Financial Resilience – Increase Your Cash

Katie Sadowski, our Financial Educator, compiled these tips to help you increase your cash and boost your financial resilience.

  1. Sell something – Facebook Marketplace, Craigslist or consignment stores are all good local options. Look around to see if there are any household items you don’t use anymore.
  2. Return recent purchases – Consider those needs versus wants, and if you made any recent purchases that you don’t need consider returning.
  3. Cut living expenses – Track spending and cut down
  4. Think about getting a trusted roommate if possible
  5. No income requirements to use the Missoula Food Bank
  6. Ask for an employer advance – You don’t know what is possible till you ask!
  7. Apply for a credit card – Having a credit card for emergencies is better than an unacceptable high interest pay day loan (can be up to 600% APR). See if you qualify for a credit card if you don’t already have one. Explore options with no or low fees and keep your balance below 30% so you don’t negatively impact your credit. Shop Credit Cards by category.
  8. Look for a second job – Especially right now, some folks are dealing with job suspension due to restaurant and bar closures. Check out your local grocery stores as many of them are dealing with a huge influx of customers and need support. Also, contact your local temp agency to see if anyone is hiring.
  9. File your tax return. Montana property tax assistance helps homeowners on a fixed or limited income by reducing the property tax rate on their home.
  10. Modify wage withholding with your employer – Ask your payroll department what route is best to do this
  11. Apply for unemployment insurance if your hours are cut by even 3 hours a week – Use the online portal to start a claim. You MUST report every week and if you don’t you might have to wait another “waiting period” week.
  12. Ask for a family loan or gift
  13. Take loan out on 401K Retirement, ROTH Basis Distribution