7 Smart Ways to Raise Cash Fast

Whether you are facing an onslaught of unexpected medical bills, you recently lost your job, or your home has been hit by a hurricane or other natural disaster, one thing is certain—you need cash, and you need it now.

Unfortunately, when a financial emergency occurs, the vast majority of us are caught completely unprepared.

If you find yourself in this fix, know that you are not alone. About six out of ten American households experience at least one financial emergency a year and about one-third of American families have no savings at all, according to FEMA.

Meanwhile, Federal Reserve poll data updated in 2022 revealed that over 30% of adults would not be able to cover an unexpected $400 expense with cash, savings, or by using a credit card and paying it off by the next statement.

If you need quick cash to cover an urgent expense, where do you turn? Here are seven smart ways to raise money quickly without causing irreparable harm to your finances.

1. Liquidate Your Assets

Does the corner of your jewelry box hold your dad's Rolex, your mom's engagement ring, or a diamond pin you rarely wear? What about goodies tucked away in your closet—perhaps a fancy bridesmaid dress or your inherited great-aunt's fur coat?

One online platform ready and willing to pay cash for your clothes is thredUp. In the Help Center, click on "The Clean Out Process" to find out how the selling process works. Or, you can try selling your clothing on eBay or Facebook Marketplace.

You also may be able to make fast cash by selling recent-model electronics, such as big-screen TVs, tablets, phones, laptops, and game consoles, as well as media like DVDs, CDs, books, and games. For these, check out sites such as Decluttr, Gazelle, and uSell, and marketplace sites like Swappa.

Or, try posting your items on Facebook Marketplace, Craigslist, and X (formerly Twitter); run an ad in your local newspaper; or peddle these pieces to friends and family members.

Depending on the quality of the garments, electronics, and media you're willing to sell, you could quickly rake in hundreds—or more—in much-needed cash.

2. Take on Odd Jobs

If you don't have any high-value items to unload, you can try selling your services instead, either as a second job but especially if you are out of work and have time on your hands.

You might babysit and/or start up a neighborhood dog-walking service. According to ZipRecruiter, the nationwide average hourly wage for a babysitter is $18 an hour. Dog walkers can typically earn about $15 an hour, according to PayScale.

If you're not up for dealing with dogs or kids, you might offer to mow the grass and wash cars for people in your neighborhood, or drive an elderly neighbor to their doctor appointments.

Or, if you enjoy driving, you might sign up to be a Lyft or Uber driver. According to ZipRecruiter, Uber drivers average an hourly rate nationally of $19.

You could also grocery shop for busy friends or older adults, or offer to repair and paint a friend's or relative's dilapidated fence. Depending on how many jobs you take on and how much you charge for each task, you could scrape together a few hundred bucks within a single weekend.

If you can't find enough people who need work done, try signing up for jobs through websites such as TaskRabbit, Thumbtack, or skills-based work in Upwork, Freelancer, or Fiverr.

3. Track Down Loose Change

At first glance, this advice may seem a little absurd, but it's not a joke. According to the Wall Street Journal, Americans lose track of as much as $68 million of coins each year. That's a lot of money stuffed in couch cushions, piggy banks, and old paint cans across the nation.

Hunt around the house to collect all those hidden coins. Once you dig up every last cent, haul the trove to your local bank or credit union. Some banks will count change for free for their customers. Others may require you to count and roll your change on your own.

Another way to track down lost money is to visit your state's unclaimed property website. For any state you've lived in, there may be funds that belong to you (e.g., a check or a forgotten bank account). The state is required to hold on to these funds, and it publishes a list of those owed money. Once you follow the instructions to claim the funds, essentially you've found money that you forgot or never knew you had.

4. Organize a Garage Sale

One man's trash is another man's treasure, as the saying goes. While garage and yard sales require a lot of work, they can bring in a decent chunk of change for some sellers.

Be sure to advertise on Craigslist, Facebook (if you have a local group), Nextdoor, your local newspaper (online as well as print), and church bulletins. Put up large, easy-to-read signs with black lettering in key locations to bring in as many people as possible.

5. Tap Your Retirement Account

For significant amounts of money, the first four options above may not suffice. That's when it may make sense to consider your 401(k). In most years, if you're younger than 59½, you pay a 10% penalty for withdrawing from your 401(k) funds. But when you face especially trying times, it may be worth it.

Also, there are certain exceptions for which the 10% penalty may be waived, such as when you have unreimbursed medical expenses that exceed 7.5% of your modified adjusted gross income. You can also borrow, rather than withdraw, money from your 401(k), a better choice if you can manage it.

If you don't have a 401(k) but you do have an IRA, this could also be a source of funds, especially if it's a Roth IRA. With a traditional IRA, your options are more limited, but even then, there are some situations in which you can withdraw retirement money at little cost to you.

6. Part With Your Plasma

Now we're getting to the more extreme options. Plasma is a valuable resource used for a variety of medical treatments and research. Donating plasma is similar to giving blood, according to Octapharma Plasma Inc., a company that collects plasma used to create life-saving medicines for patients worldwide.

Once your blood is drawn, it's cycled through special equipment that separates plasma from the other parts of your blood. Your plasma is then collected in a container, while the other parts are safely returned to your body in a process called plasmapheresis.

Reports vary as to how much you can make, and it will depend on a variety of factors. According to the Octapharma Plasma website, hermatocrit, height, and weight drive payment amounts. First-time donors receive a bonus. Returning donors receive greater payment amounts depending on the frequency of donations.

7. Borrow Money From Friends or Family

We saved this one for last because it really should be a last resort. While borrowing money from friends and relatives may be a quick fix, it can lead to some adverse and unpleasant consequences. When a loved one lends you some cash, it can put a strain on your relationship—especially if you don't pay the person back quickly.

Unpaid loans can lead to lingering bad feelings between the lender and borrower. If you plan on borrowing money, it's probably best to draw up a contract that states when you must begin to pay back the lender, when you will finish paying, and any interest you'll owe on the money borrowed.

The Bottom Line

If you find yourself cash-strapped when a financial emergency strikes, you're not alone. The vast majority of Americans don't have enough cash on hand to pay for unexpected expenses.

At such a time, the worst thing you can do is drive up credit card debt or take out a payday loan, which will have exorbitant interest rates.

Fortunately, there are several ways to raise money quickly without decimating your finances. Whether you choose to sell some of your belongings, take on odd jobs, or borrow money from a parent or friend, one thing is sure. As soon as you recover from your financial calamity, start building an emergency fund.