This Business News Story Was Uncovered By Us From: https://www.youngadultmoney.com/options-large-unexpected-expense/
This exclusive industry related news Chronicle, was selected specifically by Marcus lee, who is one of our undercover online business news reporters – will provide you more insight in how these points of views could be translated into your own business projects.
“It’s going to cost at least $7,000” the plumber told me.
Cue that sinking feeling where you ask yourself “why me?”
$7,000 was the quote I received for fixing a broken sewer drain-out, which was located about 15 feet underground, below the sidewalk in front of our house. And it was the dead of Winter in Minnesota, making it even more difficult to reach.
This was within the first year of owning my home. We had already faced broken garage door springs and a flooded basement when the sewer issue came up.
Unexpected expenses can cost anywhere from a few dollars to many thousands of dollars. Some are more painful than others, but regardless of the cost no one enjoys getting hit with one.
I’m going to walk you through the options available for dealing with a large unexpected expense. But before we do that, a quick note on emergency funds, including Health Savings Accounts (HSAs). I’m assuming if you are reading this you either already tapped into these sources, or you don’t have these accounts to tap into. Later on we will talk about both emergency funds and HSAs in more detail, but for now we’ll exclude them from the list of options.
Step 1: Make a Plan for Paying off the Debt (and Avoid Defaulting on It)
Th… Read More
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