Lots of people end up feeling like they’re stuck in financial ruts. It happens. We work hard to get to a certain place on the financial bracket, and then it feels like it might be impossible to get past that. When that situation hits, it’s time to try making some extra income without actually working more. This is when you have to be smart and creative with your time and energy!
Five ways in particular to get a quick injection of cash include getting personal loans, using crowdfunding campaigns, asking for cash from friends and family, getting rid of subscriptions, and selling your hobbies. Go through that list to see if any of them seem right for you.
Choosing to get a personal loan has a little bit of a risk when it comes to things like interest rates and payback schedules, but it is a good way to get out of that financial rut. Especially if you plan on investing the money into something that you can make money doing, it makes sense to take out a loan to get that initial money. Sometimes it’s hard to find startup cash without going outside your normal financial ecosystem.
There are ways to use crowdfunding to get money in your pocket as well. The biggest benefit of this option is that if your idea isn’t good enough, or if your presentation isn’t good enough, then you mitigate the risk by knowing in advance if people are going to be willing to pay for it or not. Choosing the crowdfunding route has saved many people from disastrous projects, and has also helped lots of people with great ideas.
Cash From Friends and Family
There’s always the option of getting money from friends and family too. The major benefit of this is that you don’t have to work harder, and you’re typically going to be free from interest rates or timetables. The trouble will only come if there’s social implications of not getting the cash back to your people in a reasonable amount of time!
Getting Rid of Subscriptions
There’s always the concept of making money by saving money as well! And the easiest way to do this is to find out what subscriptions you have that you don’t absolutely need. For many people, the best things you can do is cut your cable service! Suddenly you’ll have all kinds of extra cash available.
Selling Your Hobbies
And finally, do you have a hobby that’s worth something to someone else? You can sell your time doing what you love as a tutor, or as someone who gives lessons for something, or you can even sell things that you make on eBay. The point is to convert something that you do well anyway into a method of income.