emergency funds | The Silo

Having side cash from time to time, or even better continually, is a great source of wealth.

Not only that it enables you to collect money for something that you really need, but it really can boost your emergency fund, or just let you spoil yourself from time to time.

To get extra money and get it fast you can do several different jobs from ride-share services to doing some online surveys – they all pay differently, but they all will get you extra money.

Here are some of the best ways to earn money quickly this year.

Start With Home Care Services

You will be surprised to learn that additional help in-home care areas are always more than welcome.

With Boomers retiring and Millennials taking over the job market, it seems only logical for Millennials to provide additional care for senior citizens. Not only that you can find home care services jobs in Canada easily and fast, but next to quick money this type of job will also bring you a safe working environment, great companionship, and also provide you with a flexible work schedule, and an opportunity to learn new skills.

Sell Your Used Items

This is an old one, but a gold one.

Use well-known offline and online marketplaces, such as Craigslist, to sell items that no longer serve you.

You may not enjoy them anymore, but someone will be more than happy to welcome an original lamp from the 19th century or a preserved CD from ’90.

Do your best to present the product well:

Take great photos
Provide an accurate and brief description
Post items online

Pro tip: High-quality clothes and perfumes are the first to sell

Think also about selling old electronics, including tablets, fitness trackers, game consoles, and laptops.

The great thing about electronics is that if you cannot sell them, you can always trade them and get something that you can actually sell.

Freelance Online

Use large platforms for freelancers such as UpWork and Fiverr to get an online gig.

These sites are more than packed with different opportunities for people of various skills to land a job. Think about a position such as a virtual assistant, or a data entry assistant.

Good to know: It may take a while to get your first job, but in the long run this can be an ongoing source of additional money.

Can you guess how these gift cards tie in?

10 Ideas On How To Make Money Quickly

Sell unused gift cards
Be an affiliate marketer
Take online surveys
Tutor students
Delivery
Sell on eBay
Sell photos
Teach English online
Pet sitting
Dog Walking

There are dozens of different ways to earn money quickly and continually.

Before you start, be honest and know how much time you can invest in working on the side.

Once you determine that know what skills you can actually use to get that extra money. From there, find a place where your skills can be put to good use and sold.

In the meantime, check your loft and see what you have around collecting dust and sell.

Debt is much more common than you think. Almost everyone has encountered it at least once in his or her life, and it’s nothing to be ashamed of. What is most important is being able to recognize it and address that you need help.

One way to get help is by consulting a not-for-profit credit counselling agency that offers holistic support in all aspects of debt maintenance. The right agency will offer advice on everything from how to spot and avoid credit repair scams to delivering judgment-free credit rebuilding advice through wise credit and money management.

To avoid future situations of financial uncertainty start saving for an emergency fund once you’ve been able to knock off some of your debt. Having a safety net will make you feel more stable in years to come, and as the title suggests, it’s always an excellent idea to have funds available if any sort of emergency takes place.

It takes time and dedication, but you’ll thank yourself later on when you can pay debts off in half the amount of time as it would normally take.

How Much Should You Save?

Of course, everyone’s situation is different. Depending on if you have a family or you live on your own, if there is a beloved pet that may require medical care — there are many factors that can affect how you should consider initiating your emergency fund.

It’s a common belief that a typical person should be able to access six-months of salary at any time. This is incredibly unrealistic for most people, but it can be a long-term goal.

Look at what you earn per month, and think of an amount that makes sense to set aside in a savings account each paycheque.

How to Build the Emergency Fund

Speak with your Credit Counsellor first to gain some insight on what your emergency fund could look like, and consider these ideas.

The first step is to save one month of living expenses. Sit down and plan out how much your food, entertainment, bills, rent, and so on cost. Work out how long it would take to save that amount, and set aside a chunk of money each month. Even if takes a few months, the point is that you’re working toward a goal.
If time and health allow, get supplemental income. Are you free on weekends to work a few shifts at your friend’s store? Perhaps you could take on an additional freelance writing or design gig to chip away at in the evenings. It’s hard work, but if you’re able to take on something a little extra, it will pay off.
Save your tax refund. It might not be possible to save the entire amount, but if you’re able to, do it! After you’ve filed your taxes and if you qualify for a refund, saving it can be a simple way to boost your savings.

Think about the benefits of opening an emergency fund. You’ll feel so much more secure and calm knowing that there are funds available in case something unpredictable happens.

You will get back on track and you can plan for the future.

The Silo

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