When an unexpected expense pops up, many people find themselves in a bind. In fact, a recent Federal Reserve survey found that 44% of respondents said they’d have to sell a belonging or borrow money to cover a $400 emergency expense.
The fix is to build an emergency fund. Even $500 in the bank can get you out of a pinch, and having three to six months of expenses is even better. That amount could let you get by without pawning off valuables, selling your blood or leaning on the generosity of a friend or relative.
It takes time, discipline and extra money to build that cushion. In the meantime, here are strategies to earn fast cash today, increase your income on an ongoing basis and cut your monthly spending.
Get your hands on extra cash today
1. Sell old cell phones: A study released in 2015 found that half of the people surveyed had at least one old cell phone gathering dust. You can sell your old phone on sites such as Swappa and Gazelle, but to get cash today, using an ecoATM kiosk is your best bet. Consider selling old MP3 players and tablets, too.