This advice will help you with what to do when you are broke. These are short term solutions the create relatively quick results. Quick ways to change your situation are no long-term solutions, so if you constantly find yourself without money or struggling to make ends meet, you should seek expert advice.
We’ve all been there – an unexpected expense has cropped up and wiped out your bank account, or poor budgeting has left you with little or nothing to your name until payday. It’s easy enough to do and I found myself in this situation a lot as a young adult.
Most of the solutions below will be helpful in a pinch, and some garner faster results than others. You don’t need me to preach about trying to prevent this happening in the future, but if you find yourself here with your bank account depleted, it’s probably time to start building a rainy day fund – even if you’re on a low income.
What to do when you are broke
So you’ve found yourself with little or no cash left until your next payday. The first thing you need to do is assess your situation and prioritise what you have and what you need. If you’ve got food, electricity and heat and you’re only a day away from being paid, then you don’t need to panic. If you’re low on food and have a wait until money lands in your bank, it may be necessary to visit a food bank.
It might be that you’re a young adult with no real financial responsibilities but you’re after some money for leisure. You might need to put petrol in your car to get to work.
Whatever the reason you find yourself short and however much you need to get you through until payday, it’s important to only consider getting into debt as an absolute last resort. Borrowing money when you’ve had trouble managing it can be a recipe for disaster.
The first thing you should do is check out these solutions below and see what could help your situation.
Sell on Facebook marketplace
Facebook marketplace is a place full of weird and wonderful items that are both trash and treasure. The great thing about Facebook marketplace is that if you’re selling something worth having, someone is bound to come along and buy it. It’s likely you’ll have interest quickly after posting and might even have a buyer the same day.
The thing about selling online is that it can be unpredictable. The best way to increase your chances is to post in a local group (for those people who like to pick up in person), then find niche selling groups and share a price that includes postage. For example, if you’re selling plus size clothes, find a group specifically for that. If you’re selling gaming equipment, look for a group that allows buying and selling in that niche.
It’s really important to price things realistically – things are only worth as much as someone will pay. By no means short change yourself, but if something has spent the last two years in your loft, pricing it at 90% of what you paid for it isn’t going to garner a lot of interest.
Related: Money Saving Tips for Working From Home
Enter free cash draws
Cash draws that you don’t have to pay to enter are worth their weight in gold. While winning isn’t guaranteed, they’re well worth entering – someone has to win, after all. A great one is this £10 daily draw from Make Money Without a Job. Just sign up and enter!
Sell Unused Baby Formula
Sometimes you can have very little in the bank, but a lot of general stuff in your house. If you’re one of these people who likes to be prepared, you might have some unopened baby formula that your child no longer needs. It turns out, you can Sell Formula if it’s unopened. If there are any in-date tins in your cupboard, then give it a try!
Sell unwanted gold
I can’t stress this enough, only sell unwanted jewellery. Jewellery often has sentimental ties so unless you feel nothing when you look at the item (or feel angry about the ex who gave it to you) then don’t sell it. That said, you can get quite a hefty sum if you’ve got a lot to sell. Do your research online to find out what you should expect to get to make sure no one rips you off.
Sell old tech
If you’re upgraded your mobile phone, or simply have an older version of a games console you don’t play on, it’s worth thinking about selling them to a second hand shop. Places like CeX, Game and independent tech businesses will be able to buy the same day. If you can hold out a few days for a bigger pay off, you may be able to get more from places like Music Magpie, who will send you an envelope to post your phone to them.
Related: How to Get Free Stuff UK
Become an Uber Eats driver
If you’re over 18 and have a car, scooter, motorbike or pushbike you can become an Uber Eats driver. You need documents to hand and the sign up process requires a background check, but once you’ve got yourself set up as an Uber Eats courier, you can work when you want and be paid within 48hrs.
Become a Hermes courier
This is another one that requires a working vehicle and a driver’s license, but if you already have a car then there’s nothing to lose! The hours are flexible, you can earn £10-£15 an hour and you might eligible for rewards such as money off fuel. While it might take time to set up, once you’re registered, you can pick up shifts in your free time and boost your income on months where money is tight.
Keep an eye out for market research opportunities
I once got booked onto a market research day where I got a free lunch and was paid £100 cash at the end of the session. I was signed up on the Friday and participated on the Monday as part of a focus group. While that was a stroke of luck, I’ve since participated in a few online studies I’ve applied for too. Some only take an hour of my time and pay £60. The pay-out has taken two weeks, but if you’re lucky enough to get a last minute opportunity like I did, you’ll get paid much faster.
Copper up
Most households will have a change pot that gets added to every now and then. We once saved coppers and 5 pence pieces for around five years and when we counted it, it came to over £150! This can be problematic as the bus driver or the cashier at Tesco won’t thank you for paying in pennies. The bank won’t mind receiving your pre-counted change though! Pop down to your bank to ask for money bags then store the change in the bags as per the denominations on the side (try not to mix coins as the bank won’t accept mixed bags).
Related: Is 20 Cogs a Scam?
Check your cashback accounts
Savvy online shoppers should be using cashback for every purchase. If you’re not, you’re missing a trick and should sign up for Top Cashback through my referral link – you’ll get £5 and so will I! The cashback mounts up over time and is often forgotten as most purchases take a couple of months for the payments to clear. If there’s money sitting in your account you can cash out and it could be in your bank account from a few hours to a few days.
Use loyalty card points & vouchers
If you’re shopping for essentials, try and stretch your money by cashing in loyalty points. I often forget about how many points I have on my Co-op card but they often have point multiplying offers that soon add up. Chances are, you’ve got enough on any of your loyalty cards to at least but a few essentials like tea bags, milk, beans and bread.
Hopefully these ideas for what to do when you are broke have helped you out.
You can also consider giving tuition online which can earn you some cash in your free time, you don’t even need to travel out from your home.
Do you have any other ideas for what to do when you are broke? Hit me up in the comments!
For more money related resources, take a look at these blogs: