How To Prepare For Unexpected Expenses
As contradictory as it sounds, getting hit with an unexpected expense is the one thing you should always expect. You don’t want to be left feeling like you’ll never financially recover from an emergency so be prepared in advance. Not sure how to prepare for unexpected expenses? There are plenty of tips out there to help get you started.
Preparing for unexpected expenses means having an emergency fund on hand, insurance to cover a part of your costs, and knowing who you can fall back on when you need help. By following our easy tips, you’ll avoid financial failure when you need money the most.
Emergencies don’t have to spell out doom for your bank account. Expect the worst and you’ll be prepared for whatever the world throws at you. Here’s how you can get started preparing for unexpected expenses.
Remember These Tips When Unexpected Expenses Hit
Related content: The Ultimate Survival Guide To Financial Emergencies In MS
Start Building An Emergency Fund
Emergency funds are there for you when you can’t afford to pay for unexpected expenses at the last minute. They’re not your typical savings account because it’s money you only intend to use in case something bad happens. Keep it separate from your other funds to avoid dipping into it when you need money for more trivial expenses.
Building your emergency fund will mean shifting around your budget. You may have to cut back on your current spending but you’ll appreciate having money in place for when you need it. Start by:
- Calculating seasonal costs – These costs include holidays, birthdays, and vacations. Even though they come around every year, we tend to forget about the cost until they become unexpected expenses.
- Going through old expenses – In the last year, when were there situations where you suddenly had to pay a large bill? These could be annual credit card fees and subscriptions, school trips, or family commitments.
- Considering natural disasters – If you live in a part of the country prone to natural disasters, think back to the times of the year when you had to pay for home repairs.
These should all be accounted for in your emergency fund. Shift a small portion of your monthly check towards paying for these unexpected expenses and you’ll thank yourself down the road.
Speak With Your Insurance Company
Being prepared for unexpected expenses also means having insurance that can cover the majority of your bills.
Medical costs can quickly add up to tens of thousands of dollars, so having the protection of good insurance can save you from long-term financial ruin. Medical insurance isn’t the only thing you should consider, though:
- Car insurance – Although drivers are required to purchase car insurance, many people go with the cheapest option just to stay legal on the road. Upgrading to a more comprehensive plan can save you big bucks if your car is suddenly damaged or needs repairs.
- Home insurance – Speak with your insurance company about what you can do to prepare for the worst. If you live in a region prone to flooding, hurricanes, blizzards, or tornados, you would greatly benefit from a more comprehensive home insurance plan.
- Life insurance – Death is a fact of life and almost always an unexpected expense. Funeral costs can range upwards of $10,000 so don’t leave your family financially crippled. Even a simple life insurance policy can help foot the bill of a funeral.
Insurance can be expensive but if you can afford to pay for advanced policies, you’ll be safe even in the worst of emergencies.
Turn For Help When You Need It Through Title Loans
We understand that not everyone can cover their unexpected expenses with comprehensive insurance plans. Insurance fees add up and often come with prerequisites that not everyone can meet.
So, what do you do when you’re hit with a sudden extra cost? One option is to start seeking out title loans on your car.
We here at Mississippi Title Loans, Inc. offer a loan worth up to $2,000 when you use your vehicle’s lien-free title as collateral. This loan help with those emergency expenses that hit before you’ve had a chance to prepare.
You can apply even if your credit bad or even nonexistent and you can keep your vehicle while you repay the loan. And unlike traditional loans from the bank, we don’t require you to bring in too many items to qualify for title loans. All you need to have with you are:
- A driver’s license or state-issued photo ID;
- The lien-free title to your car in your name;
- Your vehicle so we can inspect it.
How To Get Title Loans From Mississippi
Getting through our process is simple. All you have to do to get started is fill out our online form or give us a call to begin over the phone. Whether you fill out the form or give us a call, you will speak to a loan representative in the nearest title loans location.
They will get your basic information, explain the process, and set up a meeting with you either at the store or at another location of your choosing. Make sure you have the required items ready to go for the meeting.
The loan representative will assess your items and inspect your vehicle to help determine how much you could qualify for. They will then decide if you qualify for approval. If you do, they will go over the loan terms and help you finish the paperwork. Once everything is complete, you will get the cash either the same day or the next bank business day.
Handle Your Emergency Expenses Today
Part of being fiscally responsible means being prepared for the worst. You can start preparing for unexpected expenses by building an emergency fund, checking with your insurance company, and knowing who you can turn to when you need last-minute financing. If you need help, turn to Mississippi Title Loans, Inc. by filling out our title loans online form.
Note: The content provided in this article is only for informational purposes, and you should contact your financial advisor about your specific financial situation.