Making Money Fast: 5 Ways to Generate Quick Cash

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Making Money Fast: 5 Ideas to Generate Quick Cash

Making Money Fast: 5 Ideas to Generate Quick Cash

The unexpected has happened, and you don’t have an emergency fund or even an available credit card. Before you run to the payday loan store or the pawn shop and potentially worsen your economic hardship, consider trying one or more of these methods to legally generate quick cash in an emergency:

1. Survey your hobbies and see if you can turn one into a side income business. If you love walking dogs and your neighbors also know this about you, you can add extra income to your life through a dog-walking business. Do you enjoy painting pictures, taking beautiful photographs, knitting or basket weaving? Then maybe you can sell some of your artwork to get through this economic crisis and boost your artistic reputation in your community.

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2. Find a part-time retail job. With the economic downturn, even some one-time six-figure earners flip burgers or wrap presents to help keep food on the table. Many fast food restaurants and chain stores offer part-time opportunities. Also, even if you already have a job or childcare responsibilities many retail jobs offer a variety of evening, overnight and weekend shifts.

3. Consider babysitting neighborhood kids or children of friends and family members to earn some extra money. But be careful before running a full-fledged daycare business out of your home; you and your residence must meet a number of state-managed criteria before you can legally use your home as a daycare center. Keep it simple and just watch one family’s kids at a time to avoid potentially expensive legal snafus.

4. Call your loan servicing center to find out about deferment and forbearance options if you still owe money on student loans. Depending on the nature of your economic problems, your student loan servicer may temporarily suspend your payment requirements. You can then use the money you pay each month to get back on your financial feet. But don’t just stop paying your student loans without talking to your lender; failure to pay student loans especially those backed by the government is a surefire way to lose your future tax refunds and credit score. Neither of those outcomes will help you get out of financial trouble.

5. As a last resort, ask a friend or family member if you can borrow money. Only do this if you’re sure you can pay the money back as promised; nothing sours a once-great relationship faster like unpaid financial agreements.

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To learn more about your financial options, visit Quizzle.com, where you’ll get access to a Credit Personal Trainer that will show you what it takes to give your credit a boost and a Debt Payoff Planner to help you get out of debt faster.

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