Covering Emergency Expenditures During A Spending Freeze can be tough, but there are some things to consider. This past week our car was inspected, and we were told that we needed breaks and rotors, and the next day our radiator blew. No I am not making all of that up. We want to take the mystery out of how to find financial freedom, get out of debt easily and make sure that you are always covered when an emergency arises. Check out all of our Spending Freeze blog posts. Also, make sure to check out our Financial Freedom Plan and print our Monthly Budget sheets for your Family Binder.
Covering Emergency Expenditures During A Spending Freeze
Determine if it is truly an emergency. Things like a vehicle break down, a broken hot water heater or a leaky roof are all true emergencies that should be handled. Medical needs should never be pushed aside. Other things may be best paid for at a later date. Things like an upgrade to your phone when it still works functionally, a new outfit for a special event or new shoes when you have others that will work for a few weeks longer are not emergencies and shouldn’t be considered during a spending freeze.
Utilize money already in savings. Yes, a spending freeze is all about not touching your money, but there are many instances when you simply have that savings there for a reason. An emergency is a great reason to go outside your spending freeze to use your savings in a positive way.
Do some side hustles to make fast money. We have shared some of our favorite side hustles to make money with you before, and this is a prime time to check them out. While some of them won’t give you immediate money, others will. Covering emergency expenditures during a spending freeze can be tough, but it is not impossible.
Sell some of your belongings. If you are in a really tight place financially and don’t have a savings account, now is the time to start downsizing and fast. An emergency can be paid for by hosting a yard sale, downsizing through local classified sites or online groups, or even contacting friends and family to see if they are interested in buying something.
Even when you are trying to avoid spending any extra money, emergencies are a necessary evil to consider. Covering emergency expenditures during a spending freeze may take a bit of work, but it is manageable.
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