4 Quick and Easy Ways to Cover an Urgent Expense

In an ideal world, you’d have sufficient funds to run your day-to-day affairs smoothly and wouldn’t have any emergencies to worry about. However, due to a large number of variables in daily life, navigating life’s challenges can be uncomfortable sometimes. This is especially true when dealing with urgent expenses in uncertain economic conditions.

So, how do you manage urgent expenses when you’re already living paycheck to paycheck?

Well, what if we told you that with a little bit of creativity and resourcefulness, you can find opportunities to cover your expenses and save the day?

In this article, we bring you 4 quick and easy ways you can use to cover urgent expenses.

Let’s dive in.

1. Consider Short-term Loan Options

With it comes to dealing with urgent expenses that just can’t wait, the fastest way to solve the issue would be to dip into your emergency fund. However, if you haven’t saved enough for an emergency fund, it can get a little difficult to make ends meet.

That’s when a low-interest payday loan can come in handy. These short-term credit options can be helpful to meet small funding needs, especially during financial emergencies.

Yet, although there are enough emergency loans and short-term loans on the market to meet urgent expenses, it’s best to carefully examine all your options. This is because these borrowing options can come with high interest rates and are best utilised as a last resort.

Thankfully, you can consider other low-cost alternatives from direct lenders who often issue these loans online. Online lenders make borrowing a breeze as you don’t have to deal with extensive paperwork or hard credit checks.

However, you need to be mindful while applying for these loans and only take the amount you need. This will protect you from unnecessary financial risks as even a single missed payment can negatively impact your credit score. Therefore, it’s recommended you consider borrowing from reputable lenders or credit unions to limit your borrowing risks and costs.

2. Sell High-value Items

Selling stuff that you no longer need can fetch you funds quickly on online selling platforms. It’s an effective way to minimise waste while earning enough to cover urgent expenses. Old designer goods like clothes, perfumes, vintage jewelry or even travel souvenirs are high in demand on second-hand selling platforms like eBay, Vinted or Gumtree.

As long as your items are in good condition, you can expect them to sell for a reasonably fair price. This way you contribute to a circular and sustainable economy and support your local community, all while getting interest-free funds to use immediately for your emergency expenses.

3. Take Up a Quick Gig

With the growing gig economy, you’ll have plenty of options to find a gig. However, time is of the essence in an emergency, and even a few days of a side hustle can help you earn a few extra pounds. You can try everything from babysitting, dog walking, online tutoring, to participating in paid surveys, renting out extra space, or delivering groceries.

You can also consider freelancing as a writer, editor, or photographer. The income from these types of quick gigs can help you make money quickly while doing something you enjoy. This can alleviate your stress mentally and financially as you stay engaged productively.

4. Consider Borrowing from Family or Friends

You don’t have the luxury of having too much time when dealing with emergency expenses. So it makes sense to ask your friends and family to help you out financially as a favour. While this may be a tricky area to navigate, you can make a formal agreement with clear repayment terms. This can ease the process for both you and them and help maintain good relationships.

Another reason to consider borrowing from friends or family is that these amounts would be interest-free and come with zero paperwork. This means you save time and money that you’d otherwise spend on applying for loans at traditional lending institutions like banks.

Conclusion

Urgent expenses or not, it’s financially prudent to prepare as best as you can with an emergency fund. While this can be hard to do, even setting aside a few pounds every week towards an emergency fund can make a difference. This can boost your financial resilience and help you manage your cash flows better.

You can also consider talking to a financial advisor to help you navigate financial challenges when urgent expenses arise.

We hope this article has helped give you ideas about how best to cover your urgent expenses.