How To Financially Plan For Unexpected Expenses

March 15, 2020 | Louis Tully

 

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No matter how financially stable you may feel now, chances are an emergency with unexpected expenses will happen that’ll throw you through a loop. It is impossible to not have something unexpected happen, and while that doesn’t always mean negative, there are plenty of negative emergencies that will arise. While it is impossible to prepare for every type of emergency, there are certain things you can do to make sure you and your family don’t get too rocked by debt in the face of an unexpected expense.

Make Sure Your Emergency Fund Is Set Up

The best way to financially deal with emergencies is through an emergency fund. Emergency funds are just that – funds you set aside in case of emergencies. If you fall ill in the hospital, your car suddenly needs repairs, or a natural disaster strikes and damages your home, an emergency fund will greatly help ease the financial burdens these emergencies bring. Even if it can be difficult to set aside the money you essentially don’t touch, you will greatly appreciate it in the long run when you have the money you desperately need. It isn’t hard to set one up either. Just make a note of how much your expenses usually are and whatever money you have leftover is what you would set aside.

Have Medical Insurance For You And Your Family

Having medical insurance is something we all need. Almost every medical procedure is very expensive, never mind if you have to go to the emergency room before your medical procedure – those prices skyrocket even more. When you do find yourself needing a medical procedure or are in the emergency room, your insurance will be your saving grace. The best part is most employers have insurance plans that’ll cover you, your spouse, and any children you have. Especially with viruses like the Coronavirus going around, being able to get the medication you need with the help of insurance could literally be what saves your life. So don’t tempt fate, and make sure you can sign up for some health insurance for you and your family.

 

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Have A Plan For Natural Disasters

It seems no matter where you live, you cannot avoid the possibility of a natural disaster. Whether it’s hurricanes, earthquakes, tornados, or forest fires, natural disasters happen for all of us and can bring so much destruction. When these natural disasters do occur, it is important that you be ready. Doing some research to see what insurance you are eligible for in case of a natural disaster is a good first step. Another thing you should do is have a kit prepared. Your kit can consist of anything you feel you’ll need in case of a natural disaster. You can include a five to six-day, non-perishable food and water supply, battery-powered radios and flashlights, batteries, cash, and a first-aid kit.

Create An Additional Budget For Future Events

Creating an additional budget for something that may happen in the future seems like a complicated task. But it really doesn’t have to be. All you need to do is put your unexpected expenses into categories like medical emergencies, car repairs, home repairs, natural disasters, and so on. Once you are finished categorizing, start figuring out roughly how much you would need in each category. Look at prior years for these types of expenses to give you an idea of how much you spent in each category. Once you figure those numbers out, divide them by 12 – the number of months in a year. The number you come up with is the amount you have to set aside in your “for future events” budget.

 

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Get A Title Loan From Wisconsin For Extra Help

We know how unexpected life can be, especially when it comes to your wallet. When you need that little bit of extra help with your unexpected expenses, a title loan from Wisconsin Auto Title Loans can be the answer. The process is super simple. Just start by filling out our online form and we will give you a call to tell you what else needs to be done. Give you and your family some added comfort knowing you can manage all of life’s unexpected expenses.