Three Ways to Be Ready to Cover Emergency Costs

Emergency costs can occur for anybody, and they can be even more stressful when you’re a mom. A broken-down appliance can send your family’s entire schedule out of whack, or a problem with the car can make it difficult for everyone to get to where they need to be throughout the week. The good news is that there are plenty of things you can do to make sure you’re ready to tackle unexpected, emergency costs without letting them stress you out and get the better of you. Here are some ideas to consider that will ensure you are prepared.

#1. Emergency Savings:

Any parent will tell you that it can be difficult to save money when you’re bringing up a young family. The cost of childcare, food, clothes, school fees, transport, and everything else that you need to pay for as a mom can quickly add up and take a huge chunk out of your salary each month, leaving you with little left to put into a savings account. It’s not the easiest, but trying to put aside just a small amount per month can leave you with some additional cash to help you cover any emergency expenses that crop up. Putting a little bit away every time you get paid allows you to budget with what you have left over, and those little bits will add up over time. It might also be worth looking into a bank account that saves the pennies for you every time you spend, or you should regularly skim your bank account – this involves rounding your balance up to the nearest ten or five and putting what’s left over into savings.

#2. Sell Unwanted Stuff:

Selling unwanted stuff is a great way to raise some extra cash for emergency funds, and it’s easier than ever to sell things online today. Kids’ toys that are no longer played with, old furniture, gadgets, clothes, and anything else that other people might need can quickly and easily be sold for cash on sites such as Facebook Marketplace and Craigslist, or you might want to consider getting an eBay account. Just make sure that you send any items you sell promptly and in the condition that they were described.

#3. Short-Term Loans:

If you’re really struggling to raise the extra cash for a savings account, a short-term loan from could be a good option in a time of emergency. However, there are some key things to keep in mind before you apply. Short-term loans often have higher interest rates than other types of credit, so it’s worth understanding the total amount you’ll be required to repay and make sure that you’re comfortable with the repayment schedule. Some will require you to repay the entire loan in the next month whilst others allow for instalments that can be easier to manage. Make sure that you can budget for the upcoming repayments as late or missed payment fees can be high.

When it comes to covering emergency costs for your family, getting the extra funds can be tricky. What do you do in an emergency financial situation? We’d love to hear from you in the comments.

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