My husband and I have USAA insurance and they send out magazines with lots of financial tips. Their summer issue discussed a topic that many are probably doing and that’s trying to get their hands on some fast cash. The article outlines safe ways to get cash and warnings that you need to be aware of.

First are the things that are reliable and feasible ways to earn more money. The “Where To Get Money Now,” article discusses cutting your budget, using emergency funds, getting a second job, downgrading or selling a car, opening a Certificate of Deposit, suspending college contributions, spending your severance pay wisely and selling stuff. When it comes to emergency funds, experts point out that storing away three to six months of living expenses is smart.  Also, CDs gives you a guaranteed return in terms within a year or two.

Second are those you need to be cautious about. Selling your stocks or taxable investments that lost their value may make sense or asking for gifts to help you out could also be an option. This year, according to the article, the government allows individuals to give up to $13,000 in cash or property to someone without having to pay gift taxes. There is always the option of asking for a loan, but make sure it won’t cause any problems with your relationship with family or friends. How about liquidating a U.S. Savings Bank? Well, the interest is taxable so check with an expert first. For more information on that check out Treasury Direct. The site Prosper.com pairs borrowers with lenders, but if your credit score is low you might not be eligible. Another idea is taking out a 401(k) loan, however, make sure you know the rules of the IRS. The loan amount usually has to be the lesser of $50,000 or 50 percent of the account balance.

As for the third group, though they may be enticing, the article says to steer clear. Don’t dip into your IRA. If you are under the age of 59 and a half, the penalty is having to pay out 10 percent. Using credit card cash advances is a bad idea, says USAA. You’ll have to pay a large fee and watch out for the interest you’ll be charged until it’s paid off. Another thing you might want to stay away from is borrowing against your life insurance. The article says it should definitely be a last resort. Finally, is taking a payday loan – “bad, bad idea” says USAA.  The interest rates and fees can be enormous.