canstockphoto6226763How do you get through a Financial Emergency? Just when you think you are on top of your finances and things are going smoothly, disaster strikes. It could be something as minor as getting a flat tire on your way to work or something big such as job loss or a medical emergency. If you plan ahead, you’ll get through it, even if you are going through hard times.

The purpose of creating a budget is to save money for the unexpected. Most financial gurus agree that everyone should have an emergency fund that will cover their expenses for at least six months. Even if you are doing well with your savings, it doesn’t mean that you should stop adding money to it.

Here are some tips on how to get through a Financial Emergency whether you think you are prepared or are in deep debt:

 

Review Your Budget

Although, you may have enough money in your emergency fund to pay for car repairs, you will still need to prepare yourself in case anything else happens. What if you or your loved ones are faced with a medical emergency that your insurance company won’t cover or what would you do if you were laid off from your job today? You will need to find ways to readjust your budget.

Reducing the amount of money that you spend on your cable bill is a great way to save money. If your contract has expired with your current provider, you can ask for a smaller plan or eliminate the service all together. You can also contact your cellular phone and internet service provider and ask for cheaper plans or find another company that has better deals.

Canceling magazine or newspaper subscriptions can also save you some money. There is a good chance that there are free online newspapers and websites where you will find the same information for free.

 

Earn Extra Money

If you are currently without a job, there are still ways you can earn some extra cash. You can provide a cleaning service, wash cars or provide a dog walking service for your neighbors. If you would like to make money in your pajamas, there are easy ways you can make money online. If you have items in your home that’s no longer in use, sell it on eBay. There is a good chance that someone is looking for that item as long as it’s in good condition.

You can even use your skills to make money as a freelancer. Check out places such as taskrabbit, fiverr, eLance and oDesk.

 

What if you don’t have enough money to cover the expenses?

Negotiate the Payments

If you are faced with high credit card bills or are behind on your mortgage, contact the company as soon as possible. Ask if there is a way that you can pay a lower monthly payment until your financial situation improve. Most companies will work with you, especially if you have a good history of making your payments on time.

If you had a medical emergency that’s not covered by your health insurance company, contact the financial department of the medical facility and ask if there is a way you can pay in monthly installments until it’s paid off. However, if the payment is more than you can afford, find out if there is a way you can send a lower amount.

 

Ask for Help

If you are going through hard times, swallow your pride and ask for help. Find out if there are charities in your area that donate food and clothing. If you have a disability, visit the Social Security Administration to sign up for SSI and food stamps. This will help out with your household expenses until you are able to get back on your feet.

 

These are a few ways to get you through a Financial Emergency. It may seem impossible at first, but if you follow these tips, you will become debt free before you know it.

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