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Sunday, July 31, 2011

Oh No! I'm Broke! How to Get Quick Cash.


Sometimes unexpected expenses come up.  Although it is in your best interest to have a savings account for just these sorts of emergency situations, I also understand that when you are young, broke, and trying to pay for school sometimes your emergency fund is not quite big enough to cover everything.  So here are a few ways to quickly get money without digging yourself a deeper hole.

 Sell your stuff.  That video game you bought a month ago that turned out not to be that great, or those shoes you barely wear because they pinch your feet. There are many ways to do this depending on how much time you have, what you’re selling, or how much money you are trying to get out of the item.  If you need money yesterday you can sell pretty much anything to a Pawn Shop.  Be aware you will be low balled…but remember to haggle.  You don’t have to take the price they are offering, but it will be made clear to you exactly how low the pawn shop is willing to go. Some consignment stores (mostly clothing) will pay cash up front for your items.  Keep in mind these items need to be in excellent to good condition and fairly recently purchased.  If they don’t pay cash up front you might have to wait until the item is sold (especially true with furniture stores). 

If you have more time to gather cash Craigslist is an option for many people.  It can take a few days sometimes to find a real buyer.  Just remember not to give anyone your address, and to meet in a public location where there will be other people you know (there are some crazy people out there who really want to rob your place or do harm to you).   Ebay is a slightly better option because you don’t have to deal with people that have no intention of buying your stuff, and it is easier to sell small items (like some inexpensive bracelets or sunglasses).  Ebay has a bunch of useful tutorials for sellers including how to calculate the cost of postage for your items and strategies for selling. I have found that buying inexpensive paperback books on sale at the library and selling them on Ebay can be lucrative if done right.

Let’s say you live a pretty minimalist life and don’t really have anything you can sell…there are other ways to make some quick cash.  The following may appear objectionable to some of you, but you don’t have to take the advice.  Medical research participants can earn a decent amount of money.  Most of these studies (as they are called) last for several weeks to several months and can vary in time commitment from one hour a week to overnight stays.  I have known people to make a few thousand dollars off of research studies.  Before doing this carefully evaluate if this is a risk you want to take.  There is a process that takes quite a while before a medication, or soap, or anything else being tested is even brought into this phase.  Also companies that run these studies are required to provide medical care if something were to go wrong.

A faster and much less risky way to make quick cash is to sell blood plasma.  Blood plasma is the fluid your blood cells travel in while moving around the circulatory system.  Plasma is used to help in countless medical procedures.  You can donate about once a week and earn anywhere from $20-$40 each time (depending on the facility).

A less objectionable way for you to make quick cash is to find temporary work.  There are day labor centers that can give you employment for just the day.  Usually you will make an hourly wage around minimum wage, but if your job doesn’t have extra hours and you don’t want another permanent job this is a good temporary fix.  You can also usually find quick temporary work with cab companies.  Many will provide you with training (not a lengthy process) and you can set your own schedule and work anytime you need to.  Babysitting or providing landscaping work for neighbors can also raise some fast money.

The best way to avoid needing fast money is to build an emergency fund of at least $500.00-$1,000.00 and anticipating occasional expenses.  
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