Financial Tips for Money Emergencies
It happens to all of us. Even if you have the most accurate household budget in the world, emergencies and unexpected expenses can come up and
cause problems for your finances. Just one car accident on the road can lead to a costly trip to the ER and expensive car repair bills for your
vehicle. Some home repairs can easily cost a few thousand dollars, and if something like your air conditioner breaks in the summer or your heater breaks in the winter, you can’t wait to get the repairs done.
So you have an unexpected expense that isn’t part of your regular budget. What do you do?
Northern Plains Funding offers the following personal financial tips to help you keep your finances on track:
- Always make sure to have funds to cover a bill or a payment in your bank account. Overdraft fees and fees for bounced checks can easily cause problems for your finances.
- Evaluate your budget to see what budgeted expenses you have coming up. If nothing is due at the moment, see if you can adjust your budget to cover at least some of your emergency expenses with your regular cash flow.
- Once you have a clear idea of exactly how much money you still need to stay ahead with your finances, get a short-term fast cash loan to cover the difference.
- Make sure to evaluate your budget again after you take out the loan to free up as much money as possible for repayment. The sooner you pay your loan off, the less money it will end up costing you in interest and fees. Ideally, if you can comfortably negotiate your budget to accommodate paying the loan in-full by the first payment date, this is always your best option.
- Always add our loan payments into your bill calendar or take note of the payment schedule, even if the money is being automatically debited from your bank account. This will help you manage the loan repayment more successfully so you can avoid NSF fees and late penalties from other obligations you may have.
- Once your loan is repaid, your finances should return to normal so you can follow your regular budget. If you don’t have a formal budget in place, it is recommended to help manage your finances more effectively.
- If possible, adjust your budget so you can save at least ten percent (10%) of your take-home income each month. This money should be funneled into an easily-accessible savings account so you have more money available to successfully cover other emergencies in the future.
In addition, always remember that short-term cash loans should not be used as a long-term financial solution. These kinds of loans are designed to help consumers get through the added costs of emergencies, such as medical bills, home or car repair, and other unexpected expenses. Using these kinds of loans to replace or supplement income is not recommended under any circumstances.
However, in the right circumstances, a fast cash short-term loan can help keep you afloat in the face of a sudden financial storm caused by one of life’s little emergencies. If you still have questions or need more information, please don’t hesitate to Contact Us to speak with a customer service representative.