Family life often has its challenges and family finances are one of the biggest challenges for us. Especially as we have lived most of our lives on only one wage, as I was either a stay at home mum, ill with Chronic Fatigue Syndrome or a student.
Many of us do not have the capacity to save money for emergencies, as it is hard making the bills each month and there is always something to pay out for, so when something unexpected happens and you need money fast it can be a very stressful time. This has happened to us a few times over the years. The worst time was when our free-standing freezer which was packed full of all our Christmas food broke down and we lost the freezer and all of the food, just four days before Christmas!
With this in mind, here are my five ideas of what to do when you need money fast.
1. Facebook marketplace
If you need money fast then Facebook marketplace can be a quick solution. If you have items which are of value which you no longer need, then you can post them on facebook. There are no selling fees or commission charges, you can put your location and that you want it collected. People have been round to my house and purchased an item I was selling within two hours of me posting the advert before so it can be a quick solution.
2. Carboot sale
If you have a lot of smaller items which you do not need any more you could do a car boot sale to make some quick cash. This can be especially good if you have a lot of children’s clothes and toys which they have grown out of. You do have to pay for a pitch and of course, you need to have a car, but if you do not you could always see if a friend would like to do it with you who does have a car. That way it doesn’t matter if you do not have a whole car full of items to sell yourself and you can also split the pitch fees too.
3. Payday loan
Sometimes it can be a matter of timing which can be really frustrating as you know you will be paid at the end of the month and have enough money to cover the cost, but it needs paying for there and then. This is where payday loans can be really helpful. Companies such as CashLady offer loans for those with bad credit and they can sometimes be paid into your bank account on the day that you apply, offering a very fast solution in an emergency. However, due to the loan being unsecured and available to those with poorer credit scores they do have higher interest fees, as the loan companies are taking larger risks by lending the money.
4. Switch your bank account
This is not as fast as you may require, but if you have a couple of weeks before you need the money, you could be gifted up to £150 for switching your bank account and the money could be in your new account within seven days of applying. The great thing about this one is that you do not have to pay the money back. It is worth having a look online and seeing which banks are doing which deals, in order to make an informed decision, as offers are often changing.
5. Credit union.
This is a bit different as a credit union is a ‘not for profit organisation’ which means that they are not looking to make a profit from lending you money. Therefore, a credit union can offer loans at much lower interest rates and they also offer savings plans too. In order to apply for a loan with a local credit union, you have to be a member, but you can apply for a loan on the same day that you apply to join the credit union. They carry out credit checks and may be harder to get than a payday loan.
|Can be fast, no selling fees.||People may let you down.|
|Carboot||Declutter and make cash||Pitch fees and need access to a car|
|Payday loan||Very fast, trusted lender, unsecured.
Bad credit accepted.
|Debt is not a long-term solution.
|Switch bank||Free money for very little effort||Takes longer than the other ideas.
Can only be done once.
|Credit union||Low-interest rates.||Debt is not a long-term solution.|
Please note that this is a collaborative post but all thoughts, content and opinions are my own.