How to Get Emergency Money When Your Family is Strapped for Cash

No matter how much you save and plan, financial emergencies can creep up on you. Here are some tips for how to get emergency money when your family needs it.

Consumer debt in the U.S. is expected to reach a whopping $4 trillion by the end of 2018. Financial experts say that most Americans spend at least 10 percent of their income on personal loans, student loans, and credit cards. Credit card debt alone was $1.042 trillion earlier this year.

Under these circumstances, it’s no wonder why millions of people are starting side hustles or working two or more jobs. For many, things, like dining out and traveling, are a luxury.

The problem arises when you’re in a troublesome situation. Imagine having to pay for emergency surgery or being forced to find a new place to live. What if you don’t have enough savings to cover these expenses?

Luckily, there are plenty of ways to supplement your income by hundreds, if not thousands, of dollars per month. If you’re wondering how to get emergency money when your family is strapped for cash, read on.

How to Get Emergency Money When You Need It the Most

First of all, consider your family’s schedule and daily routine.

If your spouse stays home with the kids, he or she could work online. From blogging to offering consulting services and selling handmade crafts over the Web, today’s technology opens up a world of opportunities.

Next, try to figure out if any of your friends or colleagues could borrow you some money. While this isn’t the most convenient option, it can make all the difference. It could even save your child’s life in case he’s sick and needs emergency treatment.

Depending on your employment situation, you may qualify for a loan. From student loans to medical loans and personal loans, there are lots of options available.

But what if you have bad credit or no credit history at all?

In this case, go online and search for “payday loans online same day,” “cash loans no credit check,” “bad credit loans,” and so on. This option comes at a cost, so make sure you can repay the money and only borrow what you need.

Another way to raise cash is to cut down unnecessary expenses. Your daily Starbucks coffee costs $5 or more. While it may not seem much, that’s about $150 per month or $1,825 per year.

Let’s take a closer look at these options so you can choose one that works best for your family:

Monetize Your Skills

Is there something you’re really good at? Perhaps you have an innate talent to motivate people and help them make better decisions. Or maybe you’re passionate about advertising and everything digital-marketing related.

No matter your skills, you can use them to grow your income. Modern technology makes everything a lot easier.

Let’s say you’re good at writing. Check out online platforms like the Problogger jobs board, Upwork, Contena, BloggingPro, and others. Here you’ll find hundreds of writing jobs and projects in every niche you could think of.

Make sure you check the payment terms. Since you need money fast, you can’t wait for weeks to get paid.

If you know the ins and outs of web design, you can apply online for jobs in this niche. Most job boards, including those listed above, feature projects across all areas.

You can also use Indeed, Glassdoor, Angel.co, and LinkedIn; plenty of companies are actively searching for skilled freelancers.

Another option is to contact small businesses, bloggers, and digital marketers who may need your services. Come up with a well-crafted proposal that highlights your skills and experience; let prospects know how your services can benefit their business.

Work as an Online Tutor

If you or your spouse has a background in education, you may apply for online tutoring jobs. Most companies that hire online tutors pay at least $20 per hour. Plus, they give you the flexibility to work from home and set your own schedule.

Chegg.com, Growing Stars, Preply, and Skooli are just a few examples. Skooli, for instance, pays tutors as soon as they have a minimum of $100 in earnings.

Depending on your area of expertise, you can offer science tutoring, math tutoring, biology tutoring, and more.

Teach English Online

If tutoring isn’t your thing, consider teaching English or foreign languages online. This industry is booming, and there are countless opportunities to supplement your revenue.

Most companies that hire online English teachers operate in China, South Korea, Japan, Brazil, Spain, and Russia. Pay rates vary between $10 and $23 per hour. Popular options include Italki, Cambly, Qkids, and VIPKID.

As a teacher, you can choose to work part-time or full-time. All you need is a webcam, a microphone and a computer connected to the Internet. Some companies require a degree in English, while others don’t.

Sell Crafts Online

Do you create beautiful portrait drawings, make jewelry, or sew clothing? If so, you can sell them online to make quick cash on the side.

In this case, you have three options. You can set up your own website and showcase your work, sell on eBay and Amazon, or join dedicated platforms to sell handmade crafts online.

If you choose to sell directly on your website, it may take some time to generate profits.

Platforms like Etsy, Craftsy, and iCraft showcase your products to a global audience, making it easier to sell them. Artists who use Etsy, for instance, can choose to be paid weekly.

Supplement Your Income and Spend Less Than You Make

Now that you know how to get emergency money, choose an option that best suits your needs. Remember to make savings and control your spending.

Use public transportation instead of driving, sell unused items, and look for more affordable entertainment options. Why spend hundreds of dollars on a night out when you can save a lovely dinner at home or attend local art fairs and free live events?

These small changes can help you save big in the long run. Personal loans can help too, but they’re not a permanent solution. The key is to tweak your lifestyle and spend less than you make.

Looking for other tips to save money and change your life for the better? Check out our blog posts dedicated to new moms and families!