7 Types of Emergency Expenses To Budget For

June 7, 2021 | June Mckaig

emergency expenses title loans NM

 

Sometimes life throws a curveball at you. If you’re unprepared, it can be devastating to your finances.

One of the best ways to protect you and your loved ones is to build an emergency fund so that when emergency expenses arise, you’re not at risk of losing your home or having to sell off your possessions to scrape by.

There are several emergency expenses you have to be ready for. Here are seven different types of emergency expenses to budget for, as well as how title loans can come in handy to help you in a pinch.

7 Emergency Expenses You Should Prepare For

Life is unpredictable and there is an almost infinite number of situations that could arise that could put a strain on your finances. These are seven of the most common emergency expenses you will experience at any time.

1. Significant Health Expenses

Everyone knows how quickly bills can pile up for medical problems. A sudden and unexpected emergency room or hospital trip could cause major financial problems, particularly if you lack health insurance.

Even with health insurance, some health issues — like needing surgery — can still set you back as you have to cover your policy’s given deductible and/or co-payments.

2. Unexpected Unemployment

This is by far one of the most common causes of needing to fall back on an emergency fund. Without your regular paycheck, your expenses have to be covered somehow. It’s especially important to have a significant emergency fund if it wouldn’t necessarily be easy for you to find a similar – or, at least similarly paying – replacement job soon after losing your current one.

3. Significant Dental Costs

Dental procedures like wisdom teeth removal, root canals, and the like, can all cost immensely, sometimes even with dental coverage. This is one of the more commonly reported emergency expenses out there and it's easy to understand why; no one can tolerate tooth pain for long.

4. Emergency Pet Care

Oftentimes, we don’t fully recognize the extent of the expenses involved with having a pet or pets. Even more so, the potential expenses — like an emergency vet hospital visit, for example. Sometimes surgeries will cost tens of thousands of dollars, with only a portion of it covered by a pet insurance policy.

 

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5. Car Trouble

Emergency expenses can come not only from the health of you or your pet but the “health” of your car. If your car won’t start, it’ll make it a lot harder for you to get to work, get groceries, and so on. Car repairs are a common reason people start digging into their emergency funds.

6. Home Repairs

As with your car, sometimes your house has an issue that just needs to be fixed. A leaky roof, a dangerous balcony — these things typically can’t wait. Insurance might cover you somewhat, but oftentimes you’ll be on the hook for the majority — if not all — of your home repairs.

7. A Death In The Family

The sudden loss of a loved one can incur costs in multiple ways. Funerals typically cost thousands if not tens of thousands of dollars. Although life insurance of the deceased might potentially cover costs, you might not have access to that money for months. Plus, you may have extensive travel costs to get to the funeral.

Now, all of the following emergency expenses help prove how important having an emergency fund is; but if you are hit with an emergency before you have a solid fund, you’ll find yourself stressed out. If this sounds like you, you should come down to New Mexico Title Loans for a car title loan.

Come To New Mexico Title Loans For Help

Sometimes getting a loan is necessary to help you get through your financial struggle. One loan type in particular to consider is title loans.

Title loans are loans that require an asset as collateral – in this case, it is your vehicle’s lien-free title. These can be great for people without good credit, as all kinds of credit are considered. Plus, with title loans, you can often get quick approval for sums between $300 - $10,000, whereas other loan types will take longer for approval.

New Mexico Title Loans also considers all types of income to help cover you in the case of the emergency expenses outlined above, as well as other unexpected situations that arise and put stress on your finances.

As long as you are at least 18 years of age, and have a lien-free car title — that is, you own the car outright and the title is free of outstanding liens or judgments — you are eligible for a title loan with New Mexico Title Loans.

We’ll determine the value of your vehicle based on its condition and according to a nationally recognized pricing guide. You also don’t have to worry about giving up your car either — you get to keep it while you pay off the loan.

How Do You Get Title Loans?

The process of getting a title loan is simple in New Mexico. Just follow our online guide below for more information:

  1. Go online and fill out the form right on our homepage. The information will then be sent to the nearest title loan location and you will quickly receive a call back. And if you’d prefer to speak to someone, you can get the process started over the phone.
  2. Whether you fill out the form or give us a call, we will go over the next steps. Just gather your driver’s license or ID, your car’s title, and your vehicle for the meeting. You can either come to the store or have the loan representative meet you at a location of your choosing.
  3. Whether you come to the store or we come to you, we will assess your items and inspect your vehicle. We will then determine if you qualify for approval and how much. If you do get approved, we will go over the terms and have you sign the agreement. You will then get the cash you need.

Emergency expenses can happen at any time with little to no warning, so it’s best to be prepared by having an emergency fund. Sometimes, though, that won’t be enough.

Title loans can come in handy to help in situations where you need cash fast — sometimes approval can take as little as 30 minutes! With a high approval rate for all levels of credit, they can definitely be an option to consider for anyone in need of covering emergency expenses.

Get Your Emergency Expenses Taken Care Of

Now that you know a little more about different kinds of emergency expenses, you can start preparing a little better. Get your emergency fund built up and look into title loans to see if they are a good fit. When you are ready, fill out our online form to get started.