When you’re already living paycheck to paycheck, nothing sends stress skyrocketing like an unforeseen money emergency. Whether you need $10 for a school field trip or $200 for car repairs, there are ways to generate cash quickly.

The best way to avoid these frustrating situations is to plan ahead by tucking away a few dollars each month. Financial experts agree that while paying off debt and maintaining a clean credit record is important, it is even more important to build a savings account. If you find yourself dipping into your savings, open an account at a separate bank without access via an ATM card. This will make it harder to get at the money and reinforce the reason you’ve set it aside. If times are really tough, aim to set aside a modest sum. Over time, this amount will accumulate into a tidy savings.

Realistically, there may be times that unforeseen expenses arise and the cash simply isn’t there. When you find yourself in desperate straits, try one of these seven strategies to quickly raise emergency funds.

• Cash in coins. Make it a habit to dump any extra coins into a container. Over time, these quarters, dimes, nickels and pennies can add up to big money. Many banks and credit unions offer free coin counting machines or you can use Coinstar kiosks at grocery stores and malls.
• List items for sale online. Craigslist and Ebay are probably the two most well-known sites for selling items, but there are many others: Ioffer.com, Sell.com, SellStuffLocal.com, Etsy.com and Amazon.com. If you have speciality items such as books, look online for speciality buyers. Cash4Books.net is one site that not only buys your books but also pays for shipping.
• Sell jewelry or coins to a pawn shop or clothing to a consignment shop. You might be surprised how much you can get for broken bits of gold and silver. Consider visiting several pawn shops or jewelers to make sure you’re getting the best rate. For clothing, accessories or children’s gear, call around to local consignment shops for their requirements. Some sellers don’t pay until items actually sell.
• Have a yard sale. A tried and true fund raiser. Maximize profits by advertising online, posting lots of signs and keeping prices reasonable.
• Take out a loan against your life insurance policy. Some insurers allow beneficiaries to take out a loan against the value of life insurance policies. Be sure to review all guidelines and requirements before finalizing the loan.
• Hire out your services or find a temp job. Look for extra income by listing your services (babysitting, yardwork, typing, cleaning, etc.) on a local job board such as Craigslist or posting notices around your neighborhood. Check with local job agencies for temporary or part-time work assignments.
• Sell plasma.Call a local plasma collection center for requirements. Many centers allow healthy individuals to donate twice a week, earning up to $35 for each donation.

When faced with a money emergency, take some time to think about your options. With some creative problem solving, hopefully you will find the funds you need without going further into debt. And as soon as you have this emergency behind you, start building that savings account.

Have you faced a money emergency? How did you manage it? Do you have other suggestions for building a savings account or raising quick cash? Share your experiences and ideas with other Money Smarts readers.

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