Earning money is pretty cut and dry. You likely have a firm handle on your personal income and budget, but what happens when that is not enough? You can always create cash for yourself by physically earning more, via a second job, or passive stream of income, but neither of these options are especially viable for when you need quick cash. The amount of money you can create from your existing budget will vary based on many factors, but you might be surprised to learn that when you need quick cash, you might already have it on hand.
If you find yourself in a situation where you need a decent sum of money, on a limited timeline, think about your assets and what you might be able to sell off, or downsize to create those funds for yourself. Picking up and selling your house in a hurry just to create cash is not a very well thought out plan, so consider less assets that have a lower immediate need, like your life insurance policy.
You might not realize that you can sell your life insurance policy for cash, because most people do not take out a policy of this type with the intent of ever dropping it. Many policy owners have the option however to surrender or sell their policy when the need for cash exceeds the need for the policy. You can quickly find out if you are eligible and what this decision would mean for your budget without actually committing to the sale.
You might be shocked to find out how much money you spend annually on daily, or even weekly habits. Small expenses like buying lunch daily instead of meal prepping for the week can mean hundreds of dollars out of your budget each year. If you are looking to create small amounts of cash for yourself, consider swapping out some of your habitual spending. If you are not already, start tracking your spending down to the penny, and you will be able to easily identify with real-life figures, how much money you can create for yourself each month by simply cutting back on the nickels and dimes.
If you are competitive in nature, creating a budget challenge for yourself is a great way to trick yourself into creating extra money. The best part of this type of opportunity is that you can follow an existing plan, or create one that is customized to your needs and habits. Timelines are also fluid, so you are in complete control of how much time you allow yourself to complete this challenge, depending upon when you need your cash by.
You can also challenge yourself by sacrificing some of your free time to your need for extra funds. Cleaning out your closet might seem daunting but if you can get it done and then post some of your removed items for sale to social media marketplaces you can kill two birds with one stone. Many of these opportunities have minimal demands for the seller. Once you post the item for sale, at the point of purchase you can simply communicate with the buyer regarding pick up and payment terms and it’s done.