Source: Unsplash | Ben White
Does the idea of an unexpected expense make you sick to your stomach simply because you don’t know how you could afford it? Are you afraid that an extra bill would be enough to put you in financial ruin? If you’ve answered yes to either of these questions, it’s important to know that you aren’t alone. According to statistics, 40% of people living in the United States would struggle in order to come up with $400 for an unexpected expense. Living paycheck to paycheck is something so many can relate to.
So, while the thought of an unexpected expense may be enough to cause you severe stress and anxiety, it’s always wise to give it thought before it actually happens and come up with a plan on how you could deal with it. To help you out, here are some suggestions that could prove to be incredibly useful should you find yourself in that situation.
Ask If You Can Work Out a Payment Plan
One of the first steps you may want to take is to see if you can work out a payment plan with the business, organization, or provider. Sometimes a payment plan is all it takes to make the expense affordable. Just be honest and let them know you don’t have the money up front but could pay it off in installments.
Take a Close Look at Your Budget
You will also want to sit down and take a very close look at your budget. Look for areas that you can make cuts that will allow you to come up with extra money. Some of the most common areas that people can save money is by cutting down how much they spend on grocery shopping, the amount of fuel they use, entertainment and clothing expenses, and dining out.
Can You Do Extra Work for Cash?
Another option may be to take on extra hours at work, or even do a side job that will bring in extra cash. There are many people who freelance from home in their spare time, or even take on a part-time job. Remember, it doesn’t have to be long-term, just a short-term solution to come up with the money.
Look into a Short-Term Loan
Then there is the option of a short-term loan. These are typically meant to provide you with as little as $100, or up to $2500, and are meant to be paid back within days, weeks, or months. Note that these aren’t meant as a long-term solution. Places like https://www.loanpigusa.com allow you to apply online, and feature a quick approval process, which is perfect for those unexpected expenses that need to be paid now.
Just make sure that if you go down this route, you will be able to make the loan repayments and pay it back in full within the repayment terms.
Try Not to Stress Too Much
The most important thing to keep in mind is that you can’t stress and make yourself sick over this unexpected expense. Instead, follow these tips and find ways that you can come up with that extra cash you need.