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American writer Orison Swett Marden once said that “Obstacles are like wild animals. They are cowards, but they will bluff you if they can. If they see you are afraid of them, they are liable to spring upon you; but if you look them squarely in the eye, they will slink out of sight.” Read on learn about three big financial obstacles that you will face and conquer at least once in your lifetime.
You Have a Car Accident and Can’t Afford the Deductible
Image via Flickr by John
Around six million car accidents occur on American roads each year at a cost of $230 billion. Your deductible might pale in comparison to that amount, but paying between $100 and $1,000, depending on your policy and state, can be just as challenging for anyone strapped for cash. Many companies won’t pay for repairs until the deductible’s paid, so you’ll need a solution fast.
Your mechanic may agree to charge your insurance company, minus the deductible. You could then settle the bill with the mechanic through a payment plan. Your vehicle is commonly kept as collateral until the loan is paid, so this might not work for everybody. If your work’s extensive, the mechanic could waive the deductible entirely in exchange for your business. If your insurance company requires up-front payment, you might also consider a loan.
If paying your deductible’s difficult, you may like to adjust your policy. Most companies let you reduce your deductible in exchange for paying higher yearly premiums. A small increase there may minimize post-accident financial stress.
Your Paycheck’s Late and the Rent is Due
Bank glitches and human error can both result in late paychecks. With adequate savings, this short delay isn’t a problem, but it can send renters into a tailspin. Delayed rental payments can damage your relationship with your landlord and see you incur a late fee of between three and five percent.
Speak to payroll and learn when your pay’s expected. If the delay feels unsatisfactory, you could ask your manager for a cash payment or seek union representation.
If the delay is small, you can apply for an online loan by visiting CashNetUSA where they can help you pay your rent on time. Loans like this are short-term arrangements which attract high interest rates. These interest rates aren’t ideal for long-term borrowers, but they’re perfect for anyone expecting a quick cash injection.
You Fall in Love
The romantics out there might like to believe falling in love could never have a downside, but coupling up can certainly hurt your hip pocket.
Instead of happily living on cereal and ramen noodles, you’ll find yourself splurging on gourmet dinners. You’ll encourage your partner to get out of the jeans and faded T-shirts, so their wardrobe budget will increase too. Suddenly, you’re both spending more money, and the bills are piling up.
The best way to curb this spending is to start talking about budgets together. It’s hardly a sexy topic, but neither is financial hardship. With the average couple fighting about money often, setting ground rules early can make your relationship much more harmonious.
Your financial hurdles might seem impossible to overcome right now, but you will, and you’ll be more money-savvy as a result.
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