We hear the phrase “life happens” all the time. When someone doesn’t get his dream job or when one’s roof is blown off after the storm, sometimes saying “life happens” is easier than having to dwell with the after-effects. While there is nothing wrong with this philosophy, it may be healthier that you are more prepared about life’s unexpected events.
Be Financially Ready for the Unexpected
You may have the finances to purchase your luxuries today, but what if you got laid off in your job? Will that new, expensive and brand-label bag bring food to the table and pay the bills when you have no income?
Being jobless means having to scale your lifestyle downwards to cater to your needs with very limited funds. It’s no fun, but losing a job is certainly an unexpected moment that many cannot afford.
Even if you feel that you are so secured with your work, it pays to have a specific amount stashed away for emergencies. This money should help handle the bills and needs while you go find for another source of income.
Financial experts and personal finance enthusiasts advise you to save a portion of your income solely for savings. In fact, many are advocates of “paying yourself first” wherein you allocate a portion of your income to yourself first, before anything expenses and bills. Through this method, you will be able to keep some amount, grow it, and have it accessible whenever the unexpected strikes.
Consider Your Recurring and Expected Expenses
Even if the main discussion is about the unexpected expenses, you should still consider your recurring and expected expenses when drafting a budget. Your home mortgage, car payments, and utility bills are all recurring expenses. It is expected that you pay for gas, groceries and provide allowances for your children.
Together, both your recurring and unexpected expenses make up the totality of your budget. With all these in mind, you will have a better idea how much to allocate for each aspect so they wouldn’t have impact one another should the unexpected arise. For instance, if you’ve had enough money stashed for emergencies, you know your family wouldn’t get hungry and your car would still run because you have separate money for food and transportation.
Meeting Emergencies Head-on
Your emergency will give you financial peace and security should the unexpected happens. Whether you lose your job or a family member falls sick, you know you can afford the loss and stress for the meanwhile because you have the funds to cushion you temporarily.
But what if you don’t have the money? It can be very stressful and frustrating to be in an emergency with no funds to lean on to. However, since we are in the subject of emergencies, getting cash loans from online lenders will be justified.
The thing is, many lenders would encourage you to get cash loans for whatever reason. However, if you need to be wise with your financial decisions, the loan should not be for just about anything – it should only be when really needed.
Fortunately, cash loans are available even for people with bad credit rating.
You can even get same day cash loans so you wouldn’t have to wait for very long before you can use the money. These loans are also very minimalistic with their requirements, unlike if you try to get a loan from the bank.
Cash loans can provide you with a temporary fix, but it is still recommended that you get your finances in order so you wouldn’t have to worry the next time you face an emergency.
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