Need Money Now!

Sometimes in life you simply need money now!... Here's how to get it

I NEED MONEY NOW

It’s the week before Christmas and the oven’s packed in. The dog’s visit annual check-up didn’t involve some flea treatment and it needs surgery to have his life. You’ve just been told your company is making redundancies and on your drive home your daughter calls to tell you she’s pregnant and plans on getting marries the next month… This happened to a friend of ours last year… Sorry Dave… We know it sucked.

STOP, Grab a drink and don't panic.

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It’s now an emergency. You’ve just been dealt a s**t sandwich. For whatever the reason, you need money and you need it now .

We are going to help you analyse your options, step-by-step, weed out the essentials from the necessary’s and see what we can do to raise some urgent cash.

First thing is to stop your finances getting worse

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Imagine you’ve just lost your job. Your income is now £0 per month. The first and often most overlooked step (until it’s too late normally) is to try and keep what little money you have in your account. In short, you need to stop things getting worse.

Open and look at your

Imagine you’ve just lost your job. Your income is now £0 per month. The first and often most overlooked step (until it’s too late normally) is to try and keep what little money you have in your account. In short, you need to stop things getting worse.

It may sound obvious, but by knowing how much you have before bills and direct debits are due to come out, will help you in the long term.

Now is the time for emergencies. You MUST cancel every possible overdraft, to stop these companies putting you into trouble with the big boys i.e. like your landlord or bank.

Items to cancel include:

  • Television subscriptions and satellite TV
  • TV Licence
  • Gym Memberships
  • Children’s clubs and activities
  • Magazine subscriptions
  • Insurance and tax for the car (if you’re that desperate consider selling it)
  • Monthly payment schemes, i.e non-urgent or unnecessary extra insurances,
  • Bills such as Mobile Phone, Wifi, Landline. Cancel them all now, you can always re-join or find a cheaper one over the next few days. 

 

What we mean by this is look at your bank account and see where you are spending money. For example, do you spend money on the Lottery every week? Is this something set up by direct debit? If so, cancel it. 

Do you see habits, like secret trips to fast food restaurants, trips to the garage to buy cigarettes or alcohol? This is some of the things you need to become mindful of, and not permit yourself to go into ‘autopilot’ because this is what you’ve done every day for the past 10 years. 

Speak to people

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You may be surprised that many institutions are nicer than you imagine. If you are up-front and honest about your situation, you may ind things aren’t as bad as they could be. But, you MUST speak with them. 

Who to speak with:

Banks & Mortgage Lenders

They will often be happy to help you and discuss your options. The sooner you make them aware of your situation, the better it will be. They should make attempts to come to reach an agreement with you, such as extending your mortgage term, mortgage holidays etc. The idea is to reduce how much you have to pay our now, to keep your head above water. 

Landlords

Can be less sympathetic than banks but the last thing they want is someone who doesn’t have any money and needs to be taken to court to get you evicted from the property. Maybe they are happy to increase the next 10 mths payments, in exchange for letting you have a few months rent free for now? What’s important is that you speak with them, be humble and sympathetic as they are losing money as well as you. 

Some legal contracts are simply non-negotiable… well, according to the contract that it. However, as a contract is an agreement between two parties, there’s still a chance you can re-negotiate, either delayed or extended payments, reduced services (i.e. instead of paying £50pm for your all inclusive phone contract, ask for it to be reduced to the lowest). 

Remind the contractor that you have been a loyal customer, perhaps for years, and tell them you don’t want this unforeseen  financial situation of yours to hinder many years of custom and service. Again, talk to them. They may be willing to do more than you know.

If it’s with your bank, speak with them. We’d recommend meeting them face to face if possible. It’s easier to get things sorted, discussed and dealt with in this way as opposed to over the phone, where you bay be dealing with a call centre in a different country.

If you have to speak to them over the phone, do so. Tell them your situation and ask for their help.

If you owe money on your bills such as water, electricity etc, you should talk to the company and try to come to an arrangement to pay back what you owe.

Your water company can’t legally disconnect you if you owe them money, but they could take you to court. Again, speak with them and ask for help. This happens to hundreds of people per day and their staff are trained to deal with these situations.

This may sound odd, but many people sometimes take out lots of insurances that include Mortgage Payment Protection Insurance, which is designed to help with your payments should you become sick, redundant or unwell due to and accident. Look through your documents and see if this is something you have taken out or may have been added to your other policies. 

Time to ACT!

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Okay, you’ve done what you can to keep the wolves from your door. This will bide you some time. Now you have to get money, and get it fast. 

We recommend you look for it using two outlooks, one is the short-term and immediate method, the other is for the long-term. 

Short Term - Quick Cash

You’ve lost your job, before you start to contemplate how and where to seek your next job, you need to stockpile your emergency cash, and the quickest method is to begin selling stuff. As harsh as it sounds, would you rather be living under a bridge with your flat screen TV, PS4 and posh clothes, or would you rather keep a roof over your head?…

Sell anything that isn’t necessary or sentimental

Expensive electronics, clothing, the car, the motorbike, pushbike, kids toys, furniture, BBQ, running machines, coffee makers, the fancy mixer that’s used once a year, sell it all and sell it now. All these items can be re-purchased once you get back on your feet. 

Do you have a secret stockpile of valuables? Jewellery, film memorabilia, music, works of art. If it’s sentimental, well, you can always put it for sale a higher prices, or long sale periods (i.e. on ebay you can extend the sale time delay the date where you depart with your precious items.

Where are the best places to sell stuff?

eBay is probably one of the best known companies in the world for selling new and secondhand stuff. You can even sell stuff that’s broken and damaged, chances are someone somewhere will be looking for what you’re selling. It’s super easy to set up and use, even the editors 69 year old mother does it (FYI she even set it up herself).

You name it, you can pretty much flog it on eBay, apart from weapons etc. You can sell your can sell your car, computer, clothing, furniture etc. Just remember to factor in your postage costs so you don’t lose money.

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Amazon? Don’t they just sell brand new stuff straight from their own store? Not at all. Many smaller companies sell under the Amazon umbrella, but also many people do sell unwanted, items in used conditions. Look at the bottom of the picture.

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Are you on Facebook? Great. They even have their own local ‘For Sale’ platforms and message boards. Word search topics like ‘for sale in London’, or your local area and get selling your unwanted stuff fast. 

Craigslist is growing rapidly in the UK. Similar to many other ‘for sale’ websites, they are getting larger every week. 

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There are lots of pawnshops in the high street and online for better convince. Websites such as MusicMagpie are excellent options to sell electricals, books, music CD’s, phones, DVD’s and even Lego.

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A great British Tradition, and an excellent way to flog a load of unwanted stuff. Check online, there are plenty of local Carboot sales in the UK that happen at weekends and sometimes midweek. Note, we would recommend selling more expensive items via other options like eBay or MusicMagpie, as you’re likely to get a better price for them, as most people who attend carboot sales are seasoned professionals and experts at haggling. 

An older and slower method of selling stuff is using newspapers. Downsides are not many people buy local newspapers, and most of their customers use things like eBay instead. 

Long Term - Regular Income

You’ve lost your job, so now it’s time to get a new one. You can of-course start contemplating if you want to become self employed, but unless you’ve got a promise of money coming in the safest option may be to get a job.. at least for now.

Top Job Websites

Indeed has got to be one of the best job websites out there. It’s used all over the world, it’s up-to-date, has thousands of posts available, across a multitude of sectors, plus as an added bonus it’s super easy to use. You can sign up, add your CV and even let employers find you! Indeed Logo 1

Totaljobs has everyting to offer someone looking for employment. Names with the biggest companies in the UK, local jobs and they even offer career advice. What’s not to like? totaljobs logo