If I needed money quickly I would….

What would you usually do if you needed money quickly? Would you immediately approach your bank to extend your overdraft? Would you consider a pay day loan or would you borrow from friends or from your family?

I am a firm believer that if you borrow (from anywhere) repaying can be a long and painful process and it is a preferable option, if at all possible, to create the money you need by selling or doing something, somehow.

There have been a few situations in life when I have been caught completely short money wise. When my mum and dad were alive they would bail me out even though they weren’t rich. Aren’t parents wonderful? Do cherish yours whilst you have them.  As a student I had my card stopped for a while because I was so overdrawn and my mum sent me £10 a week till the end of term. I lived off that and turning up at friends house near tea time. Oh and yes – selling  a few text books!

A few years ago everything went wrong at once. My flat roof caved in and I wasn’t covered by insurance.  My car broke down badly in need of big repairs and my cooker died. I sold some jewellery and I had to  sell my mobile  phone and for a while just used my land line or a payphone if I was out .

But you know it was actually okay because I never wore that jewellery and actually I didn’t use my mobile all that much (not then, I’m a bit more attached to my smart phone now but will still sell it if I need to!)

I have also sold on eBay to get myself out of financial pickles, had car boot sales, cashed in bonds and taken on extra jobs. I think being proactive when you can be about money you need is much better than passively receiving it from somewhere else. Circumstances obviously play a big part in what you decide to do.

I think if you need money quickly one of the wisest first steps before you just borrow is to talk your situation over with a wise and trusted friend. This will give you a chance to work through your worries and prioritise them. Sometimes when we panic  we can’t see the wood for the trees and may think we need more money immediately than we actually do. Talking a situation over with someone else actually helps us work it out better in our own minds. They may also have lots of good tips and advice about where you can sell things, where extra work is available and any other options you may have.

A problem shared most definitely can be a problem halved. Quick loans may seem the most painless way to fix a money crisis but honestly interest can be high and paying them back causes pockets of debt elsewhere that just accumulate.

If you are in a money crisis my advice would be to pause, talk and be proactive;make and create money where you can before borrowing is even considered.

Good luck!






1 Comment

  1. June 14, 2012 / 8:57 am

    Fantastic post; thanks for sharing. I’ve never taken out a loan (apart from a mortgage) and never had a credit card; I made mistakes with store cards when I was younger but learned a LOT from that so I complete agree with you. I love how you show how the simplest of things (which aren’t really THAT painful) can make a difference to our finances and peace of mind. We recently cancelled DVD rental and by going to a seed swap meeting were able to barter things we already had – win-win!

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