Creative Ways Couples Can Get Money for Unexpected Expenses

For many couple, life is a financial struggle each month. Even with steady jobs and what should be good paychecks, we face ever-rising costs for such basics as housing and utilities. Housing often takes a third of our take home pay. The cost of once easy to afford utilities continue to skyrocket, and in some cases, some can barely afford the air conditioning, heating or water bills. From there, we spend a lot on groceries and can barely afford to treat ourselves to a great restaurant meal. 

Many do not even have $400 in the bank to cover an emergency. If they were faced with that sort of unexpected expense, most would have to try to sell something or see if someone would lend them the money they needed. Some noted they wouldn’t be able to pay at all, and would fall behind in their bills. Clearly, in our current economic model, you and your spouse have to be creative when you are trying to take care of unexpected costs and expenses that come along.

Get a Viatical Settlement on Your Life Insurance

Sometimes couples face severe financial hardships due to health care costs associated with a severe or life-threatening illness. In these circumstances the money spent on deductibles and treatment by recommended specialists can leave a family devastated. Fortunately, there is an option if you are facing a potentially terminal illness. If you want to alleviate the burden and stress of bills so you can focus all of your attention on healing, you may want to do your research and find out how you can sell your life insurance policy through a viatical settlement. You can go online and review a guide that will walk you through the process and help you become informed about how a settlement would benefit you and your loved ones.

Take Out a Vehicle Equity Loan on Your Car

When you need to get cash for an unexpected expense, you may be able to leverage the value and equity in your motorcycle, car or RV. While there are numerous check cashing stores that also do title loans, you’ll find that they typically have exorbitant interest rates and loan terms that work against the borrower. It’s better to work with a local financial institution to see if they offer vehicle equity loans. With this type of loan, you basically take out a new loan on your paid off vehicle or refinance and pull cash out if you have an existing loan and substantial equity. This loan can give you the cash you need right now, and you can pay it off over time.

Move to the Country

While this option can’t simply be done on a whim, you can help assure your financial future if you leave high-priced city and suburban living behind and move to the country. The cost of renting or owning a home in a rural area is far less than what you pay for overpriced properties in big cities and their surrounding areas. The two of you will be able to save lots of money each month with your dramatically reduced housing costs. One of the few positive aspects of the pandemic is that employers have become quite open about encouraging people to work from home. It’s now possible to live almost anywhere and still work at a job with great pay. All you need is a high-speed internet connection and reliable communications networks and you are ready to start enjoying a higher quality of life and far lower monthly expenditures.

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