There are times in life when you will find yourself facing an unexpected expense. Perhaps your children need new glasses, or there’s a medical emergency to fund, or you find yourself on the receiving end of a bill that is far higher than you had anticipated. Whatever the cause, there’s money that needs to be paid… and you don’t have the available cash to pay it.
There’s no doubt that this situation is more than a little concerning both mentally and in terms of your household finances. Below are three options you can consider to help you find the funds to cover the expense; none of these are presented as the ‘best’ option, but rather as a way of weighing up the pros and cons– so you can make the best decision for your family circumstances.
#1 – Go Into Debt
Debt is rarely a positive, but if you have an expense you have no other means of paying, then it might be your best bet. Just ensure that you budget for the next month so you can pay the debt off as quickly as possible; if you don’t repay in full (or as much as you can afford), then the interest could begin to rack up at any enormous rate.
#2 – Raise Short-Term Cash
By far the best method of raising cash in a short timeframe is to sell items you own. There are plenty of Facebook selling groups that can help you with this; find one for your local area and list the items you have available. The one downside of this is that you won’t see the items again, so if they are precious to you, you may be better off with a pawn shop as you can then have the items returned when you’ve paid back the money you’ve borrowed.
#3 – Call The Company
Alternatively, there’s no harm in speaking to the company (or person, if that’s the case) that you owe money to and ask if there is anything that can be done. You may be surprised by just how much flexibility companies can provide, especially for expenses that would clearly have been difficult to budget for. Just explain the situation as simply as possible and suggest a repayment plan that you know you are going to be able to afford. It also helps to volunteer a token payment, even if it’s only $5, as a show of good faith.
#4 – Look For Temporary Jobs
There are usually a few temporary jobs that can be obtained relatively quickly, without a long interview process. Delivering flyers is a decent option, and can bring you the cash you need in as quick a time as possible, so it’s well worth considering. You can also consider offering your services as a cleaner/gardener on an ad hoc basis; even in the 21st century, there’s plenty to be gained from going door-to-door and offering a quick, efficient service that might tempt homeowners into agreeing.
So the next time that you have an unexpected bill or expense, run through the options above and see which might work best for you.