Best Ways to Escape a Financial Emergency

There are many reasons as to why you may find yourself stuck in a financial emergency. Unexpected expenses can emerge at any time. Even if you are prudent enough to have an emergency fund earmarked for a financial emergency, there is still a chance that it will run out faster than you might think.

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There are a variety of situations that can cause you to need money quickly, such as:

  • Medical Expenses: Medical bills can pile up quickly, and if you are unlucky enough to have an unexpected medical incident, your bank account can drain quickly.
  • Unemployment: Losing your job is stressful in more ways than one. Watching your emergency fund diminish while you are looking for your next career opportunity ranks at the top of the list.
  • Vehicle Repair: When your car needs major repairs—or even worse—when you need to replace your car, the financial strain can be immense. If your emergency fund isn’t robust enough to handle the unexpected cost, you might find yourself facing a financial emergency.

So, what exactly should you do when you find yourself in a financial emergency and you need money quickly? Check out the list below on how to make sure your emergency fund lasts.

Sell Your Personal Items to Cover a Financial Emergency

When you face the prospect of a rapidly dwindling emergency fund, it is often a good idea to take stock of your personal items and decide what you are willing to part with. Decluttering your home and living a simpler, less materialistic life is a movement that has gained a lot of traction in the past few years. As a result, there a plenty of online options to choose from when you want to sell some of your belongings for some additional money.

The advent of the internet has made it a cinch to connect with people who might be interested in buying some of your personal items. A financial emergency no longer necessitates setting up a tag sale or going to a pawn shop.

Some online marketplace options include:

  • Facebook Marketplace
  • Amazon
  • eBay
  • Craigslist

Whatever tool you use to sell some of your personal items, the extra cash will be a boon to your emergency fund and will help you get out of a financial emergency.

Odd Jobs and Freelancing

When you need money during a financial emergency and your emergency fund is running low, a great option is to pick up an odd job or do some freelance work to make some extra cash.

Depending on your skill set, there are a lot of great ways to make a bit of extra money to supplement your main income.

Some freelance websites include:

  • Upwork
  • Fivver
  • Freelancer.com
  • CloudPeeps

You can work on projects when you are at home and off work to build up your emergency fund. Escape an unexpected financial emergency with savings stored away. If you are crafty and need money, you can create an Esty account in order to make some extra cash.

If you work with your hands, signing up as a freelancer on TaskRabbit will be sure to grow your emergency fund. Otherwise, check your local paper’s job listings and ask your friends and family if there are any small jobs you can complete when you need money. Additionally, if it is an option for you, try to pick up extra shifts or work overtime to boost your income and pay off some bills.

Emergency Title Loans

If you own a car, it is probably one of your biggest financial assets. If you are facing a financial emergency and need money to supplement your income or grow your emergency fund, you can leverage that asset through an emergency title loan.

An emergency title loan is a quick and easy way to help you through whatever financial emergency you might face. Depending on the make, model, year, and condition of your car, you could receive a significant amount of cash quick. It depends on the state in which you live, but in most cases all you need to acquire the loan is your car’s title, identification, proof of address, and a recent pay stub.

A car title loan could immediately solve your financial emergency by boosting your emergency fund. When you need money quickly for an unexpected bill, a title loan might just be the ticket out of your financial emergency.

Don’t Stress about Your Financial Emergency

While it is easier said than done, it is important to stay calm and keep a level head when you are facing a financial emergency. When your emergency fund dries up and you need money, it is easy for a sense of hopelessness to set in. While this is an understandable emotion, it is counterproductive. If you follow the tips outlined above, you can escape your financial emergency with ease in no time!

About Mohit Tater

Mohit is the co-founder and editor of Entrepreneurship Life, a place where entrepreneurs, start-ups, and business owners can find wide ranging information, advice, resources, and tools for starting, running, and growing their businesses.

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