in their lives needs a little boost. There comes a time you lack, and at times you have enough or plenty. Asking for help is 100% human nature, and you should not shy away from it. Friends and family can help take the load off your shoulders. Talking to them about what is going on can bring them on board into helping you with cash. Based on what you agree, they can give without expecting it back, or you could create a repayment plan. Nevertheless, paying debts, especially when you owe friends or even family, will maintain your reputation and respect. Just be responsible enough to pay back money to people that lend you when you if need be.
6. Set up a Fundraising Event/Groups
This has been in existence from way back, and it seems like we are not losing that culture anytime soon. Events can be used as channels to generate cash like music launching events, birthdays, etc. Printing out cards inviting people to your fundraising for a particular goal can help. Thanks to social media, you can now make the event reach more people when you use social media platforms like Whatsapp groups to add people to your event or even stream it on Facebook.
Being cautiously in-charge of your finances is a good habit that will help you avoid unnecessary spending. On that note, make saving one of your year’s resolutions. Set a target of how much you want to save and watch yourself rise financially.