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5 ways to get extra cash for the holidays

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There are multiple ways to access cash - and earn more - this holiday season.  Luisella Sem/EyeEm

It's that time of year again. The time for holiday parties, gifts, festive decor and, well, spending. 

That's right: According to the National Retail Federation, the typical American will spend over $800 this holiday season — on gifts, holiday items and other non-essential purchases. 

Don't have that kind of money? Just need some extra funds for gifts and other holiday spending? Here are a few ways to get cash this holiday season.

5 ways to get extra cash for the holidays

There are multiple ways to access existing cash - and earn more - this holiday season. Here are five ways to start.

  1. Paid surveys
  2. Personal loans
  3. Cash-out life insurance (or take a loan against it)
  4. Cash-out refinance
  5. Reverse mortgage

1. Paid surveys

If you're willing to spend a few hours each day filling out forms and giving your opinion, then you may be able to generate some cash with online surveys. 

"You won't get rich taking surveys and it's not meant to take the place of a full-time job but it can supplement your income and give you a little extra flexibility in your budget," market research site Survey Junkie explains. "Complete three surveys daily and earn as much as $40 monthly. Share more, earn more and make it worth your while," they say.

There are lots of sites that let you take paid surveys, including Survey Junkie, SwagBucks and Branded Surveys. Some give you outright cash, while others let you turn your points in for gift cards, PayPal credits or other similar rewards, which you can then use how you like.

You can easily set up an account - and start making money - online right now!

2. Personal loans

If you really need cash and are willing to take on debt for it, a personal loan can be an option. These are typically easy to qualify for, and you won't need collateral to apply. 

Just keep in mind that terms tend to be short on these loans (think one to five years) and rates are often higher than on other financing products. According to the Federal Reserve, the typical rate on a 24-month personal loan was just over 10% in August 2022.

But if you need cash - even in a small amount to get through the holidays - a personal loan could help. It's easy to get started online right now

3. Cash-out life insurance (or take a loan against it)

If you have a life insurance policy, you may be able to use that as a source of cash. Some types of life insurance plans let you withdraw from your policy's cash value or even borrow against it with a loan.

If you do this, just note that it will mean a smaller payout for your beneficiaries if you pass away before paying it back. 

Explore your life insurance options online now - or use the table below to compare providers.

4. Cash-out refinance

Own a home? A cash-out refinance could help with your cash flow. With this strategy, you take out a new, larger mortgage loan, pay off your old one, and keep the difference in cash. You can then use that money however you'd like — for gifts, repairing your roof, taking a vacation, etc.

One important thing to note about refinancing is that it replaces your existing loan with a new one, which could have an entirely different term and rate. So do your research to make sure this option is beneficial for you.

Answer a few simple questions online now to see what you qualify for

5. Reverse mortgage

This is another option for homeowners — at least those 55 and older. If you fall into this category, you might think about a reverse mortgage. These work much like traditional mortgages, only in reverse. Instead of you paying the lender, they pay you with the equity you have in your home. This could be either with one lump sum, monthly payments or with a line of credit you can withdraw from when needed.

You won't need to repay your reverse mortgage until you move out of the home, sell it or pass away. Just note: It could mean leaving less to your heirs, so talk to a financial professional before moving forward. 

See what kind of reverse mortgage options you have by clicking here now

Explore other options

There are other ways to make extra cash for the holidays, too. You can start your own blog, sign up for a gig-working app, transcribe audio recordings or become a virtual assistant. Cutting back on expenses, canceling subscriptions or changing insurance providers may also help you save money and free up cash flow as well. 

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