Life has this funny way of creeping up on you when you least expect it. One minute, all’s right with the world and the next you’re dealing with some personal emergency. As with most happenstances in life, when there’s trouble, it’s generally tied to your finances in one way or another. Though you may not be able to avoid what lies ahead, being prepared for them can make it a lot easier to deal with. Below, is a look at some of the most common financial emergencies that can arise and solutions for dealing with them.
Whether you run a business or have a well-paying job, nothing’s for certain. There are a lot of employment or career issues that could arise that will quickly leave you in a bind. This can include a decrease in working hours, an increase in the cost of employee benefits, being laid off or fired, and for entrepreneurs, a difficult sales period or inflated operational costs.
Even those who have good health insurance coverage aren’t immune from finding themselves in a medical emergency which leads to financial difficulties. This might include things like a ride in an ambulance, a necessary surgery or therapy that isn’t fully covered, medical supplies and equipment, and so forth.
Living Expense Increase
The cost of living will continue to climb as the economy changes. While a few bucks here or there may not have much of an impact, there are greater expenses that could throw off your budget. Consider things like an increase in rent, a spike in utility costs, or an increase in gas prices.
Cars are modern conveniences for getting individuals where they need to be. However, a car can quickly become a financial problem. Take for instance the need for repairs, an accident that requires you to pay a deductible, or the need to buy a new car altogether.
If you’re a homeowner, you know full well that anything could go wrong. The need to make a housing repair could cost you several hundred or several thousand dollars. Even if you have insurance coverage, your deductible could be high which is another expense you’ll need to account for.
Taking Care of These Emergencies
As you can see from above, there’s a lot that could go wrong in your life without a moment’s notice. If you’re not properly prepared, it could leave you in a serious bind. In order to handle such emergencies, here are some suggested options:
Online Check Advance – What is an online check advance? It is a short-term installment loan that can be used when you’re in a bind. Whether you have bad credit or not, these lenders have very easy eligibility requirements. If you’re approved, you could receive several hundred dollars in your qualifying checking account within one business day.
Emergency Credit Card – Although charging up too much debt isn’t recommended, if you’re dealing with a short-term financial issue like an increase in a utility bill, it may be your best option. Having a credit card that you only use in emergencies can help you stay afloat until you’re able to handle the bill.
Increase Your Income – You should never have all of your eggs in one basket. If you’re currently employed or have a business, you should always have one or two other avenues to draw income from. Whether you complete surveys online, become a mystery shopper, or cut grass on the weekends, this extra money can be used to help with the circumstances listed above.
Emergency Savings – Though you can’t take all your money with you, it can’t hurt to set a little aside each week to ensure you’re protected in an emergency. Emergency savings should consist of several months of income to cover the cost of financial problems as they arise.
You just never know when life could take a turn and leave you scrambling to survive. That’s why it is always best to be prepared for the worst. Review your finances and begin to take the necessary steps towards improving them.By keeping the above-mentioned circumstances in mind and utilizing the solutions provided, you can safeguard yourself from financial demise or incur too much debt.