How to Raise Cash Fast (thank you Sympatico MSN for these tips)
- Start Your Own Sell-Off ~ Selling possessions is a quick win. Go through attics, closets, garages, kitchens and spare rooms. Anything you don’t want any more can be sold. If this doesn’t raise enough cash, think about selling things that you don’t need – all the things you thought you might use but don’t. If you still need more cash, think about selling things you can live without: could you get by without your car for example?
- Ask Your Boss for More Money ~ If you need cash fast, one place to go is your current employer. Asking for more money, a bigger bonus, more hours, or even just an advance on your salary can cover unexpected bills. But be very careful if you take this last route, as the money that is advanced will not be available next month for your standard bills.
- Get A Second Job ~ If you can’t get more money out of your current employers, you might be able to earn more money in your spare time. Options include online mentoring, becoming part of surveys and doing freelance work.
- Get Your Tax Back ~ Many Canadians are not aware of the latest tax deductions and lose out on money as a result. Did you move during the 2008 tax year? If so, you might be able to claim the expenses you incurred. Others can claim public transit costs. Visit the Canada Revenue Agency at www.cra-arc.gc.ca for more information on what you can claim on your tax return.
- Ask Your Family ~ Friends and family can be a great source of help when times get tough, however don’t borrow money from them lightly. Mixing money into a relationship can create huge problems and potentially lead to years of stress and divisions.
- Earn More On The Money You Have ~ Having financial problems can really put things into focus. Making sure you earn every available penny from savings and investment accounts can mean you are hundreds of dollars better off in the long-term. Imagine how much difference that would make now, if you had done it in the past. Search for the best deals you can get and put your money there.
- Remortgage ~ You can gain two huge benefits from remortgaging. If you move to the best deal on the market you can save hundreds of dollars a year on payments, and if you need money fast, you can increase your mortgage size to get cash now. But be very careful increasing your mortgage amount, as this will have to be paid back and will eat into your equity cushion. This could result in a more expensive mortgage or even negative equity if prices fall.
- Rent A Room ~ Another way you can raise cash from your house is to rent a spare room. If you’ve got an extra bedroom that’s always empty, consider renting it to a student. They can help pay your mortgage. And you can ask for first and last month’s rent up front to get a lump-sum of cash fast.
