A study found that 25% of surveyed Americans expect to use credit cards or loans for a $1,000 emergency. Kerry Vetter from 1F Cash Advance researched easy ways to handle financial problems quickly.
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Saving money on a regular basis became a routine for nearly 53% of US citizens. However, only about 45% of Americans state that they can afford unexpected expenses of $1,000 or more. According to the recent study, nearly 25% of surveyed US citizens say that they will have to use a credit card or other forms of debt to handle a $1,000 emergency. At the same time, 6 out of 10 households face at least one emergency within a year.
The numbers above show that finding an extra source of emergency assistance may be a priority for more than half of Americans at some point. Kerry Vetter from 1F Cash Advance conducted her own research to find out what ways to get money now can help people fix their financial problems quickly and with minimal effort.
Best Options for “I Need Money Now” Situations
While conducting her research, Kerry Vetter chose one-stop options that require no specific hard or soft skills and can fit an average adult American. Also, she paid attention to several parameters, such as the speed of receiving money, accessibility, and convenience.
Based on the factors mentioned, here're her top “I need money now” solutions.
Renting Our Free Space
Whether it’s an additional room, a backyard, or just a couple of square feet in the garage or storage room, there are ways to make money by renting it. Many tourists are looking for accommodation at a reasonable price instead of staying in hotels. The backyard is a great place to store boats or RVs. And any free space in the house can be rented to people who can’t self-store their belongings. Services like Airbnb or Neighbor contain multiple options for making money out of thin air.
Having a Dip Into Retirement Savings
Pulling money out of the retirement account may be an option for people who build a nest egg for pension. The terms and conditions depend on the type of retirement account. In most cases, the amount withdrawn will be subject to 10% tax penalties as long as it is taken out prior to age 59 1/2. It will also be included in an individual's gross income.
Asking for a Paycheck Advance
There’s always a choice to ask an employer about a portion of a future paycheck to handle urgent emergencies. This is an interest-free option, meaning that there will be no extra fees applied for getting the money. However, the next salary will be reduced by the advanced amount.
Selling Photography
Although this option requires some skills, it can be a great way to get started as a photographer for a beginner. To get started, it’s recommended to offer photography services at local events. Platforms like Meetup or Craigslist are just a few options with multiple offers for talented enthusiasts.
Finding a Side Gig with Same-Day Pay
People who are looking for an extra source of income can start by completing some simple tasks online or find an offline part-time job with same-day pay. There are multiple job offers on Craigslist or freelance platforms like Upwork or Fiverr.
Selling Something Unused
Many items we own may turn out to be useless for us at some point. But what some consider trash may be a godsend for others. Those who want ro sell their belongings may have a garage sale or use platforms like Facebook Marketplace. This can be a good way to earn extra money fast.
Objective of the Research
The research was conducted in order to offer realistic ways to get funds for unexpected expenses for those with no emergency savings. 1F Cash Advance’s top priority is to provide people with practical advice on personal finance and help them overcome money problems.
About Us: 1F Cash Advance is an innovative lending company that makes it easier for borrowers to find a reputable lender in their area. As the company's top priority is helping people overcome money problems, it conducted research to offer practical ways to get funds for unexpected expenses for those with no emergency savings.
Contact Info:
Name: Adrienne Bailey
Email: Send Email
Organization: 1F Cash Advance
Website: https://1firstcashadvance.org/
Release ID: 89102238
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