Avoid Maxing Out Your Credit Cards With These Financial Solutions
Lack of funds can cause serious anxiety. But before you panic, consider these five ways to come up with some extra cash for an emergency.
With a third of British workers living pay cheque to pay cheque, there will inevitably come a time when emergency expenses arise that are impossible to pay for. With no way of saving anything extra out of a pay packet, Brits are forced to go into debt, taking out loans or maxing out credit cards to come up with cash in a hurry. But what if you struggle to make the repayments? Rather than risking damage to your credit rating, why not look into these other ways to raise some extra cash when needs must.
Negotiate Your Salary
If you’ve been in steady employment for a while, then it might be time for an honest chat with your boss about the possibility of a payrise. What better way to add hundreds or even thousands to your annual income than a quick conversation with your employer? Before you raise the topic of having your salary increased, make sure that you come up with a solid case as to why you deserve extra. Telling your company that you need additional cash isn’t a good selling point. Instead, focus on what you’ve done for the organisation; you should highlight your excellent attendance record, and express your loyalty to the company.
Sell Your Services
If you’ve got skills that people will pay for, then it’s time to put them to good use. Those with digital talents such as proofreading, design work or programming can easily create online profiles on various freelancing platforms and be matched with clients who want to pay for your services. Even if you’re not so au fait with technology, there’s plenty of money to be made locally working as a babysitter, cleaning cars or mowing lawns. Ask around in your local neighbourhood to see what gap you can fill.
Take A Mortgage Payment Break
A reported 2 million Brits are considering taking a break from their mortgage. If you’re a homeowner and are interested in this option, you’ll need to check the terms and conditions of your agreement. For those that are eligible, you may be able to pause paying off your mortgage for a couple of months, which will instantly give you access to extra cash. However, it’s worth bearing in mind that your repayments may increase slightly once your holiday comes to an end, so it’s important to understand exactly what your provider is offering.
Get Your Possessions Valued
If you’ve got some prized possessions, then it may be time to get them valued. Don’t panic, there’s no pressure to sell but just being armed with updated information about what these items are worth can bring peace of mind when your finances are looking miserable. Those with heirlooms might be interested in visiting an antiques dealer or getting a watch valuation carried out, to provide a better idea of their worth. Another idea if you’re a two-car family and could feasibly reduce to sharing one vehicle, is to start by getting your car valued.
Declutter For Extra Dough – Head To an Essex Car Boot Sale!
The average UK attic has around £2,000 worth of unused goods sat in it. If you’re in need of funds in a hurry, then head up to your loft space and have a dig around. With the likes of eBay and Music Magpie making it easy to flog anything from books and CDs to furniture and baby equipment, you could have offers for your items within a few minutes of uploading the details. One of the fastest ways to may money though is to book a plot at one of Essex’s car boot sales – you can make £200-300 in a morning just from selling the kids old toys and other items you no longer use.
It’s never pleasant to be in need of cash, but before you start swiping your credit card, have a think about what else you can do to get yourself out of a financial tight spot.