Funding Your Unexpected Expenses Maria GallucciMarch 21, 2017Finance0 Comments When you are handling your finances, there are discretionary items and non-discretionary items. Discretionary items are the ones you can choose whether or not you pay, like holidays and improvements on your vehicle. Non-discretionary items tend to be mandatory items that do not change in their pricing. For example, your property taxes and your mortgage tend to stay the same every month. You can add those to your budget and expect them to remain steady, which is good since they are recurring expenses. However, there are also some mandatory expenses that are not steady or recurring. These are unexpected expenses. If you blow a tire on your vehicle, that is an unexpected expense. If you do not need your car for work or daily life, you might be able to put it off. However, if you do need your car for day-to-day activities, paying for a new tire cannot be avoided. If you don’t have the money to pay for unexpected expenses, you need to consider how to procure quick loans. Quickly Getting a Loan When you need a standard business or personal loan, you probably go to a bank or nonbank lender and negotiate. You need to take as much information as possible to prove your income, your assets, and your needs. However, if you need a loan quickly to fund an unexpected expense, you don’t have the luxury of time. In those cases, you need to find a way to apply for a loan quickly. One of the best ways to get a loan fast is to start your search online. Get a Loan Online You probably keep a lot of your financial records and expenses in an electronic file format, which makes it easier to adjust them and search through them. Such a format also makes it simpler to apply for a loan. When you are searching for a loan, you should look for a service that allows you to fill out a simple and easy form. The form should be as simple as how much money you need, how many assets you have, some proof of your finances, and a desired interest rate. The interest rate will change based on your finances, the extent of the loan, and your repayment schedule. Shorter repayment schedules often have lower insurance rates and higher principal rates. The opposite is true of long-term loans. Since your finances are on your computer or an electronic file, you’ll need to do some math to figure out how much you can afford. The best part of getting a loan quickly is that an unexpected expense becomes a non-discretionary expense and adapts to a timetable. For example, the price of replacing your tire is turned into the monthly repayments according to a schedule, which is much easier to add to a budget. Once your money is budgeted properly and your loan is in repayment, you know exactly how much you’ll need to pay each month. Such stability is much easier to account for.