For many people across the United States it has become extremely difficult to pay for their monthly commitments in a timely manner. Sometimes the mortgage/rent, utility bills, car loans, and credit card payments end up being late as you juggle to play catch up. Life is hard enough, but when you add in those unexpected expenses it can feel as if it’s next to impossible to survive during the current economic conditions. The good news is that there are a few methods that you can use in order to pay for those unforeseen costs. So without further ado, here are five (5) ways to handle unexpected expenses.
Always Negotiate The Price
If you are facing an unexpected expense you should always negotiate the price. For example, if your automobile needs a $1,000 repair, ask the mechanic shop if they would be willing to do the job for $800 instead. Typically speaking, most mechanic shops will add a little cushion into the price just in case a customer ends up negotiating with them. Chances are high that they will do better than the $1,000 quote. Even if they lower the price to $900, you will end up saving $100 on the deal.
Pay With Your Savings
If you have some money put away in a savings account, you can use that to pay for unexpected expenses. Using our example as listed above, you have negotiated a $1,000 auto repair bill down to $900. Now it’s time to pay for the $900 bill. Inform the mechanic that you plan to pay in cash instead, and ask for a cash discount. Most vendors would rather be paid in cash because they are charged a large processing fee for all credit card transactions. The cash discount may save you another $25 give or take. So now you’re paying $875 for the $1,000 car repair.
Sacrifice Purchasing Something Else
If you were planning to purchase a new television, or some new furniture for your home and an unexpected expense comes up, you may need to put the television or new furniture purchase on hold for a while. In essence, you should use that allocated money to pay for the unexpected expense instead. Although it may sting a bit, it makes good financial sense.
Spend Less Money
If you are facing an unexpected expense than you may very well need to spend less money in other areas. For example, you can cancel streaming services and or magazine subscriptions until the unexpected expense is handled. You may also need to start eating out less, or getting take out less frequently. It can add up fairly quickly, and before you know it life will be back to normal.
Pay With A Credit Card
Paying for an unexpected expense with a credit card should be a last ditch effort, especially if it’s a large expense. Although you will get the expense paid, you will still owe the credit card company, and as you know the credit card company is charging you interest to borrow that money. So if you pay $900 for a car repair, it will end up costing you far more than $900 unless you pay it off quickly.
If you feel that you are being treated unfairly by a creditor or collection agency, the good news is that you can do something to stop it. Your days of those harassing phone calls, letters, emails, and text messages can be over. You just need to go about it the right way. Your Legal Rights Advocates is a 5 Star Nationally ranked consumer based law firm that specializes in helping consumers who are experiencing Debt Collection Harassment, Social Security Disability issues, and a whole lot more. Please call us today for more information at 855-254-7841 or visit our website. We look forward to working with you.
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