Emergencies could be anything—from your car suddenly shutting down in the middle of the road at night to volcanic eruptions with its volcanic dust that will plague a large area for months. An unexpected earthquake like what hit Indonesia this year is an emergency. The COVID-19 pandemic is no doubt an emergency.
It will come in any form, but it will always be unexpected. The common defining factors of an emergency are unexpected, sudden, and puts anything essential to us at risk. That is why we have to be prepared for it. What can you do?
Ways to Raise Money
1. Apply for loans
Loans are simply borrowing money. But there are different types of loans that you should know about. These are just some of them:
- Personal loans come in two types: unsecured and secured. Unsecured loans help you get the money without surrendering collateral. This type of loan is common in paying off personal expenses such as debt or your wedding costs.
Secured loans are arranged when you, the borrower, “give” something to the lender in exchange for the money. The item serves as the collateral for the money you borrowed; it “secures” the arrangement. When you are finished paying off your loan, you will get the item back.
- Payday loans are best when during emergencies and you have exhausted all your resources. This is short-term, characterized by high-interest rates, and is usually due on your next payday. This is typically used when you are in a bit of a tight situation or in emergencies.
- Quick cash loans are also referred to as emergency loans. Unlike personal loans, this type of loan does not ask you to surrender the collateral. However, your capability to pay off the loan will be evaluated.
Fast cash loans are typically used when you lose your main source of income or when there is an unexpected bill like what some foreign workers experience. In Southeast Asia, fast cash personal loans in Singapore and other financial assistance are offered to migrant workers who need some extra money to pay their bills. Moreover, it could be enough to get their financial situation stable enough before they find a good-paying job.
2. Apply for a second job
People go through this phase when your salary you get for one job is not enough to sustain you, much more: answer an emergency. You just have to stabilize your finances or else there will dire consequences that will affect you in the long run. Aside from having an extra income, these are some of the benefits of having a second job:
- More work experiences.
- You can achieve financial goals much faster.
- You can improve your financial security.
- You are decreasing the possibilities of financial regression.
3. Be creative
This does not mean that you will take a job doing illegal business. This means you have to utilize your skills and talent to make money. Spread the word about it; the louder you are, the higher your chances are getting gigs. This also applies when you already have a job. You have to remember any profession requires a bit of creativity to finish your task faster and easier. With that said, you are increasing your chances of getting notice and probably a promotion.
4. Sell your belongings
Some emergencies do require you to do such a thing. You have to remember that doing this is helping yourself or others. To promote your sales, you can use a variety of platforms such as:
- Social media or the Internet.
- Print media such as the newspaper’s Classified Ads section.
- Flyers and posters.
They might require a bit of a fee to get your advertisement published but this is a great way to get you noticed. It is also recommended to put where you will use the money you will get to get more attention. Lots of people are willing to help anyone, they just don’t know who needs it and how to give it.
5. Fundraising campaigns
This is characterized by asking for any amount of money to reach a certain financial goal. If you think of doing this, you can look for more people who are experiencing the same situation as you and initiate such a campaign. It isn’t begging, mind you, because you are giving them something in return. Go back to being creative; utilize what you have—make use of anything you have in your life and you will dig your way out.
What Emergencies You Have to Prepare for
These are just some of the misfortunes that you have to be prepared for. With what is happening right now, there is a possibility that you will encounter any of these:
- Economic inflation.
- Natural and man-made disasters such as fire and flood.
- Medical emergencies include accidents and unexpected health problems.
- Financial emergency.
- Widespread/nationwide blackout.
The world is experiencing numerous problems, namely health and economic crises. The environmental crisis should also be on the list of our worries because our collective actions as humans are affecting the weather patterns. The world is reminding us that materialistic possessions will not save us from any catastrophe. We must act now lest we perish.