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Ray is a sought-after thought leader and an expert in financial and money management. He has been published and featured in over 50 leading sites and aims to contribute articles to help novice financial planners. One of his goals is to impart his knowledge in finance to educate and help ordinary people create and achieve their financial goals.
There are many reasons that you could suddenly find yourself needing to come up with extra money for personal use. Whether you are trying to launch a business venture, you have medical bills that must be paid, or you have to do emergency repairs on your home or purchase a new vehicle, coming up with funding can be a significant stress point. With this point made, here are ten ideas that you can use to generate funds for personal use.
Consider Asset Liquidation
The liquidation of your assets is one of the simplest ways to get funding for personal use. This can include selling everything from valuable jewellery to items such as televisions, laptops, books, game consoles and vehicles. When you need additional funding for personal use in a hurry, selling off items of value that you can manage to part with is a proven option.
Take on Odd Jobs or a Second Job
If you have the time, offering up your services for odd jobs is another way to generate funds for personal use. This can include anything from dog walking and babysitting to mowing lawns or working for a ride-share service. Outright taking on a second job at a local business is also an option for bringing in the additional funds that you need.
Offer Your Home Up as a Holiday Rental
Yet another way to generate funds for personal use is to consider renting your home to travellers on holiday. Though this might not be a practical option for everyone, it can be a great way to bring in some extra funding if you can use this idea.
Borrow Funds From Family and Friends
Borrowing money from your family or close friends is another way to get funds quickly when you need extra cash for personal use. With this said, it is vital that you make sure you pay back any family member or friend who loans you money in a timely manner to avoid putting a strain on your relationship.
Take Out a Personal Loan Through a Trusted Lender
Taking out personal loans within Australia is a fifth option for you to consider when generating funds. A personal loan from a trusted lender can be one of the quickest, most efficient ways to quickly get ahold of extra cash for the expenses that you are facing.
Consider Getting Money From Your Retirement Account
Generally speaking, you must reach your preservation age to withdraw funds from your superannuation. With that said, there are certain instances where you might be able to gain access to the funds early or take out a lump sum withdrawal. If you can do so, this can be another solid way to get funds for personal use.
Get a Credit Card
Credit cards are yet another proven way to generate the funds required for various expenses. Running up a large amount of credit card debt is not ideal, but it can be an effective way to assist you in dealing with immediate financial needs.
Reduce Your Day-to-Day Spending
A ninth idea for generating funds for personal use is simply spending less daily. Cutting back on personal expenses is a way to automatically free up additional funds for personal use.
Consider Online Crowdfunding
Online crowdfunding is a money-generating method that continues to grow in popularity. It can be a sound way to generate funds for personal use. This is particularly the case if you need funds to cover medical expenses. There are many generous individuals online who are happy to make donations to a good cause. Though this is often associated with donations given to organisations, crowdfunding to cover personal expenses is also a legitimate option in many cases to generate funds.