Why Me? Coping With Financial Emergencies

Why Me? Coping With Financial Emergencies

As if life wouldn’t have it any other way, you’ve just encountered an unforeseen circumstance. Resolving the matter, unfortunately, is going to require a lot of money (money you probably don’t really have to spare). A home repair, car emergency, breakup, short pay, medical expense, or a number of other circumstances can happen without notice leaving you scrambling to figure out how you’ll survive financially. You have no idea how you’re going to afford your regular obligations and handle this crisis.

The odds may seem hopeless at the moment, but the truth is, you can get through it. Here’s how:

  • Find Extra Cash Fast – There are some financial emergencies that can’t wait to be resolved. A home repair like a broken furnace in the winter, for example, would need to be fixed immediately. If your emergency cannot wait until you get paid or to find funds from other sources, fill out a quick installment loan application online. Applicants should be at least 18 years of age, have verifiable income, proof of address, and a valid checking account. You could receive funds within one business day.
  • Pay Important Bills First – If you’re dealing with a sudden breakup, loss, or have recently lost your job (or took a pay cut), this shortage of funds can make your budget feel even smaller. To try and stay afloat while you figure things out, it is recommended that you pay important bills first. Having a place to sleep and food would obviously be at the top of the list with things like utilities and transportation taking a close second.
  • Turn to Family – Family is always there when you need them most. When you’re in a financial bind, they are often some of the first people ready to bail you out. If you’re really in need of money, ask trusted family members to help. They may have the means to resolve the emergency and allow you to pay them back over time. If you do choose this route, however, make sure that you pay off the loan to avoid conflict in the future.
  • Dip Into Other Funding Sources – If you need more than a few hundred bucks to resolve your financial emergency, you may have no other choice but to dip into other funding sources. This can include your home’s equity, retirement account, and/or life insurance policy. Qualified applicants can receive several thousand dollars and have a few years to repay it. Keep in mind, however, there are penalties involved should you default on the loans including foreclosure as well as tax penalties and fees.

Preventative Measures for the Future

You can’t always predict what’s going to happen in your life, but you can be better prepared. Here are two suggestions on how to make sure that you’re financially equipped to handle an emergency in the future:

  • Earn More – There are a ton of opportunities to earn money online in your spare time. Whether you’d like to have a full-on business or you’d prefer to just get a few bucks here and there, the skies are the limit. You can start a blog, review products, build a social media following, rideshare, deliver groceries, and much more.
  • Emergency Savings – Saving is crucial to your financial survival. It prevents you from having to go into debt or go without when you need to make a purchase. Set up a savings account that will only be accessed in serious emergencies. Start depositing funds until you’ve saved at least 3-6 month’s worth of income.

Whether you have a limited income or you’re grossing a considerable amount each year, there are some circumstances that can throw everything out of whack. From the loss of a job or loved one to a home emergency or car repair, getting past the problem can cost a lot and be ongoing. The above-mentioned ideas will help you resolve the matter and also ensure that you’re well-prepared in the future.