How To Cover Unexpected, Last Minute Bills

October 22, 2015


Unexpected car repairs, a broken washing machine, or even a long-forgotten bill – these are all unexpected bills that can have a significant impact on our monthly budget. If you’re already living close to your limit, then finding the funds to be able to meet these and other emergency payments can seem impossible, but there are ways you can find the money and meet payments without plunging yourself into deeper trouble.

Use Your Savings

If you have any savings, then you can consider dipping into these in order to meet any unexpected bill. You can gradually replace the money that you took out, delay an unnecessary purchase that you were saving for, or treat your regular savings as your emergency fund, if you don’t feel you can afford to save for both. You should avoid doing this too frequently, and only use your savings when it is a real emergency.

Ensure It Is Your Bill To Cover

When panic sets in, it is easy to let common sense go out of the window, but you might not be responsible for covering all emergency payments. Check your home insurance policies, check your tenancy agreement, and even check to see if your bank account offers additional coverage for this kind of thing. You might find that you are covered.

Scrap That Planned Night Out

If you’ve put aside money for a night out later in the month, or to make a purchase you’ve been planning, then you may have to forego your evening’s frivolities, or suspend your luxury acquisition until next month. Using the money that you have available, even if it is earmarked for something else, means that you can avoid late payment charges, get the car fixed, and continue living your normal everyday life.

Borrow Carefully

If it is a real emergency, and you find that you have no other funds available, then consider borrowing, but do so carefully and diligently plan how you will make the repayment. Contact specialist companies like Smart Pig Loans that specialise in offering loans and credit to certain groups – in this case, students. They may be able to offer better deals.

Save For Future Emergencies

Once you’ve met the bill and repaid any money that you borrowed, plan ahead for any future emergencies. Put some cash aside every month; it doesn’t have to be much, but even if you can meet a portion of any emergency costs that happen in the future, you will be in a better position financially.