If we were prepared for them, they wouldn’t be called emergencies: the car gets totaled in an accident; the dog or cat breaks a leg; the refrigerator dies. Expensive incidents can happen. And paying for them may not be easy! What options exist for getting money quickly while minimizing the risk to your financial future?
Borrowing can be one of the quickest and easiest ways to get money in an emergency, if you’re confident in your future ability to pay it back. This may include borrowing from friends or family members or even using a credit card. Opinions vary on whether using a credit card in an emergency is a good idea, but you may need any cash savings you have to pay for utilities and other bills that cannot be paid with a credit card, leaving you with limited options to consider for other expenses.
Finding a way to make some quick money simply requires creativity and determination. Ideas range from selling possessions you can live without to returning recent purchases to recycling valuable items to taking in a renter and many other strategies.
Arranging a payment plan can be a way to address certain types of expenses. Many utility companies, credit-card companies, medical facilities, and other types of lenders will work with you to set up a payment plan you can afford.
Once you’ve gotten through a financial emergency, how can you make sure you’re better prepared to withstand unexpected expenses in the future? You know what I’m going to say here: work on building an emergency fund. If you’ve got some money you can use when the unexpected occurs, you won’t need to worry about getting fast cash.