You need cash quick, more cash than you get in your paychecks. First, you need to getting back to the basics and boostrap your budget. But, you’ve already done that. Now what? You need to make fast cash by increasing the amount of money you bring in. Here are some tips on how to start earning fast cash today.
New Checking or Savings Account Bank Bonuses
Bank bonuses for setting up new savings or new checking accounts have started to come back. Nerdwallet has a list of the best bank bonuses available now. Weigh the pros and cons (I always look at if direct deposit is required for example) to better understand which offer best suits you. When banks run promotions, start to consider moving your emergency fund around to take advantage.
If you don’t have enough cash to do this right now, calculate how long it will take you to raise this cash and then check if you’ll meet the deadline of the promotion. Whether you’ll meet the deadline or not, immediately starting putting that cash into a high yield savings account that doesn’t have the bonus promotion. That way, you’ll leave options open to take advantage of the bank bonus later and start generating some interest.
High Yield Savings Accounts
High yield savings accounts remain far from inflation levels; however, the interest rates on high yield savings accounts have started to creep up. Personally, I use Marcus, and as of Oct 10, 2022 they offer an APY of 2.15%. This rate is significantly higher than the rates offered even in the first half of 2022. Recently, every few weeks the interest rates have been increasing so every month check in on the latest interest rates across several banks.
Bank Referral Bonuses
Not only are high yield savings accounts offering higher yields than the last few years, some are also offering referral bonuses. I referred a friend to Marcus and am making an extra 1% interest for 3 months (and they get an extra 1% too!). Right now, I am getting 3.15% APY on the money I have in my savings account.
Sell Clothes You Don’t Wear Anymore
A quick way to get cash is to sell clothes that are just sitting in your closet. Start listing clothing now now, before everyone starts doing this and marketplaces get flooded. You can use Poshmark to list your clothes, or send higher end items to TheRealReal. Really think about what you clothes you own and if you’ll wear it. For example, I’ve worked from home for years but used to have business travel so I have a decent work wardrobe. Now, I haven’t traveled since before covid and realistically will not be traveling often in the future. It’s hard to part with the clothes I “may need” in the future but many are really better off sold at this point.
Sell Electronics and Household Items You Don’t Use
Have old electronics or household items stuffed in closets that you don’t use anymore? Sell them. Facebook Marketplace, Craigslist are good places to list electronics and household items. Some companies, like Apple, will give you money for old electronics they made, although the “cash” is sometimes given in the form of a gift card.
Sell Gift Cards You’ll Never Use
Gifted a gift card you’ll never use? Sell it for cash with Card Cash. They will not pay you the full value so getting fast cash through selling gift cards only makes sense if you’ll never use it.
Look for Class Action Lawsuits You Qualify For
I have never actively sought these out, but when Facebook notified me in the app that I could qualified for a settlement in IL I signed up. I figured since it was in the Facebook app itself it was legitimate. In the past, I would have ignored it thinking what’s the point it’ll probably be $10 in the end but it was only a few clicks so I filled out the information. I ended up getting a check for $397.
Turn Your Skills Into Cash
Think about your skill set and how you can monetize, especially if you have a niche skill set or a skill set currently in high demand. Can you become a freelance writer? Be an advisor to a startup or company? Create downloadable invites / table signs to sell on Etsy? There are plenty of opportunities to earn money, know your niche and figure out a way to monetize it.
Audit Your Dividends
Own dividend stocks? Where are those dividends going? If they’re set to auto-invest, you may want to stop auto-investing your dividends in the short term and take the cash. With high yield savings accounts and Treasury bill yields increasing, there may be a time soon when it’ll make sense not just to use your dividends in these investment vehicles but also sell your dividend stocks and get the yield with minimal risk.
Do A Quick Tax Checkup
If you have realized capital gains losses, after getting used to paying taxes the last few years due to capital gains, you may actually get a tax refund this coming year. And, if you have unrealized losses consider selling some and doing tax loss harvesting. It’s hard to “sell at the low” but you don’t know if it’s the low and if it’s no longer a great investment the money is likely better off in another investment.
While 2022 taxes are a ways away, it may be worth doing your taxes early next year to get that tax refund.
Fast Cash Summary
Remember, patience is key during times like these. The average bear market lasts 289 days, you can’t count on stock market gains for extra cash like you could the past few years. And, while unemployment numbers are still low, job stability feels less certain.
Even if you don’t need the cash right now, it’s best to have extra on hand. Liquidity is key and unfortunately inflation may not have a soft landing. Use these tips above to generate fast cash and help pay some bills as well as increase your emergency fund.