No matter how well you budget, big-ticket emergencies that blow a sizable hole in your budget are bound to arise sometime or the other in life. Fortunately, most unexpected expenses, contrary to the name can be planned using your emergency fund or different savings accounts. However, in case you are not able to cover up these unexpected expenses using your emergency fund and need instant cash, you can consider emergency payday loans. Payday loans are short-term loans that help you get through financial emergencies.
What Types of Unexpected Expenses You Should Plan For
Unexpected expenses can arise due to several reasons. All through the year, variable or lump sum expenses can involve car repair cost, medical expenses, home repair cost; the list can be endless.
Here are 5 common unexpected expenses, their approximate costing and the right measures you can take to be prepared for them.
- Medical Emergencies
When medical emergencies arise, they must be addressed urgently. As a topmost priority your family’s health can be maintained by setting aside a medical emergency fund and ensuring to have sufficient insurance cover. Moreover, it pays to have some amount stored regularly for medical emergencies if you’re not secured with insurance.
- Pet Emergencies
As a responsible pet owner, you can adequately handle pet emergencies by allocating a pet emergency fund, or regular pet insurance. Many of the top medical treatments for your pets can pose a significant financial shock. Ensure to maintain your pet’s health and protect them by scheduling routine vet appointments.
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- Car Repairs
A lot of people consider cars as a necessary investment. Expect your vehicle to have occasional problems. Plan ahead this year by allocating an emergency fund to suitably manage your car repair cost. Schedule routine maintenance on your car to ensure that your car is functioning at top capacity.
- Home Repairs
Numerous problems can surface in your home now and then, and fixing these can be costly yet necessary. In some home repair cases, an emergency fund can act as a true lifesaver so make sure to include the price of major home repairs in your monthly budget and save accordingly.
- Unplanned Travel
Since all travels are not planned, unforeseen travel cost contributes to unexpected expenses. How can you prevent this? You may not be able to refrain from specific emergency traveling, but you can budget how much you can spend on unexpected travel.
You can’t avoid the unexpected, but the above examples can guide you to handle the financial strain appropriately when any surprises crop up. However, if you need urgent cash for any unexpected financial emergency, you can get online payday loans up to $1,000 or more in as little as 1 business day. Applying suitable measures for better financial management and setting up a backup plan will help you gear up for any unforeseen events or expenses.