What To Do If You Don’t Have An Emergency Fund

What to do when you don't have an emergency fundHaving an emergency fund is extremely important in life, and it is something that I always highly recommend a person have.

However, that is not always the case for some people, and recommending that someone have an emergency fund once they need it does not help them at all.

While now is better than never to build one, there are ways to pay off unexpected expenses in case they do come up.

Below are different ways to pay off an unexpected or a large expense when you do not have an emergency fund to help you out.

Cut your budget.

The first thing you should do is see if you can cut your budget enough in order to save up the money you need to pay off the expense that you have.

The timeframe you have to pay off the expense plays a big factor in this, as cutting your budget may take weeks or months to save up enough money for the expense that you are trying to pay for.

Work towards making side money.

If you don’t have enough time to save money from cutting your budget, or your budget is already as low as you can realistically get it, then you should look into making extra money.

You may need to get a part-time job, add hours onto your full-time job’s work schedule (try to get overtime if you are allowed it), do errands and chores for others, and more.

I’m sure there are plenty of things you can do in order to make extra money.

Get a loan.

Lastly, in the end, a loan may be needed. If your expense is due to be paid very quickly, then you may need to get a loan. Places such as Check ‘n Go can help you get over a tough part in your life, but remember to pay off your loan quickly as to avoid any unnecessary and added fees or interest charges.

The two points above (cutting your budget and working towards side money) can be used here as well, in order to pay off your loan as quickly as possible.

This is something that I highly recommend you do if you do need to take out a loan in order to pay for a large, unexpected expense.

Do you have an emergency fund? Why or why not?

 

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