Top Tips To Get The Cash You Need In An Emergency

February 14, 2018 - 4 minutes read

Top Tips To Get The Cash You Need In An Emergency

Obtaining the cash you require in an emergency can seem difficult, and somewhat daunting, but there’s no need to fret. There are numerous options available on the market which can provide you with a helping hand when you need it most, including pawn shops. While alternative financial options such as payday loans may be there to provide you with help in a financial emergency, there are numerous ways that you can ensure you are covered when you’re faced with sudden expenses. Here, we’re taking a look at some top tips for you to get the cash you may need in an emergency.

Emergency Savings

Having emergency savings is important, so you can prepare for the moment your boiler breaks, or for when an unexpected bill comes your way. There are numerous stages to building up an emergency fund, but one of the most effective ways is to split your savings in order to have some funds ready for an emergency situation and another section for your own personal requirements. Building up an emergency fund should be carried out as soon as possible, as this can allow you to save regularly. Knowing how much you can save, and how much is too much (for example if you’re missing out on the chance to gain more interest), having a savings fund in place will help to ensure that you are covered in the event of an emergency.

Online Sales Or Boot Sales

If you have plenty of old items that you have never used, or that you do not use anymore, then why not sell it on to someone who is likely to enjoy it much more. It’s simple to post an online ad, and with social media networks becoming involved in the marketplace atmosphere, its easier than ever to part with your unused belongings. If you’d prefer a traditional method, or you’re trying to sell items which are too heavy to send in the post, then you may opt for a boot sale instead. Here, you can purchase your pitch, set up and start selling all of your unwanted items, quickly and easily.

Cashing In Bonds & Stocks

If you find yourself between a rock and a hard place, then you may want to consider cashing in your bonds or stocks in an emergency. However, it is worth bearing in mind that cashing these in may require additional taxes or even penalties, so it is important to be completely open and aware of any issue which may occur if you were to opt for this.

Overdraft Loans

There are many different options when it comes to getting the cash you need, but if you’re really in an emergency, you may want to consider arranging an overdraft on your account. While you are likely to be unable to draw out cash using this method (depending on the bank), you may be able to use this as a method to pay a bill or any debt which could otherwise bounce. It is important to bear in mind the interest rates on these overdraft loans, and any issues which could occur should you be unable to pay the loan back on time.

Ensuring you have a savings fund in place for any financial emergency is generally the optimal choice, however if you are in need of help, there are a number of options which you can turn to in order to ensure your financial situation remains manageable.