If you’re a person of strict financial discipline, you are in the minority. Most people have a haphazard attitude to money, rarely giving thought to emergencies. It’s no wonder that many panic when they get invited to weddings or anniversaries and have to buy presents. It gets even worse if a medical emergency strikes: while you can’t put a price on good health, you do need money for medical bills. Then there are stressful situations like having to call a plumber for a pipe leak, getting a car fixed, or replacing broken equipment you need for your work.
The thing is that people can’t escape unplanned expenses. Those disciplined folks mentioned above will have savings and other contingency plans in place. But how about those who lack the habit of provisioning for financial emergencies or just can’t comfortably handle an out-of-the-blue expense? Well, don’t fret excessively because there are ways to secure some urgently needed funds. Take a look at three of them.
Resort to a personal loan
Some could flinch at this suggestion, saying it’s more debt for the household. But unexpected or not, the expenses facing you are money you will spend – whatever needs to be paid will come on top of your regular budget. So,a personal loan secured on attractive terms is the quickest and easiest way to get the money you urgently need.
The good thing about living in a digital age is that many services are available online. Borrowing money for unexpected expenses has become quite hassle-free, often requiring nothing more than filling an online application or making a phone call. If you need information, you can read more at kingofkash.com.
Jump on the gig economy bandwagon
We live in an Internet-powered economy so finding the odd job or quick sources of income has never been easier. You consider yourself good with words? Sign up for a freelance site and do some writing. Perhaps you enjoy driving? Well, there’s Uber for you then. Have an extra room, maybe a couple of them? Become an Airbnb host and make some quick cash. If your skills lie in computers, the possibilities for additional work are endless.
Consider an increase to your credit limit
Sometimes it may be quicker to apply for a new credit card. But do you really want to have too many of those lying around? People are more easily tempted to spend when they have multiple cards.
Another option is to approach your lender with a request for a credit limit increase. You shouldn’t have a problem if your credit history is good. If it leaves something to be desired, you may have to explore the options suggested above or come up with some new ones.
Unexpected expenses may be a financial burden, but they do have a good side: if you’re willing to learn, they’ll teach you at least some discipline. They’ll remind you that it is essential to have an emergency fund and savings accounts exist for a reason. Use the opportunity to get better at budgeting and avoid the stress (both emotional and financial) that comes with unforeseen costs.