Categories: Finance

4 Ways to Weather Financial Emergencies

Financial emergencies can happen when you least expect them. Having to come up with a large sum of money on the spot can be financially draining, but there are ways that you can make the situation easier on yourself. Here are a few smart tips for weathering financial emergencies.

Save Money in Advance

By saving money before financial mayhem strikes, you’ll be more prepared to face the challenges when they come. It’s wise to set aside a savings account that’s only used for emergencies and contribute at least some money to it each payday. You can also try growing your emergency savings by selling stocks, cashing in bonds and eliminating unnecessary expenses.

Take Out a Loan

A loan can alleviate the financial burden at hand and be paid back gradually. Banks, credit unions and other financial institutions are known to offer personal loans with competitive interest rates. Before accepting the loan, it’s important to review all loan terms so that you won’t find yourself in more financial dire straits in the future. You can also try getting another mortgage or drawing money from your home’s equity line.

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Secure Bail Bonds for Incarcerated Loved Ones

If someone in your family has been arrested, you’ll likely want to get them out of jail as soon as possible without having to pay a hefty fee out of pocket. A bail bond can be obtained to secure the money that’s needed for your loved one to post bail and stay out of jail until their hearing with a judge. If you’re looking for a bail bonds agency in Las Vegas that offers reliable bail bonds with reasonable terms, try these guys.

Ask for a Payment Deferral

In some cases, you can request to defer making payments to a later date. If you’ve received an unexpected notice stating that you need to pay more in taxes, the Internal Revenue Service often grants deferrals for tax money that’s owed and will allow you to enroll in a payment plan installment agreement. Payments to vendors might also be able to be deferred if you unexpectedly need to purchase goods to help you get through a natural or manmade disaster.

You can get through your sudden financial hardship easier by having the proper resources in place and taking a step-by-step approach to solve your problem. Weathering your financial disaster the best way you can will help you move on with life with less difficulty.

Lizzie W: Lizzie Weakley is a freelance writer from Columbus, Ohio. In her free time, she enjoys the outdoors and walks in the park with her three-year-old husky, Snowball. You can find her on Twitter @LizzieWeakley.

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