Last week my parents car broke down and within a week they needed to buy a new one. It got me thinking, what would we do in that situation? My days of having a large chunk of money free each month dissapeared with my corporate career. That makes the thought of anything big going wrong….uncomfortable to say the least!
With that in mind, I sat down and had a little think about what our options would be should something go wrong. The car, the boiler or a tree falling through the roof. The joys of being a homeowner means there is no landlord to call. So, these are the options I came up with.
RELEASE SOME SAVINGS
That rainy day? Well, it may already be here. Do you have premium bonds tucked away from grandparents? Or maybe some shares from an employer scheme? That ISA which has been slowly building up interest? Yep, it’s time to dip in and release some pockets of money if you have any tucked away.
SELL THINGS YOU NO LONGER NEED
Perhaps what you have tucked away isn’t things like bonds and ISA’s. Instead it may be things around the home that you simply don’t use anymore. eBay and local Facebook groups are a great way to unload unwanted items. It may seem like small amounts, but those little bits here and there all add up. Sites like Music Magpie and Zapper are also a great way to quickly cash in those CD’s and DVD’s that you haven’t opened for 5 years.
ASKING FOR HELP
Now this is a hard one to do. However, holding your hand up and simply asking for help can be the best route to go. Friends and family are often willing to help out if they can so it’s always worth asking the question. Be warned though, always make sure you pay people back. Too often relationships are damaged due to people feeling like they have been taken advantage of. Money is not a good enough reason to lose friends of family over, therefore if you are lucky enough to have someone who can help. Make sure you thank them by paying them back in full, and as soon as possible.
TAKE OUT A LOAN
The final option really is a last resort, but if all else fails then a short term loan can help temporarily I do mean short term though. Every effort must be made to pay back any loans immediately to ensure additional charges are not incurred. Debt is not something you should enter into lightly though and you should always seek financial advice before entering into an agreement.
And that’s it. That’s what I managed to come up with as options should an emergency occur and we need to get our hands on some cash quickly. Can you think of anything that I’ve missed?
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