Filed under: Personal Finance, Lynnette Khalfani-Cox
This is Part Two of "15 Alternatives to Payday Loans When You Need Cash Fast." If you haven't read the first 10 alternatives,
read them here.
Now, on to the final five sources of cash you can turn to when you're trying to avoid payday lenders:
11. Earn Cash By Being Neighborly
Most of us are overworked and often overwhelmed -- and that includes the people who live right near you. If you can help out someone who lives nearby, that's not just being a good neighbor, that's also a financially savvy move. Let's say you have great culinary skills. Find out if you can regularly cook or go grocery shopping for a neighbor. Someone elderly, sick or shut-in would welcome this help -- and pay you nicely too.
Maybe you're not an ace in the kitchen, but you're handy around the house. Then why not make some cash helping your neighbors relieve their stress and their workload? Provide an extra set of hands around the house and earn money for any of these tasks:
-Mow a neighbor's lawn/clear debris from their yard ($15 to $20 flat fee)
-Shovel their driveway ($15 to $25 flat fee)
-Wash their cars ($10 to $15 flat fee)
-Clean their house ($20 an hour)
-Walk their dogs ($10 an hour)
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Employment Around Globe
FILE - In this Nov. 30, 2010 file photo, Mark Chavez, second from right, waits in a line to register at a career fair in San Diego. Job openings dipped in November, the latest evidence that employers remain cautious about adding new workers.(AP Photo/Gregory Bull, File)
AP
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BlackVoices.com
Jobs Around the World
European Commission President Jose Manuel Barroso gives a joint press conference on "Annual Growth Strategy" with EU commissioner for Economic and Monetary Affairs Olli Rehn and EU Employment, Social Affairs and Equal Opportunities commissioner Laszlo Andor (unseen) at the EU headquarters in Brussels, on January 12, 2011. Barroso urged European leaders today to increase the size of the eurozone's debt crisis fund by their next summit in February. AFP PHOTO JOHN THYS (Photo credit should read JOHN THYS/AFP/Getty Images)
Jobs Around the World
European Commission President Jose Manuel Barroso gestures as he gives a joint press conference on "Annual Growth Strategy" with EU commissioner for Economic and Monetary Affairs Olli Rehn and EU Employment, Social Affairs and Equal Opportunities commissioner Laszlo Andor (unseen) at the EU headquarters in Brussels, on January 12, 2011. Barroso urged European leaders today to increase the size of the eurozone's debt crisis fund by their next summit in February. AFP PHOTO JOHN THYS (Photo credit should read JOHN THYS/AFP/Getty Images)
Jobs Around the World
EU commissioner for Economic and Monetary Affairs Olli Rehn gives a joint press conference on "Annual Growth Strategy " with European Commission President Jose Manuel Barroso and EU Employment, Social Affairs and Equal Opportunities commissioner Laszlo Andor (unseen) at the EU headquarters in Brussels, on January 12, 2011. Barroso urged European leaders today to increase the size of the eurozone's debt crisis fund by their next summit in February. AFP PHOTO JOHN THYS (Photo credit should read JOHN THYS/AFP/Getty Images)
Jobs Around the World
European Commission President Jose Manuel Barroso gestures as he gives a joint press conference on "Annual Growth Strategy" with EU commissioner for Economic and Monetary Affairs Olli Rehn and EU Employment, Social Affairs and Equal Opportunities commissioner Laszlo Andor (unseen) at the EU headquarters in Brussels, on January 12, 2011. Barroso urged European leaders today to increase the size of the eurozone's debt crisis fund by their next summit in February. AFP PHOTO JOHN THYS (Photo credit should read JOHN THYS/AFP/Getty Images)
Jobs Around the World
EU commissioner for Economic and Monetary Affairs Olli Rehn gives a joint press conference on "Annual Growth Strategy" with European Commission President Jose Manuel Barroso and EU Employment, Social Affairs and Equal Opportunities commissioner Laszlo Andor (unseen) at the EU headquarters in Brussels. This first Annual Growth Survey marks the start of a new cycle of economic governance in the EU. It brings together the different actions which are essential to strengthen the recovery in the short-term, to keep pace with our main competitors and prepare the EU to move towards its Europe 2020 objectives. AFP PHOTO JOHN THYS (Photo credit should read JOHN THYS/AFP/Getty Images)
Jobs Around the World
European Commission President Jose Manuel Barroso gestures during a joint press conference on "Annual Growth Strategy" with EU commissioner for Economic and Monetary Affairs Olli Rehn and EU Employment, Social Affairs and Equal Opportunities commissioner Laszlo Andor (unseen) at the EU headquarters in Brussels, on January 12, 2011. Barroso urged European leaders today to increase the size of the eurozone's debt crisis fund by their next summit in February. AFP PHOTO JOHN THYS (Photo credit should read JOHN THYS/AFP/Getty Images)
Jobs Around the World
European Commission President Jose Manuel Barroso gestures as he gives a joint press conference on "Annual Growth Strategy" with EU commissioner for Economic and Monetary Affairs Olli Rehn and EU Employment, Social Affairs and Equal Opportunities commissioner Laszlo Andor (unseen) at the EU headquarters in Brussels, on January 12, 2011. Barroso urged European leaders today to increase the size of the eurozone's debt crisis fund by their next summit in February. AFP PHOTO JOHN THYS (Photo credit should read JOHN THYS/AFP/Getty Images)
Jobs Around the World
European Commission President Jose Manuel Barroso gestures as he gives a joint press conference on "Annual Growth Strategy" with EU commissioner for Economic and Monetary Affairs Olli Rehn and EU Employment, Social Affairs and Equal Opportunities commissioner Laszlo Andor (unseen) at the EU headquarters in Brussels, on January 12, 2011. Barroso urged European leaders today to increase the size of the eurozone's debt crisis fund by their next summit in February. AFP PHOTO JOHN THYS (Photo credit should read JOHN THYS/AFP/Getty Images)
Jobs Around the World
European Commission President Jose Manuel Barroso gestures as he gives a joint press conference on "Annual Growth Strategy" with EU commissioner for Economic and Monetary Affairs Olli Rehn and EU Employment, Social Affairs and Equal Opportunities commissioner Laszlo Andor (unseen) at the EU headquarters in Brussels, on January 12, 2011. Barroso urged European leaders today to increase the size of the eurozone's debt crisis fund by their next summit in February. AFP PHOTO JOHN THYS (Photo credit should read JOHN THYS/AFP/Getty Images)
Jobs Around the World
European Commission President Jose Manuel Barroso gestures as he gives a joint press conference on "Annual Growth Strategy" with EU commissioner for Economic and Monetary Affairs Olli Rehn and EU Employment, Social Affairs and Equal Opportunities commissioner Laszlo Andor (unseen) at the EU headquarters in Brussels, on January 12, 2011. Barroso urged European leaders today to increase the size of the eurozone's debt crisis fund by their next summit in February. AFP PHOTO JOHN THYS (Photo credit should read JOHN THYS/AFP/Getty Images)
Jobs Around the World
By the way, now is not the time to be too proud to do some extra work for a neighbor. First of all, all honest and legal work is good work. And besides, you're broke and you really do need the money, right? Finally, if it were me, frankly I'd be way more embarrassed to have a neighbor see me going into a payday lending store than I would be to offer a neighbor a helping hand.
12. Offer to Babysit or Tutor Someone's Kids
Ask any mother you know -- single moms and married women alike -- if they could use a break now and again from the kids, and you're likely to get a resounding: Yes! As mothers we love our children, of course. But it's a real help when we get a babysitter to take over for a few hours. Regularly-scheduled help is even better.
If you're not cracked up to babysit someone's kids -- and by all means, only offer if you actually like children! -- then maybe you can use a special talent or knowledge you possess to tutor a young person. Kids want and need special help or lessons in all kinds of areas, and many parents are willing to pay for that help.
Tutoring areas in demand include: reading, writing, math, science, sports, playing musical instruments and so on. Helping a child makes you a mentor, and gets you paid in the process. And by the way, you don't have to be a whiz in any of these areas. As long as you're proficient in a given subject or activity, that's usually just fine for elementary or middle school-age children.
13. Sell Stuff
You'd be amazed at how much cash you can raise quickly just by selling stuff you no longer want, need or use. Have a garage sale and unload household goods, furniture, electronics, toys, clothing and anything else someone else is willing to buy. Alternatively,
donate items to charity and get a tax deduction.
14. Adjust Your W-4 Tax Withholdings
If you're getting a big
income tax refund from the government each year, you are squandering a precious financial opportunity. The IRS reports that the typical tax refund check currently tops $3,000. If you routinely receive tax refunds, instead of giving the government an interest-free loan, get your money now. Go to your HR office at work and adjust your W-4 withholdings so that your employer takes less money out of your paycheck.
After adjusting your W-4 form, you'll get cash -- perhaps as much as $250 a month -- put back into your very next paycheck. Check out IRS publications 505 and 919 at
www.irs.gov to learn how to properly adjust your withholdings so that you don't take out too much money and end up owing taxes.
15. Squeeze Money From Your Residence
Whether you rent or own, getting a roommate or housemate is another way to pull in cash -- and it'll be a steady stream of dollars to help you pay the bills.
If you can tolerate having an extra person around, there's probably no shortage of people willing to pay to live in your spare bedroom, attic or basement -- especially anyone who's been through foreclosure and can't rent or buy a new place. If you're a renter, however, before you take in another renter, just make sure you're not violating the terms of your rental contract by letting someone else live with you.
As you can see, there are lots of options available to those in need of quick cash. So no matter how tight things get, if you can avoid it, stay away from payday loans at all costs.
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Lynnette Khalfani-Cox, an award-winning financial news journalist and former Wall Street Journal reporter for CNBC, has been featured in the Washington Post, USA Today, and the New York Times, as well as magazines ranging from Essence and Redbook to Black Enterprise and Smart Money. Check out her New York Times best seller
'Zero Debt: The Ultimate Guide to Financial Freedom.'
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Lynnette Khalfani-Cox, an award-winning financial news journalist and former Wall Street Journal reporter for CNBC, has been featured in the Washington Post, USA Today, and the New York Times, as well as magazines ranging from Essence and Redbook to Black Enterprise and Smart Money. Check out her New York Times best seller 'Zero Debt: The Ultimate Guide to Financial Freedom.'