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Financial Emergencies

Life has a way of catching us off-guard, but it gets worse when you don’t have the finances to get you out of a sticky situation. It is always best to prepare for financial emergencies as they’re bound to happen at one point or another, and it is best to begin with your finances.

Build an Emergency Fund

The emergency fund is the money set aside especially for emergency purposes. You don’t use this money to pay for luxuries, recurring and anticipated bills. You only use this in the event that something very crucial happens like sickness, death of a loved one, loss of job and repairs at home or at your business. It is advised that emergency fund is equivalent to around 6 months of living expenses and should be replenished once regular income is available.

Consider Immediate Sources of Funds

If you have no or minimal emergency fund yet and need more cash, you must consider several sources of funding in the event of an emergency. Can you sell or pawn your jewelry? Can you give up one of your cars? Can you go to relatives or friends who you know can readily lend you money?

Having plans B,C,D etc will help you handle financial emergencies more graciously.

An alternative way to getting quick funds is to apply for cash loans online. These loans can help you with small scale and short term financial needs and can even supplement your emergency money if needed.

Cash loans are available virtually 24/7 so you know you can always get one at a moment’s notice. The good thing about cash loans is that you can get them even if you have bad credit history. Whereas banks would likely to decline your loan application if you’ve messed up your credit score in the past, many lenders are happy and willing to provide a loan to people who have poor credit standing.

However, even if you can always sell things or take a loan, do not be complacent about your finances. It is always best that you have some money solely dedicated to emergencies so you don’t have to go into debt. It may take some time to build up an emergency fund, but it will pay off when you know you have the financial security to take any monetary challenges later on.