10 Common Emergency Expenses (And How to Pay For Them)
You’re already setting aside money for common expenses. It’s such an easy program to set up.
But do you know how to pay for the extra money you may need? What about common emergency expenses?
That’s why you must build up emergency funds to protect yourself from financial disasters in the future. Here is information on the most common emergency expenses and how to pay for them. Keep reading to learn more.
1. Emergency Medical Bills
Personal injury and serious illness can be the most expensive emergencies, especially if you have to go to the hospital or need surgery. Additionally, prescription drugs are not cheap.
If you have health insurance, your policy should cover at least some of the costs associated with an emergency room visit or hospital stay. However, you may still be responsible for a deductible, copay, or coinsurance. If you don’t have health insurance, you may be faced with the full cost of your medical care.
2. Home Repairs
There are a few common emergency expenses that come with owning a home, and they can be costly. Repairs to the roof, foundation, and plumbing are some of the most common, and they can quickly become expensive.
Especially after a fire or other natural disaster, there are plenty of things to repair. The costs are high, and you have to be ready for them.
3. Car Collisions and Repairs
If your car breaks down, you may be faced with common emergency expenses, such as towing, repairs, or a rental car, which can be very expensive.
Also, there is no right time for a car accident; it always comes very suddenly and unexpectedly. If you’re involved in a car accident, you could be looking at a pretty big repair bill, especially if there’s any damage to the other car involved. And if you’re at fault, you may also have to pay for the other person’s repairs.
4. Repair Or Replacement Of Broken Appliances
If your refrigerator stops working, your first instinct may be to panic since it’s one of the most important appliances in your home. But before you start ripping your hair out, take a deep breath and relax. Appliances break down, it’s a fact of life.
And while it may be an inconvenience, it doesn’t have to be a financial disaster. One way to help pay for this is to set up a savings account specifically for emergencies.
You can also look into warranty programs for appliances, which can save you money in the long run as you won’t have to pay for repairs or replacements out of pocket.
5. Emergency Veterinary Bills
No one ever plans on needing emergency vet care for their pet, but unfortunately, sometimes it is necessary. The good news is that there are a few options available to help ease the financial burden.
Many pet insurance plans cover at least a portion of emergency vet bills, so if you have insurance for your pet, be sure to check with your provider to see what the coverage is.
Many veterinary clinics also offer payment plans so you can spread out the cost of treatment over time. Several organizations provide financial assistance for pet owners in need.
6. Holidays and Travel
Many common emergency expenses can occur when traveling, such as missed flights, lost luggage, medical emergencies, and theft. It is important to be prepared for these unexpected costs by having enough money saved up or by having travel insurance and a credit card.
When traveling, it is also wise to bring along some extra cash in case of an emergency.
7. Emergency Plane Ticket
If you have to fly somewhere for an emergency, it can cost a lot of money. There are a few ways to pay for an emergency plane ticket. You can use your credit card, fly on a points-based system, or use your frequent flyer miles.
You can also look for last-minute deals or buy a ticket early.
8. Dental And Vision Care
Dental and vision care are two of the most common types of emergency expenses. This can be a very expensive bill to pay, especially if you have to go to the dentist or doctor for a lot of different procedures, such as fillings or root canals.
Many people don’t have dental or vision insurance, so they have to pay out of pocket for these services.
9. Job Loss and Unemployment
There are a few common emergency expenses that can occur if you lose your job or become unemployed. One is the cost of job searching, which can include things like printing resumes, gas for interviewing, and professional clothing.
You may also need to relocate for a new job, which can include costs like apartment deposits and moving vans.
Funeral expenses are one of the most common emergency expenses that people face. The average cost of a funeral is thousands of dollars, and this can be a huge financial burden for families who are already struggling to make ends meet.
If you have to borrow money, doing so from a friend or family member, if possible, will likely be a cheaper option than taking out a loan from a bank. If not, there are loans, such as Kingcash Loans, that you can take out that are a convenient option for those who need emergency funds.
You Should Expect Unexpected Emergency Expenses
Many common emergency expenses can come up, and it’s important to be prepared to pay for them.
You can set aside savings specifically for emergencies, or you can use a credit card or take out a loan. Whichever method you choose, make sure you’re prepared so you don’t have to worry in the case of an emergency.
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