How to Overcome Unanticipated Expenses

Life is full of unexpected expenses. One morning you’re on your way to work and your car doesn’t start. You use a pair of jumper cables to get the battery going, but it doesn’t work. After visiting the local mechanic, it turns out your car needs a new starter. The part and the physical labor to install it generally cost $300-$600.

A few days later your pet dog, Sparky, accidentally ingests some rocks while running around your backyard. Sparky begins acting odd and when his appetite disappears, you make an emergency trip to the veterinarian’s office. After the diagnosis and treatment Sparky is back to his usual tail-wagging self, and you’re out another $500.

With the end of the month rapidly approaching, how do you cover the additional $1,000?

There are certainly individuals and families who can afford to spend a few extra hundred or even a few extra thousand dollars when unforeseen situations arise. However, not all of us are that fortunate.

Maybe you use a credit card to cover the difference. Yet as fate would have it, when you bought your wife a new Lexus for her 50th birthday you went the extra mile and bought the internal navigation system, satellite radio, and all-leather interior. Credit card is maxed out until next month.

Another option is to borrow the cash from a relative or close friend. While option is feasible, most people are too proud and don’t like to burden those closest to them with their financial problems.

One remaining possibility that many people utilize is taking out a payday loan, or cash advance loan. These loans can cover up to several thousand dollars, and all it takes to receive one is a simple phone call or online application and proof that you have a steady job. Not a bad backup plan to help you overcome one of life’s many curveballs.

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