If you’ve got a cash flow problem, and need to raise funds quickly to get out of a jam, then read on. We’ve got a selection of fast and straightforward ideas to get a healthier bank balance and get you back on track with your finances.
1. Get Selling
With online marketplaces, you have a wealth of options at your fingertips for raising some extra funds in a short space of time. If online selling isn’t your thing then you can always opt for an old-fashioned car boot sale or an ad in your local paper.
The things which tend to sell best, and raise the most cash, are electronics, gift cards, kids clothes and toys and larger items such as bikes, cars, or equipment.
Head to sites such as eBay, Gumtree, and your local Facebook selling pages to get started. Take your time to take a few well-lit photos and write some decent descriptions. It’ll pay off in the long run.
Also, don’t forget that your junk might be someone else’s treasure. Look on both Etsy and eBay to see what crafters look for and see if you happen to have what they pay for. Also, don’t leave broken electronics gathering dust. Buyers can recondition these so will happily buy them.
2. Get Renting
Another option for raising funds fast is to rent things you own. The obvious choice is a room in your home to a lodger, but you can also rent out a garage or space within it, or even some equipment such as gardening tools and machinery.
Again, head to your local selling sites on Facebook or Gumtree, but don’t forget ads in local papers and shop windows. For renting out a room you may consider sites such as Airbnb, HomeAway, and Owners Direct.
If you need the funds fast, and don’t yet have a reputation on these sites, you may need to offer a reduced rate until you get your feedback ratings up.
3. Get Delivering
It may be a while since you had your paper-round, but with the popularity of ecommerce have come a large number of delivery needs. These needs are often met by using self-employed delivery drivers who are working in their own time around their existing commitments. If you sign-up to companies such as Deliveroo you can deliver take-away food by bike, or Uber allows you to become a taxi driver. You can also ask your local take-away restaurants or publications if they need deliveries made too.
4. Get a Loan
If you are experiencing more than a very small blip in your cash flow then you’ll need to re-evaluate your budget and see if you can make changes to your outgoings. However, if you’ve got an unexpected expense that’s causing the problem then sometimes borrowing the money is unavoidable.
In these situations, the important thing is to borrow sensibly and carefully. Don’t turn to payday loans, wallowing in your overdraft or maxing out the credit card. Unless you can be certain about paying these back within a month, then they aren’t economical ways of borrowing. Instead consider extending your mortgage slightly, or taking out a small bank loan with a preferential rate.
5. Get Creative
With just a little thought you should be able to stumble upon a few additional ways in which you can make extra funds around your regular lifestyle and job. Perhaps you can babysit? Offer your services as admin help? Do some gardening for someone? Dog walk or pet sit?
What You Shouldn’t Do
If you’re in a jam, it’s tempting to do anything and everything to raise cash quick, but there are some pitfalls you should avoid as they make things harder in the long run. Betting and gambling are generally not a good option. Pawning your belongings is dangerous – if you’re happy to lose an item then sell it properly, if you don’t want to lose it, don’t pawn it! Don’t open up a new credit card or get a payday loan – both are the start of potential debt problems.
Do Take the Time to Budget
Also, now is a good time to take a good look at your budget. You may find that in doing this you can easily identify and solve where your cash flow problem is coming from (too many lattes?). If not, you’re standing yourself in better stead for the future.
To prevent these issues in the long-term consider how you can save a small amount of money per month regularly. The Shepherds Friendly ISA is a tax efficient way of saving from as little as £30 per month.