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Money Solutions for Home Repair Emergencies

16 January 2013 One Comment

Money Solutions for Home Repair Emergencies

imageAfter all that Christmas spending January is certainly not a time for forking out large sums of money. However, if an emergency occurs in your home, for example you need a new boiler or adverse weather damages the exterior of your property, you might need to access a large amount of money fast. In these situations many people panic – but there are always ways of getting through.

The February 2013 issue of Consumer Reports magazine contains an article about avoiding money stumbles, which states that only around 29 per cent of Americans actually have an emergency fund. Setting aside some money this year is advisable, but in the meantime here are some temporary solutions you could turn to:

Payday Loans

These are generally unsecured and designed to be paid off over a short period of time. The money is usually available very quickly and you will be assessed for suitability based on factors such as your income. A decision will be made and you will agree to payment terms. You can even apply for a short term loan online, searching around for the best deals.

Credit Cards

Many of you will already own a credit card and it is often a misconception that these are dangerous as they encourage excessive spending. Managed sensibly, they can certainly help get you out of a crisis situation. Make sure that you plan how to cover paying back any large sums of money and always think in a realistic manner. If you can afford to pay back $200-300 per month that’s fine, but if not, consider carefully how much you are putting on your credit card and how much interest your spending will accrue. There are many options on the market, so do your homework!

Asking Family

If you are really desperate and you have close family who can afford to help out, this can be a good means of obtaining cash in a hurry. The payment terms are likely to be much better as you won’t have large interest figures to worry about. If you do ask for help, make sure that you pay the money back in a timely fashion – otherwise when you need help in the future people will be less willing to offer.

So all is not lost if you have an emergency in the home. However, perhaps this will make you think carefully about your spending in 2013. It is advisable to put a little aside each month, even if this simply means sacrificing your weekly coffee or lunch treats. Ideally savings should aim to cover around one year’s worth of living expenses,  but start small and who knows how quickly you will build on this fund to ensure your life is more comfortable. Home insurance is another essential item – meaning that if you have to fork out, you will get at least some of the money back.

One Comment »

  • energy statement said:

    Setting aside some money this year is advisable, but in the meantime here are some temporary solutions.