Assessing Your Accounts in an Emergency
We have all worried, at one time or another, that we might receive that dreaded news that a loved one has been in an accident.
Whether we are expecting the news or not, the feeling of loss and uncertainty is one we cannot ever prepare ourselves for. No matter how hard we try to picture this ill-fated scenario, we are never quite ready for how we will actually react.
In these situations, generally money is needed. Whether it is cash for a plane flight, money for an operation, or for some other reason, an influx of money can be required on spot or when the bill comes in.
What do you do when the money you need is not physically in your account?
Title Loans:
Title loans are quick cash loans from companies like Title Bucks where you can, for example, put your car up as collateral and receive money for it. These loans work well when you need cash in an instant, and know you will have the money relatively soon to pay the loan back.
Selling Your Assets:
In many cases, we have items we can spare for cash in a bind. Selling extra cars or downsizing our homes can be a good option when you know a hefty bill is coming your way. After an expensive surgery or a costly accident, if your insurance does not cover it entirely or if you do not have insurance, you can be asked to pay thousands if not hundreds of thousands. Getting rid of the extras that are not essentials can give you more cash than you realize.
Friends or Family:
This option can be tricky, for money can make problems in relationships. With this option, it is important to make sure that you will repay whomever you are borrowing from. Borrowing money from friends and family can be awkward, but if you have every intention of following through in repaying it, this option allows you to deal with people you know.
Credit:
If you know money is coming in your paycheck, but it is not actually in your account yet, use your credit card. Most of us have at least a few thousand in a credit limit, and in a case where you can pay it off as soon as the credit bill comes in, then using your credit card can be a quick solution.
What Can You do to Prevent This?
In the future, or if you are attempting to prepare for such an occasion, setting up a savings account for emergencies is a wise investment. Placing money into a savings account is a smart placeholder for your “mad” money. Not only does it accrue interest while sitting in the account, but it is waiting for you when you need it.
No one wants to hear the dreaded words of loss, but we know that one day we will be faced with that trial. In these instances when we need money to support our loved ones, these options can provide us with the help we need.
Image Source: www.nhs.uk
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Category: Loans
