The spread of COVID-19 poses new financial challenges—if you were faced with a financial emergency tomorrow, would you be prepared? If you’re like over 25% of Americans, the answer is no. Whether it’s a home repair or health expense, nearly half of us experienced an emergency expense in the last year, causing us undue stress. It is possible to prepare for the inevitable, though, by educating yourself and getting a little resourceful. Here’s how to handle a financial emergency that pops up in your life.
Sometimes when we get into a financial situation we don’t think we can get out of, we just shut down. Or, we lose it. Either way, the reason is the same: We feel like we’ve lost control. So, the first thing we want to do is recharge so we can face it head-on. And that can actually increase our feelings of confidence and lower our stress. Besides, reacting to the situation doesn’t change it - it only changes our experience. Facing it means evaluating the situation starting with a few questions.
1. How big is it really?
No matter the dollar amount, financial emergencies can feel overwhelming. But if we break it down, what does it look like? Take the total cost and look at what it will cost on a daily, weekly, and monthly basis? It might look a lot less scary when you review it from a standpoint of, “One day at a time.”
2. How long will it take to recover?
When financial emergencies hit, that overwhelming feeling makes it seem like you’re going to be stuck with this forever. But the opposite is true; everything comes to an end, even this. Ask yourself, how much time will this actually take to pay off? Looking towards the light at the end of the tunnel will help you keep that silver lining in mind.
3. How did this happen?
What brought you to this point? Sometimes, the cause of the emergency might be something obvious, like a loss of income due to the COVID-19 business closures. But why are you in a situation where you can’t handle a financial emergency? It takes courage to answer this question, but it’s the first step towards lowering the chance you end up here again.
There are two important things to remember as you’re going through this situation. Remember that there is a way out and don’t be so hard on yourself! Life happens to everyone and beating yourself up about it won’t help anyone, especially you. Take small steps to get to the other side of financial emergencies - and LendNation stands ready to help.
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