Saturday, May 17, 2014, AM | 2 Comments
From time to time, you will need to have general repairs done on your vehicle or your home. While some general repairs are affordable, other unexpected bills can easily break the bank. It is very important to have a plan for financing your much needed personal repairs before you are taken by surprise.
If you are not sure of how you will finance some of the repairs that you need done in the immediate future, here are 4 tips that you can take to the bank to finance when life throws you unexpected curve balls:
Find Out What Your Insurance Covers
When life throws you curve balls, some of these balls land right in your windshield. A majority of people will need their windshield repaired in their lifetime, and many of these people will pay for the cost out-of-pocket when they have auto insurance that would have paid.
If you have auto glass or body damage, you should check with your agent to see if you have comprehensive or collision cover. The experts at All-West Glass Ltd., a respected Edmonton auto glass repair company, suggest that you file a comprehensive claim for windshield replacement when you carry glass cover. This is because an insurer cannot surcharge your rates for filing this type of claim.
Dip Into Your Rainy Day Fund
Most financial experts recommend to have at least three months worth of your living expenses in the bank for a rainy day. Needing a general repair is the rainy day that you have been saving for. No one likes tapping into their savings, but this is what it is there for. Enforce a plan to rebuild your savings, and this ensures that your funds are not depleted.
Take Out a Home Equity Loan
If you need general repairs done on your home and you have equity in the property, it may be in your interests to apply for a HELOC. You can cover unplanned expenses on a recurring basis, and only touch what is necessary. Interest, while it may be higher than the average home loan, will only accrue on the money that you have tapped into to cover repair costs.
Clean Out Your Home and Hold a Garage Sale
You probably have valuables laying around the home that you have no need for. If you have items that are collecting dust around the home, consider holding a garage sale to finance general repairs without taking out a loan. Use the money to pay for repairs, and you do not have to take on new bills to take on new bills.
Financial emergencies rear their ugly head from time to time. Dealing with these emergencies the smart way is very important. Use your insurance, save for the rainy days and look for ways to avoid incurring debt just to pay off repair bills.Facebook.com/doable.finance