6 Life Surprises That May Result In Emergency Expenses
Life is full of surprises. Unfortunately, some of these surprises can cost you a fortune and require immediate out-of-pocket emergency expenses. Now let us discuss six common life events that can result in the need for such expenses. In this post, we’ll cover such events, as:
- Job loss
- Natural disasters
- Car repairs
- Health issues
- Vet care
- Unexpected bills
Here’s What Can Result In Emergency Expenses
1. Job Loss
It doesn’t matter how long you’ve been with a company or how good you are at what you do, employment is never guaranteed. There are so many reasons you could suddenly find yourself without a job. Company takeovers, downsizing, restructuring, and financial market crashes are just a few examples of things that could lead to you losing your job without being at fault.
Of course, you’ll need to replace your income while you’re looking for a new job. The amount of time it could take to get a new job can be anyone’s guess, so there is no telling just how much of an expense it could be. According to recent BLS unemployment data, the average length of unemployment for October 2021 was 27.7 weeks, which is over six months, so it could end up being a hefty hit on your bank account.
2. Natural Disasters
Out of all the events on our list, natural disasters are probably the least thought about but could require the most emergency expenses in the event you are affected by one.
A natural disaster can take many forms, and the damage it can do to your property can be incredibly expensive to fix. History is filled with sudden events that have devastated communities, towns, cities, and even entire nations. Of course, you should have insurances in place to minimize the potential financial damage, but insurers won’t cover all situations, so it’s likely you’ll need some emergency funds as well.
3. Car Repairs
If you’ve owned a car for a while, you have probably already experienced the inconvenience and expense car issues can cause. Even routine maintenance expenses such as new brake pads or rotors can cost upwards of a few hundred dollars. If your vehicle encounters a more severe issue, you could be looking at a bill into the thousands.
You also need to think about the potential cost of not having your car on the road for a while. You may need to take time off work or pay for alternative means of transport.
4. Health Issues
The cost of health care is a frequent topic of debate and discussion. Illnesses and accidents aren’t something many people plan for, but they can and do happen to anybody and anytime. Initial healthcare costs are one thing, but you also need to account for your health’s impact on your work. More severe illness or injury can require a large chunk of time away from work or even a career change in extreme cases.
5. Vet Care
Just like our own healthcare expenses, your pet’s health can also lead to unexpected emergency expenses. For example, a dog’s broken leg could cost anywhere from a few hundred dollars up to a few thousand, depending on the extent of the damage.
6. Unexpected Bills
Despite our best efforts to stay on top of things, bills can sometimes take us by surprise. Forgetting about an insurance renewal date or even an increase in loan repayments are examples of potential emergency expenses. Another commonly unexpected bill is a tax bill that ends up being much larger than you initially expected and budgeted for.
How To Finance Emergency Expenses
There are a few ways you can get hold of some extra cash to cover the types of unexpected life events in the list above. Of course, how you end up raising the cash to pay for such emergencies will depend on the amount and urgency.
Get A Second Job For Additional Income
If you need some extra cash but don’t need it instantly, finding a second job or side hustle could be ideal. Nowadays, freelancing online is incredibly common and can be lucrative if you have skills that are in demand. Writing, marketing, and web coding are always in high demand on internet freelance job boards.
Use A Title Loan For Emergency Expenses
If you need some cash urgently or a larger sum than you’d be able to earn quickly from a second job, car title loans online might be an option for you. A title loan is designed to be a short-term cash flow solution where your car is used as collateral. Emergency situations are exactly what title loans are built for.
Another benefit of a title loan is that you don’t even need to visit a store to get your cash. With Idaho Title Loans, Inc., you can get started over the phone, and a representative will come to you to finalize the process.
Once finalized, funds are deposited into your account on the next business day so they will be ready to use for an emergency. Head over to the Idaho Title Loans, Inc. website to submit a short inquiry form for a title loan.
Get Your Title Loan Today!
You never know when life is going to throw a curveball at you, but it’s definitely better to be aware of possible events that may result into emergency expenses and be prepared for that. In case you’re currently in need of covering the unexpected bills, remember that Idaho Title Loans, Inc. can help you with that. All you need to do is fill out a short inquiry form on our website.
Note: The content provided in this article is only for informational purposes, and you should contact your financial advisor about your specific financial situation.