If your budget’s feeling a little tighter than usual, now might be a good time to realize some assets, generate extra income and access some extra cash. If you want to free up some cash quickly without decimating your investments, here’s how…
- Check your accounts
Before you take any drastic measures, be sure to check every account you have. It’s not unusual for people to forget about checking accounts or savings accounts that they opened years ago but don’t use regularly. It may be pretty sure you don’t have $1 million dollars sitting in the bank that’s slipped your mind but there’s a good chance you have $100 or more in old accounts.
- Liquidize your assets
If you have any valuable assets, you could access some cash by selling them. When you’re selling in a hurry, it’s tempting to take a low offer so it’s important to get an idea of what your assets are worth before you talk to potential buyers. An artwork valuation, vehicle estimator or antiques expert will be able to tell you just how much your items are worth. If you need some cash but don’t want to lose your assets forever, look into pawning, leasing them or using them as leverage for additional financing.
- Start a side hustle
A side hustle is a great way to bring in some extra cash and you could earn a significant amount with a second income stream. By using your talents, skills, and knowledge, you can create a variety of ways to make money. The internet is the ideal place to pick up some freelance work, so sign up with some reputable marketplaces and take advantage of the gig economy. One of the major benefits of a side hustle is the ability to fit your extra work around your existing commitments. Just make sure you aren’t violating any terms of your existing employment contracts before you get started.
- Cut your memberships
Many businesses use subscription models to generate profits, but they rely on the fact that a significant number of people won’t actually use the service they’re paying for. If you’ve ever signed up for a gym membership, you’ll know exactly what we mean.
Take a look at your bank statements to see what you’re paying for and decide whether you really need it. Remember – some subscriptions are paid quarterly or annually, so don’t just look at last month’s statement. If you’re tied into long-term contracts, find out whether a one-off cancellation fee would be better value than seeing out the term.
Budgeting for the Future
If you need some extra cash due to an unforeseen expense, like a broken-down vehicle or boiler, then you may only require a temporary fix. If you regularly fall short at the end of the month, however, you may need a viable way to increase your income permanently. By creating a comprehensive budget, leveraging your skills and reducing your outgoings, you can ensure that your money works harder than you do in the future.
