Unexpected bills can come up at any time, and it seems like they happen at the worst times. Just when you least expect it and just when you least need it, suddenly there’s an extra expense draining your bank account. What happens when you don’t have the money in the bank to pay? Whether it’s a sudden car repair, a utility bill you forgot to pay, a medical expense or any other bill, these can ruin your finances.
However, if you stay calm, remain mindful, and take the right approach, an unexpected bill doesn’t have to mess everything up. Here are some tips for handling an unexpected bill, to avoid budget impacts, and to recover from the sudden expense and hit to your bank account.
Tips for Handling an Unexpected Bill
When an unexpected bill shows up, it can have a serious impact on your budget. It’s even worse if you’re already in over your head. These emergencies are just a part of life, and being prepared in advance is the single best way to avoid serious impacts in your budget. Here are some tips for handling an unexpected bill.
Prepare in Advance
The more prepared you are, the less likely you’ll be to get caught off guard and end up in trouble in the end. Make a budget and put money aside for when emergencies happen. Just create an emergency fund with a separate account. Figure out how much you can afford to easily put away each pay, and do it. That way it’s an insurance policy against emergencies.
Don’t Put It Off
Procrastination is the problem that turns a small emergency into a big one. Many bills, if put off, will rack up interest, fees, and can even result in loss of services. When that small bill comes up, get it taken care of right away. Learn to prioritize and make sure the most important issues are taken care of first, but take care of everything as soon as humanly possible. If it means you miss a dinner date, so be it.
Look into Payment Plans
Many creditors, when it comes right down to it, just want their money, and they’re more than willing to work with you to get it done. If you don’t have the money to pay a bill in full, call the company who holds the bill. Talk to them about payment plans and see what they can work out.
Take Money from Non-Necessities
Do you have a fund put aside for other things that aren’t necessities? It can double as an emergency fund for when bills crop up that you didn’t expect. It’s not ideal, perhaps, but it can keep you out of trouble.
Consider Borrowing Money
Of course, nobody wants to get further into debt just for handling an unexpected bill, but a quick personal loan can be a great way to take care of unexpected problems, especially if you work with a trusted source. For many years, Koster’s Finance has been here to help people across the Las Vegas and Hendersonville areas get the money they need when they need it. Get in touch with us to apply or for more information today.