We all at one point in time have stressed over money during a tough time. But, you should always have a back up plan, even if you haven’t experienced a tough time in your life yet. So, where should you look to find some extra money?
- Home Equity Line of Credit: You shouldn’t use your house as a piggy bank, but you’re going to have to have 20% of the 20% equity in your home. What you may want to do is get an equity home line of credit no matter if you will use it or not especially while you’re employed. Use it wisely!
- Family and Friends: If you’re lucky enough to have stable family and friends who are willing to help you out through a tough short period of time they could be a source of money as long as you can pay them back. There can be the risk of ruining relationships but if it comes down to it they could be all the help you need.
- Sell Some Stocks: This is a great way to cash in on some extra money if your stocks are doing well as long as they are not in your retirement plans. Talk to the person you do your taxes with and they will be able to point you in the right direction.
- Start and ebay business: Many people have more extra clutter in their homes then they know what to do with. What they don’t realize is this extra “stuff” can be extra money in the long run!
Don’t forget these are all some great ideas, but they are ideas that should be used for emergencies. You don’t want to start messing with your money if you’re not in desperate financial need. So, create a plan and if you’re not in need of money yet hold on to that plan and set some money aside in case of an emergency. You wont regret it.