3 April 2014 19:04
Even though the “financial powers that be” insist the job market and economy are slowly but surely improving, unexpected layoffs, downsizing, and companies going out of business still occur. Financial stability isn’t what it used to be and the threat of unexpected job loss remains a harsh reality. Many already teeter on the edge of barely meeting financial obligations. An unexpected job loss could throw you into a cyclone of financial chaos. If that happens, knowing how to hunker down and access cash quickly becomes a matter of survival.
#1 Budget Down to Bare Necessities
Most people already follow a loose budget of sorts, knowing what they can and can’t afford to spend. When you lose a job and there’s no income, you have to hold on to as much as you can for as long as you can. That means following a budget on steroids.
First, identify the things in your budget you can’t live without like food, rent and transportation. Focus only on necessities – that is, the things you can’t live without. Anything that’s not a necessity is a luxury you can’t afford right now so you’ll need to get rid of the extra expense. You may be looking forward to the season premiere of HBO’s “Game of Thrones,” but your cable service, let alone the HBO premium channel, is not a necessity. No more wasting money on extras that can eat away existing funds like cigarettes, Starbucks, and fast food. Time to get into survival mode.
#2 Sell Items Online
A lot of people don’t believe they have anything of value that someone would want to buy. You’d be surprised. Take a look online at websites like Craigs List or Ebay to get an idea of the types of items people are looking to buy. Then take a look around at your own belongings using a scrutinizing seller’s eye. Do you have an old mobile phone or DVD player that’s still in good condition? Do you still have a box of baby clothes packed away? A designer purse, jacket or shoes? Chances are if you once loved them, someone else will too.
People love getting a great deal which is why selling items online is such a lucrative way to earn fast cash. Craigslist is an especially great way to connect with people and sell your items locally. Whether you decide to meet up and conduct transactions with interested buyers at home or in a public location, be sure to observe safety precautions at all times.
#3 Sell Your Services for Pay
Do you have a marketable skill others would be willing to pay you to perform? Writers, graphic/web designers, virtual assistants, advertising/marketing professionals, IT programmers and other professionals sell their services online to a global market in exchange for cash daily. Some advertise their services on local directories and websites like Craigs List, while others turn to freelance bidding websites like Elance, Guru and Odesk. Some freelancers make a full-time living utilizing these sites so there is definitely earning potential.
Start by completing the website’s professional profile and posting a few samples of your work so employers get an idea of what you can actually do. As you win job bids and earn good ratings from employers, you’ll build a reputation which leads to more paid projects. Most of these sites offer both free and paid membership levels. These freelance gigs can help you keep your skills sharp. You may even develop new skills along the way. Freelancing can be a great way to generate reoccurring income until you find a new job.
#4 Turn Your Car Title into Cash
Do you have a car that’s completely paid for? It could be your ticket to instant cash if you apply for a title loan. One big misconception about title loans is that applying for one is the same as selling your car. Not true! You can borrow up to $10,000 dollars and keep driving your car. There are a lot of title loan companies to choose from, but it’s always best to deal with a reputable company like TitleMax.com.
Losing a job can be an intensely stressful experience, but facing the situation head on and creating a plan can get you over the hump until the next job opportunity comes along.
About the author
Carl Tanner writes about budgeting and money saving tips for frugal families. He draws inspiration from his own experience of finding himself unexpectedly unemployed as a sole income earner with a wife, five kids and a mortgage. He is deeply committed to helping others dig themselves out of financial uncertainty.
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