Dear New Frugal You,
Help! We've been hit by a couple of big unexpected bills. They've wiped out our savings and maxed our credit cards. We need to raise some quick cash. Do you have any ideas that could help us bring some cash into the house quickly? -- Desperate
Dear Desperate,
You're not alone. Most of us have faced a cash crunch at one time or another. So let's discuss some ways that you can solve your cash crisis. Some are likely familiar, but some you may not have thought of.
An obvious answer is to sell some stuff. With Craigslist and eBay, it's easier than ever to raise some real cash, quickly, for items of value. We're not talking garage sale stuff here -- although that can sell well, too, if packaged in groups. Things such as dolls from your collection or that old '50s-style lamp could bring in more than you think.
Look around your home with an eye to finding saleable items. Pay special attention to the corners of closets and in the garage and attic. After all, that's where you tend to stick things you don't use anymore.
If your cash problem is temporary, you might consider a pawnshop. The modern shop has changed dramatically in the past few years. Yes, they still loan money on "hocked" items, but you'll find that most are very well-run businesses. They know what your item is worth and what they can lend on it. They'll also clearly tell you what the loan will cost you in interest and charges.
Keep in mind that your item secures the loan. Don't pawn items that you can't afford to lose if you're unsure about repaying your loan. Jewelry and electronics are often your best items, but it can't hurt to ask about anything that you're not using regularly.
Another place to look for quick cash is in deposits you have made and unclaimed funds. Often when you move into a new house or apartment, you'll be asked for a deposit to get your utilities connected. Although they don't publicize it, many will return your deposit after a year or two of regular on-time payments. A couple of quick phone calls to your utility companies could be productive.
Finding unclaimed funds is a bit more of a long shot. In our fast-paced world it's not uncommon for people to forget utility deposits, abandon small retirement accounts or have inheritances that they don't even know about.
States generally require that after a specified time, unclaimed funds be turned over to them for safekeeping. They also have a listing that you can search to see if any of that money belongs to you. You can do a search for unclaimed property; check any state that you've lived in.