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If you're caught in a financial disaster, and you don't have an emergency fund or backup plan to get you out of it, that doesn't mean you don't have options to respond.
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We understand that unexpected expenses can put you under a lot of stress, and on many occasions, we do not identify viable alternatives. That’s why today we want to show you a list of actions that you can take in order to resolve your finances in the event of an unforeseen expense.
Main options to respond to an unexpected expense
- Drastically reduce your expenses. Optimize your budget by reducing as many expenses as possible. If you own your home, or rent an apartment, consider sharing those expenses with someone else by renting out one of the rooms. Eliminate meals in restaurants and cancel subscriptions to the gym or streaming platforms, in order to save every last penny.
- You can sell your belongings. A quick way to get some extra cash when you have an unexpected expense without going to the bank is to offer your things for sale. Consider selling your used things like jackets, those unwanted weights, a book collection, or appliances on eBay, Craigslist, thrift stores, or perhaps through an Instagram account.
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- Look for a part-time job. If you think you have some free time, look for a second job. You can work in a bookstore or bar on the weekends, or develop a skill that will allow you to get a work-at-home job. There are many sites like Elance, Freelancer or Fiverr that allow you to offer your services online to earn extra income, which can also be paid in cryptocurrencies or through systems like PayPal.
- Renegotiate debts with your creditors. If your financial problems are due to the amount of accumulated debts, you may have to negotiate a way to make payments more flexible, or a reduce the monthly amount to be paid. For these situations, it is important to discuss your situation in the most honest way possible to obtain the results you want.
- Check some options with your insurance. Health, property, property damage or accident or disaster insurance are the most frequent protections against any eventuality that we may suffer. First, make sure if you can cover all the premiums and monthly payments, and evaluate the possibility of looking for policies that offer a more comfortable form of financing.
You can also ask for a loan with your insurance policy, since you can access a relatively manageable debt, considering the cash value that a life insurance policy offers, so the insurance company will be able to lend you money and will have the policy as your guarantee.
There are other ways, such as tapping into the equity in your home and applying for a mortgage or other forms of financing that use your home as collateral. In any case, the final intention will always be to use the resources obtained in the most efficient way possible to get out of a financial catastrophe and resume with prudence and good judgment in your personal finances, so that you can maintain your behavior and have access to an emergency fund.
Count on all our advice for any eventuality.
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The contents in this section are provided for informational and educational purposes only and do not apply to all types of situations. The contents should not be construed as any type of advice or suggestion to take (or refrain from taking) any particular action, as it does not include or take into account all factors that may be relevant to your individual needs.