5 Proven Ways to Get $200
t Synergy Financial Group, we often receive inquiries regarding personal finances. Our universally-applicable advice is to plan everything ahead of time. Nonetheless, there are times when unexpected expenses occur, and you need an extra $200. How do you deal with that?
To avoid money shortages in the future, we recommend:
- Get a cash advance. If you have a credit card, you could be able to get a cash advance. The exact fee for the service depends on the financial institution that issued the card. The average is about 5% of the amount you borrow. We strongly recommend you know your cash advance limit and carefully read all the terms.
Advantages: the method is fast and doesn’t involve third-parties in the decision process.
Disadvantages: higher interest rates and fees.
- Sell an item you own. Websites like Craigslist and eBay are just some examples you could refer to for selling unused items. Your belongings can save you space and cover the expenses you have.
Advantages: you get rid of the things you don’t need, you make easy money.
Disadvantages: there is no guarantee you can sell your items; it might be time-consuming.
- Get a side hustle or a part-time job. Freelancing platforms offer a wide range of possibilities to earn extra cash. Freelancing accounts for 35% of the workforce worldwide, which means that it is a competitive market for beginners. Getting a part-time job is a more stable way to increase your income. You can be anything from a data entry clerk to an Uber driver on weekends. Earning more could pay the bills or add to your savings account.
| Advantages: possibility of additional long-term income, more control over the schedule.
|Disadvantages: the results are not normally immediate, the competition is tough to beat at first.
- Get a small loan. There are three main possibilities here: payday loans, banks, and credit unions.
Payday loans are fast, you can apply online, and their requirements are low. Their total cost can be high. Repaying involves the amount you take and a fee ranging between $10 and $30 for every $100 in your loan. A typical characteristic of payday loans is that you have to repay them on your next payday.
Some banks provide small loans for their customers. If you already have an account with them, you could get a $200 loan fast, with a flat fee of up to $10 and 3 monthly installments to repay the lender.
Credit unions have payday alternative loans available for their members. You can access them after you become a member.
| Advantages: payday loans are easier to get, banks and credit unions have lower interest rates for smaller loans.
|Disadvantages: payday loans can be expensive; small loans from banks and credit unions require having an active account and being a member.
- Rent out a room or your car. If you own more space than you use, rent it out. Putting your space to work can generate a decent amount of additional income. Some services do the same for your car. All you need to do is sign up, add a few details, agree on the time, and get paid within a few days.
| Advantages: passive income, little participation on your side.
|Disadvantages: sharing your living space will add expenses, too; sharing your car could add to its repair cost.
- Planning and managing your budget around the 50 30 20 rule;
- Not getting loans unless you have a real emergency;
- Setting up a contingency fund;
- Learning to foresee additional expenses and prepare.
Synergy Financial Group is an expert in financial services. We are willing to share our expertise to help you better manage your finances. Our services cater to your individual needs, with a long-term strategy in mind.