If you're suddenly faced with a large expense -- like an unexpected car repair or a trip to the dentist for a sudden toothache -- and don't have the funds to pay for it, don't panic. You have several last-minute options for generating emergency cash in a hurry. And even if you don't have a pressing expense looming on the horizon, making extra cash to stash away in an emergency fund can help give you financial security and room to breathe.
Instructions
1. Sell your stock investments, if you have any. This is one of the best ways to raise cash in a hurry, reports "Kiplinger" financial magazine. Not only does it give you access to emergency cash, but it also brings down your total tax bill at the end of the year to save you even more money in the long run.
2. Ask your parents for money, recommends CNN Money in its list of the best ways to create emergency funding. Depending on the current tax laws, individuals can give you several thousand dollars tax-free, states CNN. If you and your lender agree to some sort of payback schedule or interest fee structure, get it in writing so you both understand the agreement.
3. Tap into your home's equity with a HELOC loan through your bank, which lends you money based on the value of your home. This is one of the top five ways to get cash fast, according to "Smart Money" magazine, and is ideal if you need a large amount of emergency money. Rates and terms vary widely. Your bank can provide you with specific details.
4. Sell your old stuff, whether through a garage sale, in your city's local classifieds or on an Internet auction site. List anything you don't want; you'll be surprised at what some people may want to buy. This can include old clothes, CDs, DVDs and toys your children no longer play with. It's also a great incentive to reduce clutter in your life.
5. Ask the government for help, suggests "Kiplinger" magazine. Your county or city hall representative can help point you in the right direction. For example, the Small Business Administration offers low-interest loans to troubled small-business owners, while government agencies often offer low-interest loans to residents of recently declared disaster areas.
6. Cash out your certificates of deposit, even if they're not yet mature. CNN Money notes that, even with early withdrawal penalties, you can still come out ahead of your initial deposit while being able to deduct the penalty from your tax return.
