When you have to cover an unexpected bill it can be a worrying time, especially if that unexpected expense is the need for a new appliance that you can’t live without such as a fridge/cooker/washing machine or if it’s the need to pay for a beloved pet’s trip to the vets.
We all know the best option is to pay with savings but with our wages being squeezed more every year, it’s not always possible to put aside money for emergencies. That means it can be a very worrying time when an unexpected bill needs to be paid and you have no savings to cover it. I have listed a few possible ways below on how you could pay an unexpected bill.
Most of us have items lying around our homes that we no longer want or use that could generate some extra money. Selling unwanted items is a great way of making money to cover expenses that arise unexpectedly. It means you will be clearing clutter from your home and making money to get you back on track without having to owe money to anyone. Items such as DVD’s, books, CD’s, old mobile phones and tablets etc are all items many of us have around our homes that we no longer use/need. You could also get cash for gold and silver if you have any unwanted or broken items of jewellery around your home.
Ask family and friends
If you don’t have any items you can sell to generate some money then the next step is to ask family and friends who might be able to borrow you the money needed until you can pay them back. Talking to a family member or friend about money worries can also help relieve stress and they may have some suggestions on how you can pay the amount if they can’t help themselves. It’s important to be realistic when borrowing from family and friends and ensure you pay back any amount when agreed. The last thing you want is to upset a family member or friend by not paying them back when agreed.
Use a credit card
If you have a credit card and you haven’t been able to cover the amount using the suggestions above then paying the amount on your credit card might be an option. The best thing to do when paying with your credit card is to pay off the full amount each month so you aren’t hit with interest charges which will mean you have to pay back more money.
Consider a short-term loan
If you have tried all of the above without success then you might want to consider a short-term loan. It’s important that you fully understand the terms so make sure you read all of the details carefully and you must ensure you can pay back the loan on the agreed date. Payday loans can be used on a short-term basis and when you are sure you can pay back the loan in full on the due date. It’s not a long-term solution.
After you have managed to cover the bill (hopefully using one of the above tips) then it’s time to try to put a plan into action which will let you cover any future expenses. Work out your monthly income and outgoings and see if you can put aside any money each month so you can build up some savings in case of future unexpected bills. Remember, the above suggestions are okay for one-off and short term solutions but borrowing regularly is not viable on a long term basis. If you are finding yourself needing to borrow every month or you’re struggling with money talk to someone who specialises in debt management such as Citizens Advice Bureau.
How would you cover an unexpected bill?
*This is a collaborative post. This post is not designed to be used as financial advice. Always seek advice from a professional if you are struggling with money and debt.