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How to Cover Unexpected Expenses - Queer Money Ep. 201
Description
We simply can’t predict what life will throw at us. But we do have options when unexpected expenses arise. Listener Rob is a young homeowner who needs to repair his retaining wall but doesn’t have access to a home equity line of credit. So, what should he do?
On this episode of Queer Money, we’re discussing what to do if you’re faced with an unexpected expense. We explain the difference between an unexpected expense and an emergency expense in terms of time sensitivity and payment options, encouraging you to start a dedicated savings account for unexpected expenses—especially if you’re a homeowner.
We also walk you through your options for covering an unexpected expense (if you don’t have dedicated savings account), weighing the pros and cons of tapping into your emergency savings, relying on financing, or borrowing from family and friends. Listen in for our advice to Rob and learn what you can do to pay for the unexpected expenses many of us are faced with right now.
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