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3. Ask the folks for a gift
Pros: The IRS never taxes you on a cash gift you receive. (Yippee!) However, the giver may owe tax if he or she bestows more than $12,000 on you in any one year. A married couple can give you $24,000 total in a year, tax-free. So if your parents are planning to leave you an inheritance, let them know you could use some of it right around, uh, now.

Cons: Psychological only. (Is money from Mom ever really free?)

NEXT: Bust into a CD early
Last updated August 22 2008: 12:36 PM ET
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