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When we discuss personal finance topics, we often go over things like
how much to save, retirement planning, career planning, and investing
your money properly. While all of these concepts are essential parts of
money management, we seldom address one major topic that’s a real issue
for a lot of people: Ways to earn quick money in a financial emergency.
Of course, we’re supposed to have an emergency fund to cover us
during times like these, but hindsight is 20/20, and a large portion of
people (26% according to a Bankrate survey) report having no emergency savings. So, how do you fatten your wallet if you’re completely tapped out?
A side job, or second job, is the solution for most Americans. The Census Bureau reports
that around 5% of the workforce has a second job and oftentimes, these
moonlighters work a full-time “day job” and then have a part-time side
job that helps them bring in extra cash. But finding and obtaining a
side job takes time. You have to job search, apply, interview, and fill
out all of the required paperwork (an I-9 form, etc.). Let’s not forget
to mention any training periods the job may require. It could be over a
month before you see your first paycheck, and you probably need money
before that if you’re in a pinch.
We’ve created a list of ways to make money when you’re in a real
bind. Of course, some of these methods of money-making are not the most
ideal, but they will serve as plausible means by which to get your hands
on quick cash.
1. Babysit or Pet-sit
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Babysitting or pet-sitting for someone you know is a quick way to
make cash. According to PayScale, the nationwide average hourly wage for
a babysitter is $9.85. As a pet-sitter, you can earn around $16 per visit.
2. Sell services door-to-door (mow lawns or wash cars)
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- Upfront investment required: varies between $0 and $30
- How much you can realistically expect to make in one day: According to Angie’s list,
the average yard costs between $35 and $50, which includes the works —
mowing, trimming, edging, etc. Therefore, if you find three customers,
you may be able to pull in $150.
Selling inexpensive services (like mowing lawns, washing cars, or
other chores) to your community is a great way to earn some same-day
cash, but only if you already have most of the tools needed to do the
job around your house. Unless you plan on starting a landscaping
business (which may require other investment costs like those related to
any licensing and advertising), it’s probably not the best idea to go
out and purchase a lawnmower, or other large equipment.
3. Sell water bottles, flowers, or fruit
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- Upfront investment required: $10
- How much you can realistically expect to make in one day: $60
A case of 24 bottles of store-brand water cost around $3, according
to Food Lion. If you buy three cases, place them in a cooler on ice, and
then sell each bottle for $1 a piece on the side of the road or at a
local event or festival, you can earn some quick and easy cash in one
day. Of course, there is no guarantee that you’ll sell all (or any) of
the water, but the potential profit margin is huge and the risk is low.
The same idea applies with flowers or fruit from the farmer’s market.
4. Go scrapping
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- Upfront investment required: none
- How much you can realistically expect to make in one day: varies, but you probably won’t make more than $20
If your garage looks like a metal yard, you can rummage through all
of your junk and find valuable metal and sell it for cash. But, keep in
mind that you probably won’t earn a whole lot of cash for your metal. PBS’s Newshour analyzed scrapping,
finding out how much metal you’d have to collect to earn a day’s
minimum wage. According to the news site, here’s how much metal you’d
have to collect to earn $58:
- one catalytic converter
- 20 pounds of copper wire
- 95 pounds of aluminum cans
- 103 pounds of aluminum siding -or-
- 111 pounds of steel
But, if you have old appliances, like an old washer, dryer, or refrigerator, those can be worth between $8 and $28 in scrap metal alone. So, it’s worth a try, especially if you’re in a bind.
5. Have a yard sale
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- Upfront investment required: $5 for posters and signs
- How much you can realistically expect to make in one day: varies
According to the Statistic Brain Research Center,
there are 165,000 yard sales in the U.S. each week. The best time to
hold a yard sale is Saturday morning at 7 a.m., but you can really hold
one anytime. The statistics research site also found the following
average prices of yard sale items:
- Clothing and apparel: 59 cents
- Accessories: 70 cents
- Crafting items: 45 cents
- Decorative items: 83 cents
- Entertainment (like movies and books): 47 cents
- Household goods (like dishes and office supplies): 57 cents
- Yard items (like garden tools and plants): $2.37
- Average price all of yard sale items: 85 cents
Considering these prices, you’re probably not going to make hundreds
of dollars in one day by having a yard sale, but you can certainly make
$25, $50, or maybe even $100, if your sale is successful.
6. Sell or return merchandise
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- Upfront investment required: n/a
- How much you can realistically expect to make in one day: varies
If you have old clothing, electronics, textbooks, or other items of
value lying around, making a visit to the local pawn shop can get you a
few bucks in an emergency. Pawnbroking is one of the oldest forms of
credit. According to a Boston University publication,
interest rates at pawnbrokers vary by state, but they’re often in the
25% range. So, if you want to pawn instead of selling, getting your
stuff back comes at a cost, but it’s certainly doable. Don’t forget to
check out yard sale websites, like Bookoo, where you can post your items online for a local member of your community to buy in person.
If you recently purchased an item from a retailer that you haven’t
gotten around to opening, why not return it? Of course, it’s a good idea
to review the store’s return policy before you waste the trip to ensure
you have everything you need (e.g. the receipt), you are within the
return window, and that the item you purchased is eligible for return.
But, even if you lost your receipt, some stores will still issue store
credit, which can also help you in a pinch.
7. Collect change
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- Upfront investment required: n/a
- How much you can realistically expect to make in one day: varies, but probably no more than $10
Found in seat cushions, drawers, car floors, pockets, and other
random places, change may be something you forget about until you’re
broke. And, when you’re in a financial emergency situation, it may just
be exactly what you need to get through until payday. You can even go
exchange it for bills at one of those Coinstar machines.
But, if you want cash, you have to pay a 10.9% fee. “Free coin counting
is available at most locations in the United States if you convert your
coins to a nationally-branded gift card or eCertificate,” reports Coinstar.
Culled from wallstreetcheatsheet
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