What to Do When You Desperately Need Money

by Guest Contributor

We’ve all encountered a time when say out loud “I need money desperately.” When the money just isn’t there it can feel as if the whole world is crumbling down around you. But there are options on the table available to you. What can you do when you need money desperately?

Steps to Take When You Desperately Need Money

Step 1 – Take Advantage of Your Immediate Income Sources

To conquer your immediate needs, you should take advantage of any immediate income sources available to you. If you lent money to a friend or family member it’s time to call that loan in. If you have something you’ve been meaning to sell it’s time to get around to that now. The first step requires the least amount of effort and no self-sacrifice.

Steps to Take When You Desperately Need Money

Step 2 – Raid Some of Your Investments

Another income source you have at your disposal is your investments. Some of your investments will be more accessible than others. For now, you should stay away from your retirement accounts because you may not be able to get this money back and you’ll be penalized on your taxes for the early withdrawal. Selling some shares for an immediate payoff from your taxable investment accounts (non-retierment accounts) is an easy way to get the money you need now.

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Step 3 – Consolidate Your Debts

Sometimes you don’t need to worry about the money you need to worry about what you’re using the money for. Rather than struggling along with your debts, think about how you can consolidate your debts. This is about taking your small debts and consolidating them into one easily repayable loan. In most cases, though, your repayments will go down, reducing your need for the money.

Step 4 – Start a Part-Time Business

Another option on the table is to become a freelancer. Take whatever you happen to be good at and start a part-time business with it. If you know how to build a website you can start building websites. If you know how to design a book cover with Photoshop you should start a business with that.

You don’t even need your own brand to get started. Platforms like Fiverr can allow you to get started within 24 hours. This will give you the money you need and provide you with a side income.

Step 5 – Sell Blood and Sperm

This is an extreme option, but unbelievably it can quickly turn into a side income. Unless you have something that disqualifies you, such as a blood disease, you should not have any problems donating blood and sperm near you.

Donating blood is an easy way to make a few hundred dollars for just a few hours of your time. Donations are capped. In most cases, you can only make a certain number of donations per year. But if you need the money desperately this is an ideal option.

Step 6 – Put it on the Credit Card

Getting out of trouble by borrowing against your credit card can work when you are in a bind. This is not an option to take lightly, though. You must be able to resist the urge to get into the habit of throwing all your problems on your credit card. That money must be paid back and borrowing too much could lead you to permanent financial troubles.

Create a budget and determine how much you can borrow comfortably without running into trouble. If you are only borrowing the money for a short time until your next paycheck there is no reason why this can’t be a viable option, though.

Just try to avoid borrowing more than 30% of your overall limit or this can start to hurt your credit score.

Last Word – Should You Ever Take Out a Loan?

Taking out a no credit check loan, which can yield you the money in less than 24 hours, can be an option if you need the money until your next payday. But you need to be aware of the interest rates and the consequences of not making the repayments.

Unless you are 100% confident in your ability to pay the money back on time, you should not take out a “no credit check” loan. Use some of the other options on this list instead.

What will you do to get money when you really need it before your next payday?

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About Guest Contributor

This article was written by a guest author. For more information about this author, please see the bio information listed in the article. If you would like to write an article for Money Q&A, please visit our Guest Posting Guidelines page.


Guest Contributor has written 234 articles on Money Q&A. Learn more about Money Q&A on Twitter @MoneyQandA and @HankColeman.


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{ 1 comment… read it below or add one }

Christine Higgans

I try and avoid putting anything on my credit cards. Once you run up your credit card debt it is hard to pay it off and the interest rates are usually high. I have cashed out some of my retirement when I really needed money.

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