What to Do When Faced With a Huge and Unexpected Expense

The reality of living in a modern, capitalistic society means that it is a real possibility that you will one day get slammed with some kind of unexpected expense or financial emergency.

Don’t panic! While it may be harrowing to think about, here are some of the things you can do to prepare and react accordingly.

Look at Your Options

The first thing to do in the event of an unexpected expense is to take a step back and assess your situation.

Ask yourself, is there some kind of immediate workaround that might be easy to overlook? Some possibilities might be selling personal items – appliances, furniture, video game consoles or other entertainment tech – that could get you the quick cash you need to solve the problem.

Obviously, that may simply not be viable, depending on the size of the expense. It also might be helpful to look for solutions by calling, researching, or investigating the fine print surrounding your expense.

For example, many hospitals will absolve medical debt if you provide evidence that you are not in a financial position to pay.

Seek a Short-Term Solution

There are many ways to go about finding a short-term solution for such an emergency – and again, some strategies may or may not be applicable, so make sure to adjust according to your specific situation.

Many people need cash on a short-term basis to cover critical expenses. Maybe the required total amount in question can be paid off in parts, and you scrape together enough to make the initial payment.

If you are in a financial position to qualify, and your situation is deemed by the bank to be within their guidelines, you could even receive a loan.

But this likely only would occur in certain situations, so make sure you could qualify before putting in the time and effort.

Research Your Situation

It’s likely that somebody, somewhere, has been in your situation before. Try and use the internet to find out what experiential or legal advice could be useful for you.

There are lots of charities and non-profit organizations that are devoted to helping people in the event of dire financial circumstances.

See if you can find anything that would apply to you, and don’t be afraid to talk to people!

Moments like these are undoubtedly scary. But you’re going to make it through – even if it doesn’t seem like it. Explore every option.

Call and confront people if necessary. Look at your assets through new eyes and ask yourself if they can be sold or repurposed.

You could even use GoFundMe and ask your friends and family for short-term help. Regardless of what you do, remember: there is light at the end of the tunnel.

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