Saving is hard, especially in that you never know what you may be saving for. Consistently contributing to your savings account may not be enough for out-of-the-blue financial obstacles you could face in your lifetime. Medical emergencies can accrue enormous costs- more than your padding allows for. Weather emergencies can cause expensive damage to your home or property. An unexpected move can scramble your finances, leaving you in the red. All these situations occur outside of long-term financial planning and require immediate assistance; how can you cover these costs right then and there?
Cut Out the Extras
Take a look around you, the cash you need might be before your very eyes. What about the things you own? If you have extra furniture in the attic, an old TV in the closet, a nice watch you never wear or old cell-phones you’ve been hanging on to, it would benefit both the organization of your home and your wallet to sell them. If you are wary of eBay, more modern applications for your phone like LetGo offer a user-friendly mobile platform for selling your items. Monthly subscriptions are another big money-sucker. You might also think about canceling some of your streaming or food delivery services for the next couple of months.
Get a Short-Term Loan
A short-term loan can be a lifesaver, especially if you have a stable source of income. A short-term loan is a type of “term loan”- a loan to be repaid within a certain amount of time. Short-term can mean as short as two weeks or as long as a year. Short-term loans are also known for being available to those with bad credit, as long as you have a checking account and a job. So, you get the cash fast and pay it back fast. Be sure to research lenders in order to choose one that you trust, as most have flashy names. For example, brands like Rapid Cash, Cash Money, LendDirect, WageDayAdvance and Speedy Cash are all owned by CURO Financial Technologies Group, Inc run by Don Gayhardt, who has a history of respecting customers.
Ask Your Family and Friends
If you are lucky enough to have the support of family and friends, you may be able to entreat them to help you. Please first carefully consider whether or not they are in a position to help you and what you can offer in terms of repayment. Financial support from loved-ones can be sensitive, so sitting down and discussing the details is crucial. Clear terms and boundaries will keep your relationships intact. After surviving an emergency together, your bond may even become stronger.
Dealing with money in a crisis can be tough. In the event of an emergency that costs more than you can afford, you are most likely focused on the safety of your family before that of your wallet. It is a good idea to have a list of resources on hand so you don’t have to waste your time researching when the time comes. If you expect the unexpected, you can face your problems with relative ease!