No matter how prepared and cautious you consider yourself to be, there’s always a chance an emergency could come along and turn your world upside down. Emergencies can come in many different forms, from unexpected bills you didn’t budget for this month, to a broken car you need to repair so you can continue going to work. One of the frequent things these issues tend to have in common, however, is they all cost money. So, what do you do if you have followed tips to save money but your savings account can’t quite cover the costs of your sudden life headache and your family can’t help you out? Today we’re going to cover three ways you can find some extra money you might not have thought about.
Earn Extra as a Freelancer
Freelancing isn’t exactly a new concept in today’s working world, but it’s become an increasingly accessible way to unlock extra funds fast. These days, as companies become more comfortable with the idea of hiring remote and distance employees, you can find opportunities to earn a little more money in virtually every industry. Go on a website like Fiverr or PeoplePerHour and you’re sure to find a handful of hiring managers looking for everything from virtual assistants, to those who can create voiceovers for their videos. If you have a specific skill which you can offer over the web, and access to a computer, it’s worth looking for some new job opportunities.
Leverage Your Life Insurance
You can actually tap into the value of your life insurance policy ahead of schedule in some cases and unlock a serious amount of cash. A life settlement is a solution which allows you to sell your life insurance policy when you’re still alive and get a lump sum in return. Online guides can tell you everything you need to know about life settlements, so you don’t have to go in without any idea of what’s going on. You can utilize a life settlement calculator to give you an understanding of what your policy is worth, and if you are eligible to sell. Remember, you can always access a different life insurance policy later if you need to continue getting coverage for the long-term. You might even find this option is a lot more affordable and reliable than looking into things like short-term loans.
Get an Emergency Loan
Though getting a loan can be a nerve-wracking concept for some people, it’s something many of us will have to consider at some point during our lives. The most important thing you can do when you’re planning on using a loan to deal with an emergency, is make sure you do your research. Learn as much as you can about all of the available loan opportunities you can access based on your current situation and credit and try not to tie yourself into anything with a high interest rate. It’s also worth taking the time to think about whether credit cards and cash advance options are better for you than more traditional options like personal loans. If you can’t afford to pay a loan back after getting it, but you’re struggling to find an alternative solution, make sure you speak to a financial professional.