Do you need money today? Do you need money fast?
Things happen - like maybe you have been crushed with an emergency expense or an unexpected payment.
Just take this into account - the best thing you can do in a stressful situation is act.
The quicker you decide on what to do, the better you and your purse will feel.
So just what can you do to get out of this situation and earn money to get back to a stable financial situation?
With a bit of creative thinking and hustle, you can get yourself into a better, more stable situation and you will never have to feel like this again.
Below are some viable, tried and tested ideas to make money fast, from ways of making money online, to selling your stuff and saving more in the long term, by tweaking what you do.
Ideas to make more money in less than a week
Aside from borrowing money, which is never an option, if you want to get out of debt, the best two options you have are:
Trim your expenses
Make extra income
So let’s find you some cash.
Trim your expenses in a week
One of the best ways to trim your expenses is to make a household budget and work out where your money is going.
Before you create a monthly budget, first you will want to download my FREE blank budget sheet by filling in the pink box below.
I comes with full instructions on how to use it.
This will give you an idea of what spare cash you have.
Review your subscriptions
These are things you pay for on a monthly or yearly basis.
Examples of subscriptions include:
All these subscriptions have a renewal date, but you can call these companies and discuss your subscriptions at any time.
Remember, you are the customer and you always deserve a great deal.
Haggle with your bill providers to reduce their monthly cost
The next step is to try and reduce all your expenses.
I recently called my cable and internet company and said to them that I was thinking of leaving because new customers were able to get better deals than me.
Don’t be frightened if they are insistent that you pay this price and they give you reasons.
I keep really calm and request to speak to be transferred to cancellations. At this point, most decent companies will offer a reduction to your current deal.
- It helps to write an ideal amount you would like to pay (be realistic)
- Start with 2 or 3 companies you think you could save with.
- If you are short on time or you feel that you aren’t a negotiator, apps like Trubill could help negotiate your bills for you.
Create a to-buy list
This is a way of making yourself wait for purchases you ‘want’ to buy, as opposed to purchases you actually need.
- Write a list of things you want.
- Then you have to make yourself wait for 30 days until you are allowed to buy it.
It’s a great financial mindset to get into because it gets you used to waiting and considering what you are buying.
You will find in most cases that you will probably not buy the item at all because waiting has made you realise that it wasn’t something you actually need.
Slash the cost of your debt
If you have a high interest credit card and you are not on the interest free period, it’s worth seeing if you can balance transfer to a cheaper deal.
Use a tool that will help you figure out the chances of you being accepted before you hit the apply button.
Martin Lewis’ balance transfer search tool, (UK) won’t leave a hard search on your credit report and has been very good at predicting so far the percentage chance of me being accepted.
This was a major player in me getting out of £30k debt, so you should try it.
For other debts and loans, it might be worth ringing your creditors to see if you can lower the interest rate. Talking to people always helps - it always brings possibilities you never thought of before.
If they suggest something for you and you don’t understand the jargon before you make a decision, you can call your local citizen’s advice and ask them to talk it through with you.
It’s really important to really check what deals they have given you and whether they benefit you.
Switch bank accounts
One way of making some quick cash is to shop around for bank accounts.
Being short on cash means you’re at risk of getting hit with banking fees. Two banking fees to watch out for are minimum deposit fees and overdraft fees.
There’s nothing I hate more than banking fees, primarily because they’re aimed at customers who often can’t afford to pay them.
Some accounts offer up to £200 to switch. These days it’s so so easy.
First Direct’s one account is a close second, if you are all about great customer service.
Their current account offers a welcome bonus of £100 and a 0% overdraft of £250. Yes it is an online account, but you can pay cash and checks into HSBC branches.
Switching bank accounts in the US
If you live in the US, my suggestion would be to try Chime Bank. Chime has no overdraft fee, no maintenance fee, no minimum service fee, and has over 38,000 fee-free ATMs.
Make extra cash fast
Use the Gig economy to make extra cash fast.
In this post, I detail how you could earn up to $100 or £100 a day.
Try dog sitting
Rover.com are always looking for new sitters in different areas.
You can earn up to $100 per week (or more) as a rover sitter and you don’t need to worry about networking and marketing yourself – Rover does it for you.
They also offer protection as well, of up to $1,000,000 on your services, an app to manage your dog sitting business, and there is a support team if you need them.
You can even set your own schedule and prices.
Paribus is superb app, that tracks whether online stores have dropped their prices and asks for a refund on your behalf.
It also tracks whether any of your deliveries have been late and gets the delivery price refunded.
Return windows are also tracked, and the app will remind you before it is too late to send unwanted items back.
Cash in credit card points
Any loyalty points can be used in this situation. It’s a great way of giving yourself an extra bit of leeway. So save these points for if you ever have no money and you will have a small reserve you can draw on.
Sell plasma for up to $400 a month in the US.
Clark.com have an indepth article into exactly how to donate and the implications, so you are fully informed.
In the UK, plasma is only donated.
Sell Breast Milk, Eggs or Sperm
Moneymagpie has an indepth article about natural things you can sell.
It always worth checking out all the facts before you commit to any of these things - make sure you and others are safe.
Ask for a pay increase or overtime
It could be the time that you can ask for a raise or even overtime, if there is any available.
The Cut.com believes that to get a raise, preparation and face-to-face interaction is the key to this.
In their article, they suggest 10 tips to help you consider whether you have a great chance of getting a raise.
How else can I make money right now?
Here are some other ideas for further inspiration if you need money fast.
- Sell your expensive mistake and buy a cheaper version
- Return an unused purchase
- Pawn something you really don’t want or use
- Sell your DVDs and CDs
- Scan receipts into Receipthog
- Have a garage sale
- Sell your clothes
- Pick up a serving job
- Turn gift cards into cash
- Redeem your recycling
- Redeem your coins for cash - Coinstar
- Help your neighbours
Things not to do when you are skint
As always, these are just suggestions, but all these things can cause potential issues and complicate your life.
- Take out a loan to fund it
- Payday lenders
- Borrowing from friends and family
- Second mortgage
- Releasing your retirement fund
Be aware of people offering you golden solutions. Payday lenders will cost you a small fortune in interest charges and the loans can soon spiral out of control.
Thinking of taking a loan out to fund another loan is in itself a sign that you have too much debt already. The issue is that you will soon have so much debt that you wouldn't be able to even afford the minimum payments.
Releasing your retirement fund might seem attractive, but you will need this for then - think of it as if it isn't there and then you always have that cushion for you old age.
A second mortgage is also a really expensive way to get more funds and could land you in more debt for so long, that you are chained to paying off debt when you should have been able to retire.
Sarah over at debtcamel has some great articles to help with this. She has helped many people figure out a plan going forward, and aims to inform you on all the information you need to know.
There will be times in all our lives when we need money fast. Life throws awful things at us all the time, but hopefully you have found a couple of ideas that you can put into action. I hope I have helped ease your mind a little.
Please remember to always share your situation with others - they might bring you comfort too and suggest an idea you hadn't thought of.
If money is a little tight, and you are in a better place, then making a budget and saving for an emergency fund using a sinking fund approach could really produce peace of mind for you as time goes on.
Read my penny pinching article for other suggestions on how you can save more money than you realise - the ideas come from myself and the UK money bloggers.
This situation you find yourself in won't last forever and you have so much power within yourself to change and improve it for the better.
Remember, I am always here on the end of an email.
Feel free to get in touch.