Money Troubles and No Backup: How to Get Your Hands on Cash

Financial problems happen all the time. It doesn’t matter whether you make $25,000 or $250,000 a year. There is always a chance of something coming up in life that requires more cash than you have on hand to pay for. That’s why financial experts recommend having a backup. An emergency savings account can be a lifesaver when things have gone awry.

If you’re reading this, chances are you don’t have a financial backup plan and you’re presently in a jam that you need money for right away or, you have an account but there isn’t much in there to save you. Whatever the case is, you can still find a way to survive financially until you start building up that stash savings account. Here are some quick methods for securing a lump sum of cash fast.

Squeeze Your Budget

Start with your current finances. Is there any room in your budget that you can use to cover your financial emergency? It may require you to make some sacrifices, but it may be worth it depending on how serious your circumstances are. If you cut your cable for the next month, could you use that money to prevent your high electric services from being shut off? If you make your coffee at home instead of hitting the local cafe, would you have enough gas money to get through a week? Prioritizing needs over wants is a crucial step in the process.

Borrow the Money

If there isn’t any room to squeeze cash from your income, then you may have no choice but to look to others for assistance. Borrowing the money by applying for a personal loan is one way of doing this. You can search for lenders like those found at who offer several thousand dollars to eligible applicants. The online process is generally a lot quicker than heading to a bank and the eligibility requirements are more lenient, so you may have a better chance this way. 

Turn Junk into Cash

Everyone has something at home that they don’t find useful, but someone else would. It can be an outdated mobile phone, a computer or laptop, some old clothes you’ve outgrown, or furniture you no longer use. All of those things can be turned into cash fairly quickly. If you’re really in a rush, try places like pawn shops or local dealers looking to buy things for cash. If you have a bit more time, you can plan a yard sale or take photos and sell your items online to the highest bidder. 

Dip into Assets

If the matter is extremely urgent and requires a lot of cash like a home repair, appliance replacement, or need for a new vehicle, you may need to use your assets to your advantage. This could mean selling shares of your stock, applying for a home equity loan, or borrowing from your pension or life insurance policy. If you’re going to take this route do so with extreme caution, dipping into your assets lowers their value and could result in additional costs later on. For instance, borrowing from your pension and not repaying it could result in early withdrawal penalties from the IRS. Taking out a home equity loan and not repaying could cause you to lose your home.


For a lot of financial emergencies, there is room for negotiation. Whether you need to have your plumbing fixed, your HVAC system replaced, or you’re trying to prevent your lights from being shut off, you can try talking to service providers for assistance. Asking contractors for discounts or contacting utility services about specialized payment arrangements can help you settle the bigger problem instantly while you work on a long-term financial solution.

You just never know when something could come up that you’ll have to pay for – big time. Having a savings account that you can dip into when financial emergencies arise can prevent you from wasting a lot of time and money. However, if time is of the essence and you don’t have any excess cash to grab, there are still effective ways to gather a lump sum in just a few days. Whether you use one or all of these solutions listed above, be sure to weigh the pros and cons and ensure it won’t cause you any long-term financial trouble. In the meantime, start working on solutions to filling up that savings account before your next big issue.

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