I hear it time and time again. You should put 10% of your paycheck away for an unexpected expense. I find that a lot of the people who say this make a lot more money than a lot of us do. They don’t understand we need that 10% to pay our everyday bills. So, when an unexpected expense comes up it can be a disaster for us.
The next argument is then why don’t you use a credit card. Once again, a lot of people don’t have a credit card there are many reasons why, but my number one reason why is. I can not rack up a credit card payment I know ill never be able to pay off. There are a few options when an unexpected expense comes up. Not all these options will fit for everyone, but at least it’s a place to get started if you have something come up that has to be taken care of.
Family and Friends
This is probably the least desirable option for most of us. No one wants to ask family or friends to barrow money and some don’t’ have any one they can ask. But it had to be added. If you do have the option and they can help you just make sure to pay this loan back quickly you do not want to lose a friend over an emergency expense.
Short Term Loan
A Short term is another way to go this is a loan you can get if something unexpected comes up. I like that this option does not have me asking family and friends and you can normally get it pretty quick to take care of any emergency you may have. If my car breaks down it is something I need fixed right away or I will not be able to go to work I can apply online and have an answer quick.
Selling Items
At times you will have no choice but to grab a few things and sell them off. Now like I said this is not always an option for everyone, but if you do have some extra items sitting around you could do without then this is a good option for you.
Doing Side Jobs
If you have a particular hobby or are great at a craft this could be a great way to have money coming in all the time. If you are like me and not really an art person finding side hustle can be harder, but they are out there. There are always small jobs also posted on our community pages with people who need help with yard work and cleaning these can also be a great way to being in a little extra money.
No matter what option you choose I truly hope it works out the best for you.