Unplanned Events Can Bring Unplanned Expenses
Two things are certain in life: Things will happen, and not all of those things will have been planned.That's the way life works: People die unexpectedly, jobs are lost, fires happen, natural disasters occur, babies come along, cars break down, and kids get sick.
Sometimes, life happens when you least expect it.
So what do you do when an unexpected event happens in your life and your finances are not ready to meet it?
1. Take a deep breath. Sit back and think about what this unplanned event means to your life. A job loss can be devastating, but it can also open doors to a better career. A baby can be a surprise, but is also an unexpected blessing.
2. Take stock of what resources you already have available: Do you have enough money to cover this unplanned expense? Do you have a support system (family, friends) to help you if needed? Do you know where to look for outside help (agencies, organizations, etc.)?
3. Brainstorm ideas to deal with this unplanned event. Recruit friends or family to help you brainstorm.
4. Make phone calls! There are probably lots of agencies and organizations in your area that can help, but often they are unknown to the general public. Check with your local health department or social services agency for direction. Call around - explain your situation, see what information they can give you or who else they can direct you to.
5. Take an inventory of your financial picture: Cash on hand, savings, change in the sofa cushions and under the car seats (don't laugh - it can really add up!). Look over your budget for the next month or two: Write down your bills and the dates they are due in one column, in another column write down the amounts of your expected pay checks. Look over a calendar to see if anything can be juggled to a different date to help you meet your bills. Call the people to whom you owe money; explain your situation and ask if they will work with you on due dates and minimum payments due. Not all creditors will be willing to work with you, but some of them will. After all, it is in their best interest to be flexible with you in order to recover the money owed to them.
|
|