Last Updated on September 12, 2024 by Veronica Sparks
Have you ever come across those articles, ads, or reels that claim they have the quick and simple answers for your money problems? There are a lot of people out there that say they know the secret for how to get money fast to get you out of a jam. Many claim that “Rich People Have These Habits” or that you can “Make $500 This Week!”
The truth? They’re all idiots… or liars. They offer suggestions like playing online games for money (which is pretty much a scam and a huge time waste) or cancelling your car insurance and getting a cheaper policy (and save $10 a month? Stupid). The people peddling this crap either don’t actually know what it’s like to have financial woes… or they’re getting incentives from the links in their content. We promise.
If you’re in a financial bind or you’re just young and poor like most people in their 20s and 30s right now, you’re probably feeling the crushing weight of debt, inflation, and low wages. Financial freedom may seem like a lost cause, right?
The truth is, if you’re not rich right now, you’re not going to get rich quick. But there’s hope! Here’s how to get REAL financial relief — fast — so you can start digging out of that first-world poverty.
Related Article: Is Homesteading Worth It? Cost, Savings, and Earnings Study
How to Get Money FAST: 11 Ways
When you’re hard up for cash and getting worried, the first step is to get a chunk of cash. That way you can get your immediate bills paid and keep moving forward. I know what you’re thinking… “Get some cash? Duh! Why didn’t I think of that?!” Don’t dismiss us yet, though.
Truly, how do you do that when you’re working a job with mediocre pay and your bills keep climbing higher and higher? Well, we’re not saying it’s easy, but here are some action steps you should consider right now!
1. Get a Temporary Side Gig
It’s still a gig economy! The best and most effective way to get a bunch of money quickly is to get a temporary job on the side. If you already have a demanding work schedule, there are some gigs with which you can set your own schedule or even perform work from home in the evenings:
- Freelance writing or proofreading
- Freelance social media management
- Freelance graphic work
- Freelance transcribing or translating
- Rideshare or delivery services (Uber, Door Dash, grocery delivery, bike messenger, etc.)
- Babysitting
- Pet sitting or dog walking
- Tutoring
- Part-time weekend work (i.e. retail work, food service, clerical work, etc.)
2. Get a Roommate
This isn’t the most glamorous way to get some extra cash, but it’s a particularly effective one if you’re young, single, and drowning in your monthly bills. With the average rent currently at roughly $1,700 per month, getting a roommate could potentially save you over $800 every month. Ask around with friends and family or use apps like Roomi, Roomster, or Spareroom to find a decent roommate.
And it doesn’t have to be a permanent situation! You can have someone stay with you for just a few months if the agreement suits you both. Just make sure you’re wise about your choice and have written documentation of your agreement (and confirm with your landlord or management company that the arrangement is approved).
3. Consolidate Credit Card Debt
If one of the reasons you’re struggling month-to-month is that you’re paying massive monthly credit card bills, consider credit card consolidation programs like LightStream, SoFi, or Lending Club. These companies will often buy out your credit card balances while offering you much lower interest rates and lower monthly payments to get out from under the heavy balances.
Sometimes they’ll even approve you for a bit more than what you owe on your credit cards and you can use the extra money to either pay other bills or build up your emergency savings.
4. Do a Zero Interest Credit Card Balance Transfer
Another option for growing credit card debt? Zero interest balance transfers. If you have high credit card balances but decent credit, you may to get approved for a balance transfer to another card. Often, the new credit card company will offer you 0% APR for a year or more. This eliminates those ever-climbing interest charges and often result in lower monthly payments as well.
Just be sure to review the terms of the transfer — many times there’s an initial balance transfer fee.
5. Ask Your Parents for Money
We don’t like to ask for help, but sometimes it’s necessary. Many of our parents are in the wealthiest age group in the nation right now, but they often won’t just come out and offer us cash when they see us struggling. After all, many of them ascribe to that “pick yourself up by your bootstraps” philosophy. Don’t get us started on that dilusional joke of a saying.
But, if you can swallow your pride and ask for some help, parents will typically have compassion and meet their children’s needs to get out of a financial hole quickly.
6. Get Help With Your Student Loans
Crushing student debt continues to reign as one of the top financial problems for young people. If your monthly payments are taking massive bites out of your modest bank account every month, you may be able to get help with your payments.
Student loan providers are typically understanding creditors, and if you just touch base with them on your situation, they’ll help you figure out a repayment solution that works for you. This may mean a temporary forbearance for financial hardship, an income-based repayment plan, refinancing your student loan, or even qualifying for a student loan forgiveness program.
7. Sell Some Stuff
If you’ve got some fairly valuable stuff you’re able to part with, try selling it on platforms like Facebook Marketplace, Poshmark, Ebay, or Craigslist. Items like electronics, kitchen appliances, furniture, designer clothes and shoes, or even outdoor and sporting equipment can fetch you decent prices and put some quick cash in your account.
8. Find a Food Pantry
Grocery prices are at an all-time high right now, and there’s no shame in needing some help with food costs. That’s why food pantries exist — to help struggling people eat. Churches and other non-profit organizations in your area are the most likely places to hold food drives and house food pantries. They often offer free or very cheap food basics like bread, dry goods, and other non-perishables to help you feed yourself for the week.
9. Look Into Government Assistance Programs
If you earn a low income, there may be some help for you in the form of welfare programs, food stamps, or even free health insurance. Research the programs available in your state and apply for as many as you can. The application processes are sometimes grueling, but it’s worth it if you can get some free groceries or even monthly financial support to pay rent, high energy bills, and other expenses.
10. Take Out a 401K Loan
Already saving for retirement? If your job offers a 401k match, you may already be contributing to a 401K, which means you may qualify for a 401K loan. When you take a loan out of this type of retirement account, you don’t pay penalties or taxes on the funds (because you’re going to pay it back). Then, you set up a repayment plan that takes very small amounts from your paychecks.
This type of solution isn’t an ideal situation for retirement savings since you won’t grow earnings on the money you take out. However, when you’re in a tight spot financially, this is a much better option than using credit cards or taking out personal loans. That’s because the interest rate is often much lower — and you’re paying yourself that interest into your own retirement account (instead of to a credit card or loan company).
11. Sell Your Car (and Get a Cheaper One)
If you’re making monthly payments on your car, you may be able to sell it back to the dealership and earn a bit of profit to get a cheaper vehicle. Having a newer car does bring some peace of mind when it comes to the more infrequent repairs, etc. However, if you’re struggling to make ends meet, it may be a better option to downsize your vehicle to lower or eliminate those monthly payments.
How to Build Your Finances Moving Forward
Once you’ve dug your way out of that initial urgent and panicked moment of financial stress, you’ve got to take steps to keep it from happening again. How do you do that? With a bit of financial wisdom and a LOT of action. Here’s how to slowly build your financial situation into comfort and stability — when you’re not rich.
1. Track Your Spending
You may think you’re not spending a lot as a low earner, but you never know for sure until you see it all laid out. Oftentimes, we think we’re “going cheap” when we opt for fast food instead of sit-down or happy hour instead of a late-night club. But when we see the combined totals for those spending categories at the end of the month, we’re often shocked.
That’s why you need to start closely tracking your spending habits immediately. Banking apps often have tracking functionality that helps you to see where your money is going every month. Alternatively, apps like Mint and Rocket Money allow you to do the same thing, but with multiple credit card and bank accounts in the same place.
2. Cut Big Spending — Dramatically
We all have our vices and “treat-yo-self” moments, but when we’re not financially solid, we’ve got to bite the bullet and make some drastic cuts. It’s time to suspend (at least temporarily) expensive spending habits like splurge shopping, expensive self-care (nails, hair, tanning, fillers, etc.), vacations, gambling, and weekend bar hopping. We know, it’s no fun — but it’s not forever!
3. Cut Small Spending Where Possible
Truth be told, we often have a ton of smaller spending categories that we don’t pay much attention to, but it all adds up quickly. That’s why you should also aim to make small changes to cut back on spending. This means lowering your grocery bill by buying cheaper food (i.e., go with canned chicken instead of fresh, frozen veggies instead of salad, Aldi instead of pricier grocery stores, etc.).
It also means limiting spending on cosmetics, learning to cook from scratch instead of eating out, shopping at thrift stores, and cutting down on pricey habits like Starbucks, recreational drinking, vaping, etc.
4. Find MUCH Cheaper Health Insurance
Many of us purchase health insurance through our jobs, but since these payments come out of our paychecks automatically, we often don’t remember how much the cost actually is. Many young adults don’t realize that they’re paying hundreds of dollars every month for health insurance through their employer, and they almost never use it.
Possibly a better option for people in their 20s is catastrophic insurance. This type of health insurance is coverage that’s meant for people under 30 or those facing specific hardships. Catastrophic coverage typically comes with:
- A higher deductible (the amount you’ll pay for health services before your insurance kicks in)
- Low monthly premiums (the amount you pay every month for the coverage).
This type of health coverage is often a great option for young people since they typically suffer from fewer health issues and require less medical care.
5. Try DIY Investing
Have you heard of self-direct investing? It’s a great way to get into the investing game without spending a ton of money and without paying fees to investment companies. Basically, you research which stocks are currently recommended by experts on stock adviser websites like Motley Fool or Morningstar (that are within your price range — i.e. “best stocks under $50”) and purchase them directly.
Some banking apps — like Chase — have DIY investing functionality so you can buy, sell, and trade stocks all on your own to build up your wealth. Just make sure you research stocks thoroughly before pulling the trigger!
6. Build Your Skill Set
At the end of the day, if you’re not earning enough money to cover your essential monthly expenses, you need to make a change in your earnings. There’s no getting around it, so look into ways you can increase your earning power. This could mean maintaining a solid side gig that could grow into something bigger, looking for higher paying jobs in your industry, or studying to learn a new skill. When it comes to that last option, there are so many things you can do — like earning a certificate or degree — that will elevate your income forever!
The Bottom Line for Your Bottom Line
Getting out of financial hardship takes real effort and practical steps, not quick-fix schemes or empty promises. While the road to financial stability may seem overwhelming, the strategies outlined here can help you make immediate progress. Once you address your urgent financial needs, it’s important to build healthier long-term habits to reduce your spending and increase your earning potential.
With persistence and smart planning, you can move from financial stress to security, one step at a time.