If you need money urgently and you do not want to consider going into debt to solve your problems, there are solutions other than relying on loans for cash.
Finding these solutions may not be as easy as it is to apply for a quick loan, but relying on resources other than getting yourself into debt will definitely help you in the long run and will save you a lot of money on interest.
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Why should you avoid getting a loan if you need cash?
There are many good reasons to avoid taking out debt to solve your cash flow problems.
If you are sure that you will be getting a reasonable income for a long time to come, if you are careful with your money, if the thing you are buying is something that you really need and if always pay your debts on time, then you could safely get a loan.
However, if you want the money to buy something that you don’t necessarily need, if you are already in trouble with debt, if you do not have a job that pays a steady, reliable salary every month or if you have a bad credit record, you should definitely try to find another solution to your cash problems.
Some solutions other than relying on a loan
The following are some tips on how to find extra money without having to take on a loan through a financial service provider.
Tip#1: Review your expenditure and save more money
Sit down with a pen and paper and work out what you spend on things each month. You will probably be shocked at the amount of money that is wasted every month. Set yourself a budget for essential items and make sure to stick to it.
It might be a good idea to cancel certain things that take up excess money every month. For example, if you get a domestic worker to clean your house once a week, change it to once a month or see if you can clean your own house for a while.
If you have a DSTV subscription, cancel it for a few months and save that money. If you spend a lot of money on airtime, try to only make phone calls at night and use a free messenger service rather than SMSing or making phone calls.
When you do your grocery shopping, avoid the luxuries and buy items that are on sale. Avoid eating out for a while and take packed lunches to work.
Tip#2: Take up another job on the side to bring in more income
If you have a skill, for example sewing, offer a service of fixing clothing and altering hemlines. Advertise on free classifieds or on social media and do it in the evenings or on weekends.
Tip#3: Sell your unwanted goods
Look in your garage or in the spare room closet. Are there items that you no longer need or use? If so, advertise them on Gumtree or a similar website like this one and see if you can get something for them.
If you are not making use of them, you should definitely try to get some money out of them!
Tip#4: Trade in more expensive items for cheaper ones to free up some cash
If you really need the extra cash and the above tips and tricks aren’t helping you to bring in enough money, consider trading in your expensive vehicle for a cheaper one. This will reduce your monthly costs and probably save you on petrol and maintenance as well.
If you pay a high rent, consider moving to a cheaper property to save on cash as well.
Tip#5: Get an interest free loan from a friend or family member
If you desperately need a big chunk of money immediately and don’t want to or can’t take a loan from a financial service provider, ask a friend or family member for a small loan. Keep the amount as low as possible, discuss terms and conditions and make sure that you stick to your agreement.