Most people face financial challenges at some point during their lives. They may be helping their child get through college, or be battling with illness and facing large medical bills. A person may have become redundant or lost their home following a divorce.

When people begin to fall into debt, they fear it’s going to spiral deeper and deeper. It’s therefore important to take control of things as early as possible. This article provides six ways a person can raise extra money during such a time. 

1. Borrow 

Some people may turn to their friends or family for help. In many ways, this should be a last resort, as anyone who defaults on their repayments could risk losing friendships. In the right circumstances, however, it can be a viable option because there won’t be any interest added to the debt. If a person is certain they can repay the loan within a set period of time, they should create a contract that sets it out, and adhere to it rigidly.

Research shows that many Canadians find themself needing instant cash, whilst knowing they can repay the debt as soon as they get paid. The specialists behind payday loans at icash.ca say that such people often borrow up to an average of $1,500. The process is often quicker than that for other types of loans, and even people with bad credit may still be able to borrow. In order to keep the process fair, the loan companies have to comply with government and local authority regulations. 

2. Sell

It may be that there is a used wedding dress safely stored somewhere. Alternatively, there could be jewelry that has been handed down from parents or grandparents. Perhaps a family owns two cars but could manage with one. 

Electronic gadgetry can also fetch a fair price, including a person’s game consoles and accessories. Anyone who sells a spare phone or laptop should ensure that their personal data is first removed. In addition to advertising in the local papers, there are online routes such as Craigslist and eBay. Some pawnshops also give money in exchange for things. At the same time, they exist to make a profit, so you may not get the best price. 

3. Work  

A person may groan at the idea of working evenings or weekends in addition to their day job. Having said that, most people can do this when it’s for a limited time or when it’s something different from their normal occupation.

Perhaps there would be mileage in offering to clean windows or do gardening locally. Some people pay to have their dogs walked, and you could earn more money if you took several pets simultaneously. Babysitting or house-sitting could also raise more cash. Some people might enjoy delivering junk mail locally, as they will keep fit at the same time as earning money. Our cars have potential as well. Why not offer taxi work or get paid to deliver takeouts?   

4. Online Ventures

It’s possible to get paid to do market research, complete surveys, and polls. It won’t be megabucks doing this for companies, but it’s still an option. Some online businesses pay using vouchers, however, or will only send you money when you reach a certain figure. 

Other options are to be paid for blogging (such as on Medium) or by selling digital pictures through sites such as Zazzle or Redbubble. Photographers can also generate a passive income by uploading their quality pictures to websites like IstockPhoto and Shutterstock. 

5. Teaching

Perhaps you are a teacher or someone skilled and qualified at something. Tuition could be offered in person or online. It could be anything from school subjects to arts and crafts. 

There are several online sites where people can create training material that people will pay for. You would need to make video and written content for this purpose.

6. Use Your Home 

If you no longer need all your bedrooms, consider whether it is time to downsize. This could release enough money to solve all your financial issues in one go. Alternatively, consider renting out a spare room such companies as Airbnb. 

Garage or yard sales can be a profitable way of making money. Advertise locally or on social media. People may haggle over the prices, however, so be sure in advance how low you will be prepared to go. 

We have now seen that there are many ways a person can tackle their financial issues. Hopefully, some of these suggestions will literally pay off, and you will be stable financially once again. If you manage to follow one or several of these tips, you would get to have extra money for your needs.