Managing a budget isn’t
always an easy thing to do. This is especially true when you come across
unexpected emergencies. It’s a good thing there’s a way for you to prepare for
those unexpected events. An emergency fund can prepare you to pay for those unexpected
emergencies while not needing to borrow money or max out your credit cards in
the process. But what happens if you don’t have an emergency fund when you need
it? There are still a few options for you to get the money you need.
If you are strapped for
cash when an emergency arises, you can always take a look at quick personal installment loans. These can help see you through until you get
back on your feet. If you go to places like banks or credit unions for these
loans, you’ll have a better chance if you have great credit. If your credit is
less than stellar, you can still get one through several loan sites online.
These are feasible options for when you need the money quickly.
Cut the Budget
If you don’t need the
money right this minute, you might be able to get what you need simply by
cutting your budget. The time frame you have plays a massive role in this
because cutting the budget might take months before you can save enough money
to pay for the unexpected expense. Again, a stored emergency fund would eliminate the need for this.
If you don’t have the
time needed to save the money by cutting your budget, or if the budget you have
is already a bare bones one, you might want to look into earning the additional
money that’s needed. You can get a part time job, or even add a few hours a
week to the job you already have. You might ask friends and neighbors if they
have any extra work or chores that you can do for money. Consider taking on a
side hustle as a driver for ride-sharing services.
Collect Any Debts
If you’ve loaned money
to people when they needed it, now is a great time to ask them to pay it back.
You shouldn’t bank on this though because not all of them will be willing
and/or able to pay you back right away. Some might not even pay you back at
all, so the rule here is don’t lend out anything you can’t afford to lose.
Liquidate Investments and Assets
If you’ve invested in anything or have any assets, sell them. Start with those things that you haven’t used in a while – like kitchen appliances or branded clothes. If you do this and find that you’re still in a bind, you might begin to sell off your paper investments or any shares or pooled fund units that you might have.
There are always ways for you to get a bit of money legitimately, sometimes you just have to sit down and weigh your options. Don’t be afraid to look outside the box. You might be surprised at what you can come up with.