Ask Bridgette!

Dear Bridgette,

We are facing a cash crisis. What can you suggest?

Thank You,

Jelinda P.

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Hi Jelinda,

I am glad you asked this question. As a woman who has been solely responsible for her family’s financial well-being and before I became financially savvy, I was sometimes faced with unexpected situations such as a bill needing to be paid or a financial mistake that needs to be covered before the checking account explodes. When time is of the essence, how can you bring immediate cash flow into your checking account?

Tip #1 Sell Something

Look around your house, closets and storage units. I am confident you can find something that can be converted easily into cash. My husband and I were relocating. We needed extra money to help pay for the cost of the move and we were not going to have the storage space we previously had. By selling items we have been holding onto for two years “just in case”, we easily converted our stuff into cash. Posting on Facebook Marketplace, Craig’s List or a community page reaches hundreds of people.

Price your items reasonably. Take a look at other posts to see the pricing of your extra TV.

Keep in mind, stuff is just stuff.

Tip #2 – Find a Gig Job

Gig jobs are great! They require very little startup costs and you can be up and running quickly. Take food delivery for instance. With Covid-19 still causing concerns, you have an opportunity to make money delivering food. The systems in place with the companies is so seamless, it doesn’t seem like work. It’s easy and kind of fun!

Another gig idea is becoming a Mystery Shopper. Many companies are wanting to make sure they measure up to the competition and to install specific behaviors within their employees. The best part is that you get paid to shop! Shopping reimbursement can range anywhere from $10.00 – 100.00 per shop.

However, make sure you track your mileage and any other tax-deductible expenses you may occur and speak to your tax advisor as you will be a 1099 contractor.

Tip #3 – Look for a Personal Loan

Depending on how much money you need, sometimes a personal loan is a quick and easy fix to your unexpected expense. Personal loans can normally be granted for a wide variety of credit scores. However, be aware of the cost of the loan. Personal loans are unsecured, meaning, there is not a lien placed on an item such as a car. These types of loans are usually more expensive because without collateral, the loan is considered higher risk. Watch the Annual Percentage Rate, the terms and the fees. Sometimes the need outweighs the cost of the loan, if this is the case, work extra hard on Tip #1 and Tip #2 to pay off that loan.

Tip #4 – Plan in advance.

Everyone knows it’s not a matter of if, but a matter of when an emergency will pop up. You have weathered this past storm, become proactive for the next. You can continue your Gig job for a while until you build up a nest egg. Open a savings account and allocate $25.00 a paycheck into it and forget about it.

And as always, remember you are doing the best you can and we are always here to help. You deserve to succeed and you will! 

B