Sorry - The Bank of Mom and Dad is Closed

This can be a tough pill to swallow: you are used to relying on your parents’ seemingly endless cash flow for all of your financial emergencies (okay, and even the non-emergencies), when all of the sudden your parents decide they are done lending money, giving money, letting your use their credit cards, or otherwise funding your monetary needs.  What do you do when you hear those awful words, “Sorry – the bank of mom and dad is closed?”  Relax, first of all.  You will get through this.  Here are some pointers to help.

Employment Income

 This may sound like a novel idea, but really: getting a job (or more than one, if you really need to) is the most sure-fire way to have money.  If you can’t work full time, then finding a part time job may be enough to get you through those economic mini-emergencies . . . or at least enough to keep you from running to your parents and begging them to reconsider.

Sell Your Stuff

That’s right.  Go through your closet, cabinets, and storage unit and gather up everything you no longer use or need.  Hold a garage sale or sell your stuff on ebay.  An impromptu yard sale can be a quick way to put a few hundred bucks in your pocket when you need some fast cash.

Side Jobs

If you don’t or can’t go through the process of procuring steady employment and you have some immediate financial needs, look in print and online classifieds for side jobs you can take to make some dough fast.  You may be able to walk a dog, paint a room, do someone’s grocery shopping or take someone to the airport in exchange for cash, so open your mind and start looking.

Freelance

If you have a skill (and most people have at least one marketable skill), then advertise your skill and bid on projects on freelance sites to make some income on a per-project basis.

Payday Loans

This is only to be considered a last resort (or else you could end up in financial dire straits at your own hand), but payday loans can be a great quick-fix for financial emergencies.  Just do your research and make sure you know what you are getting yourself into before you sign on the dotted line and put that cash in your pocket.

Being cut off by mom and dad doesn’t have to be the end of the world, or the end of your financial freedom.  Consider one (or a combination) of these money-making methods when you need cash and your “bank” is closed.