More Creative Ways to Create Cash

My post a few days ago on how to create cash seemed to hit home with people.  So, I thought I'd give you some more ideas for turning up extra dollars:

• Sell stuff – Consider turning some of your belongings into cash.  Have a garage sale or place ads for items of value you own but can do without such as antiques, cars, appliances, etc. Just by cleaning out your closets each spring and fall you can easily earn $200 to $300.
• Get a part-time job – Most Americans are already working pretty hard, but you may be able to pick up an extra part-time job for a year or so.  That extra $200 per month could come in handy as a debt-fighter.
• Change your withholding – Americans get tax refunds averaging nearly $2,000 because they claim low exemptions.  Although people like refunds, they are really giving Uncle Sam an interest free loan!  Set your W-4 exemptions correctly and you could generate over $100 per month.
• Cash out insurance – For those people who have cash value insurance, you may be able to get access to that cash.  But there are drawbacks, and this can be a complicated venture.  See your insurance agent for specifics.
• Restructure your debt – Consider taking out a consolidation loan to borrow at an attractive rate, and then use this money to pay off higher interest rate loans, effectively “moving” a chunk of your debt to a lower-cost loan.  Again, you have to be disciplined and not spend the windfall, but this can often allow you to be debt-free sooner. The down side to consolidation loans is that you’ll have to pledge something of value (that you might lose if you default) as collateral.

That's it for this time.  Come back frequently -- we'll have more!!!

Comments

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I don't like your idea about cashing in on insurance - however I never even thought about changing withholding and restructuring debt to come up with that little extra every month that I can now put away in savings. If I do as your calculator provides, I'll have saved over $2200 this year alone. Great recommendations, I had no idea how large your site is. Thanks for the FREE info and advice.