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The Need Money Now Strategy

Sooner or later it happens to the best of us, your in a position where you need money now.  If you are in a jam and need to come up with extra funds, don’t stress out just yet.

It sucks to be in this position, but there are things you can do to come up with money fast without putting yourself in a worst financial position. We want to help you weed through all the crap and find the money you need.

You’re Not the Only One

Did you know that almost half of Americans would not be able to come up with $400 to cover an emergency? According to a recently released report by the Federal Reserve, 47% of Americans could not access $400 in a case of an emergency.

If that isn’t shocking enough, 25% of those earning more than $100,000 are among that 47%. If you are among those who don’t have at least $400 set aside in case of an emergency, let’s figure out how you can accumulate it.

Sell Your Stuff

Take a look around whatever room of your home you happen to be in. I bet you can find half a dozen things you could sell on eBay, Craigslist, or Amazon right now that would net you a few hundred bucks.  If you want to make some money try online arbitrage where you can buy low on eBay or sell high on Amazon.

If you have a little more time, you can organize a yard sale. Put the word out that you are planning one and see if people you know have things they want to sell. A lot of people would be happy just to get rid of some stuff and let you have it for your sale. If not, offer to sell it and keep a percentage for yourself.

There are some great online marketplaces to sell your stuff. OfferUp created a platform where you can buy and sell things locally. Take a photo of an item through the app, and it will circulate it to people nearby.

I know you have a closet full of clothes you don’t wear anymore, we all do. Sell some of them. I have had a ton of luck with Poshmark, and I’m addicted.

I started using it about a month ago and already made over $100 on clothing that was just taking up space in my closet. It is super easy to get started listing items.

poshmark

Rent Your Stuff

If you live in a place, people like to visit, renting out your home through Airbnb can net you that $400 in just a few nights. Stay with a friend, sleep in your car, or rent a cheap hotel room while guests luxuriate in your place.

Through a company like Relayrides, you can rent your car when you aren’t using it. The company provides liability insurance and screens renters. You decide how much to charge when to rent, and whom to rent to.

Sell Your Spare Time

Getting a part-time job is a good way to make extra money but it involves all of the unpleasant aspects of any job search, the looking, the resumes, the interviews. And you’ll have to adhere to someone else’s schedule. But there are ways you can earn the extra money that you would from a part time job without going the formal route.

Companies like TaskRabbitCare.com, Fiverr and Uber allow you to work on whatever schedule is convenient for you. TaskRabbit connects people who need services like moving help, handyman tasks, and cleaners with those who can perform them. The company now guarantees taskers a minimum of $11.20 an hour, well above the national minimum wage of $7.25.

Care.com is for those who want to babysit, provide adult or elder care, clean homes, even house and pet sit. So if you don’t like kids or senior citizens, you can watch puppies! It’s much different than it was when I babysat in high school. I charged $1 per hour per kid.

pet-sitter-care

Now sitters are commanding up to as much as $16 an hour! Even if you don’t have an emergency you need cash for, babysitting looks to be a pretty lucrative side gig these days.

If you are looking for some other ways to make some cash fast, here are 103 more ideas.

Don’t Get Ripped Off

You found yourself in a position where need money now, and you turned to Google. Who wouldn’t? You probably had to weed through a ton of scams to find a few legitimate articles.

You’ll get a lot of hits on payday loans even if it’s not obvious at first. These places charge outrageously high rates of interest. The average rate for a two-week loan is between 391-521%! Scared? You should be, they’re ripping you off.

If you’re interested, we explain how payday loans work in a separate article.

Most of these loans are terrible ideas, but some of them are downright predatory. The problem is, getting the money will not solve the root of the problem. Why is your need is so desperate?

This is where we come in. Besides helping you make the extra money you need right now, we want to provide you with the tools you need to make sure that you never have to google “need money now” ever again.

To start, do yourself a favor and check out some clever debt reduction strategies in the Can’t Pay My Mortgage post or the Debt Relief for Dummies post for some quick help. You may have gotten into your current mess by taking crappy loans. Don’t perpetuate the cycle! Remember – fast; high-interest loans are not the answer!

For the rest of you, we will get you money now, but only a little bit. See, just like losing weight, building a massive cash hoard and digging yourself out of debt is very possible – it just requires focus and determination. Those 30 pounds didn’t just magic away. Likewise, you’ll need to do your fair share of work to stop the leaks in your spending.

Don’t Let It Happen Again

Unless you are already operating on a bare-bones budget, and you probably aren’t, there is some spending you could cut. Money saved is just as good as money earned.

If you don’t have $400 to your name, you are not allowed to have things like cable, Netflix, a gym membership, and a Starbucks habit. Sorry, you just aren’t. Once you have an emergency fund, you can resume those things. But you might find that you can indeed live without them.

Most of the crap on cable will rot your brain; you can rent movies for free at the library, running or walking outside is free, and Starbucks coffee tastes burnt.

If you need a little help is this area, LMM has a whole course on the subject with fifteen podcasts and articles that will help you save money around the house.

It is shocking and frightening that so many people can’t come up with a few hundred dollars. Having an emergency fund is probably the most important thing you can do financially. The peace of mind it gives you is significant.

Ideally, you want your emergency fund to be six months worth of expenses. But if you don’t have one, you have to start somewhere. And hopefully, before an emergency occurs. If you don’t have $400, choose one thing from this list and do it. Once you reach $400, keep doing it. When the emergency comes, you’ll be prepared to handle it.