How Do You Handle Unexpected Expenses?

unexpected expenses

Most of us don’t have a stash of cash under the mattress. And yet most of us will be hit
with an unexpected bill:

Car repair?
Medical expense?
Dental disaster?
Home repair?
Education cost?
Unforeseen travel for family emergency?

So what do you do when life happens and then hands you a bill?

1. Pray.  If you are a spiritual person, perhaps the first thing to do is pray. Prayers may not provide an immediate wad of cash but they do put your mind and heart in a place where you are open to opportunities for help you might not have anticipated.

2. Ask for help.  If you need help, ask. Your pride may be keeping you from asking for help, but you may be surprised at those willing to help, especially if you have been, in your own life, a giving person.  Suffering alone may keep your ego intact but rarely does it resolve the issue. People want to help but if you don’t ask, they won’t know you need it. Asking for help isn’t limited to friends and family but also local and national organizations have been created specifically for the purpose of helping.

3. Scrounge.  What a silly word, but by this we mean something more than just checking the couch cushions for coins. You may actually have some things around the house that can bring in much needed cash if sold online. Additionally, it may be time to get rid of an investment that hasn’t been doing well for you.

4. Borrow.  Depending on your credit rating, borrowing money may be an option. We recommend borrowing, however, only when you are in a true crisis.  A “mental health” trip to Las Vegas is not a crisis no matter how many of your friends claim that it is. Of course, if you chose this option, make sure you are aware of the cost of this decision; interest rates, monthly payment expense, impact on your credit rating in the future, etc.

5.   Do not panic!   Do not worry!  Panic and worry accomplish nothing.   See Luke 12:1-14.   Only bad decisions can come while one is in a state of panic.

Know that you are not alone. You are not the first to experience this.  There are few, if any, financial problems that don’t have a solution.  One of the most rewarding things about our practice is that we can help people get rid or worry and depression.  The Bankruptcy Advocates is here to help and the initial consultation is always free. Call us.