What to Do in a Money Emergency

Many people find themselves in a money emergency, unable to take care of a sudden expense. This can happen due to medical expenses, a car accident, or any unforeseen emergency.

While ideally you have a savings plan to give you extra money when you need it, you could be early in your savings or you may not have been able to start your savings plan yet.

1.

Family and Friends

Reach out to family and friends to help you get extra funds that you need right away. This can be in the form of a loan or a gift, depending on you and the person helping you.

Sell Your Old and Broken Jewelry

If you have jewelry you don’t need anymore, consider selling it. Most cities have reputable jewelry dealers who will buy gold jewelry.

2.

Pawn Jewelry or Other Valuables

If you cannot bear to sell items and you know you will be able to buy them back  you can pawn it at a local pawnshop.

3.

Sell Your Old Cellphone

Even if your cellphone is old, you can still sell it for its parts. This can be an easy way to get some money for an emergency. Just make sure you clear off any personal data first.

4.

Sell your records or old CDs

Vinyl records are collector’s items and you can sometimes fetch a good price for something you may not have listened to in years. You can also sell old CDs.

5.

Do you have reliable public transportation? Sell your vehicle and use public transportation to get around.

This will not only get you a lot of cash fast, it will also save you money on gas in the long run.

6.

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