Whether you’re in a tight spot financially or have a large upcoming expense, there are times when you might need more money at your disposal. If you are looking for ways to improve your personal cashflow, you’ve come to the right place. Here are five ways to gain access to additional funds, whether it’s cash or other needed capital.
1. Get a Personal Loan
Getting a personal loan is a popular financing option. With a personal loan, you borrow a set amount of money at an interest rate that is typically fixed, and you pay it off with monthly installments over a set payment period. Just make sure you’re able to pay back any loan you take out; if you don’t, you might harm your credit.
2. Sell Unwanted Stuff
Now is the time to look around your flat or apartment in order to see if there is anything of value. Make sure to be generous with the valuation because something that you might not believe is worth very much – like an old book or a worn piece of furniture – can go for a higher price than you think in the hands of the right person. There’s a host of free tools online, where you can advertise your wares. The best part is people are willing to come and pick these items up for you, meaning you don’t have to pay anything in postage or stamping fees.
3. Get a Second Job
If you have the time to do so, it might make sense for you to get a temporary part-time job, like around 8% of Americans. Try to find something that either pays weekly or in cash, so you will be sure to have money on hand to meet any pressing issue that you or your company might have.
4. Rent Out a Spare Room
Similar to how the objects in your house might be worth something, any spare room you have could be listed online for a very reasonable price. For example, the average Airbnb host makes nearly $1,000 a month! Make sure to kit it out so it looks livable and then list it on a third-party site. Even if you only rent the spare room for one or two days a week, you will be surprised by the amount of money you can quickly generate from the rental.
5. Ask Friends and Family for Money
If you can’t get a personal loan or are worried about repaying the interest fees, it might make sense to turn to your friends or family. They might be able to loan you some money without you having to worry about meeting any repayment schedules. Make sure you give them a firm timeline as to when you would like to pay it back. Only borrow money from people you truly trust. Borrowing or lending money can fray friendships if the bond is weak.